Hyperliquid Strategies Applies for CFTC Broker License to Route US Traders

A subsidiary of Nasdaq-listed Hyperliquid Strategies has applied to become a CFTC-registered futures commission merchant, the firm disclosed in its quarterly results on Thursday. If approved, the unit would carry U.S. client accounts for permissioned perpetual futures markets built on Hyperliquid, the on-chain derivatives venue that still blocks American users.

The firm, which trades under the ticker PURR and is chaired by former Barclays CEO Bob Diamond, framed the broker application as a natural extension of its core business of accumulating HYPE. CEO David Schamis tied the filing directly to the firm's capital deployment: "We deployed $802 million this quarter and filed an application to become a futures commission merchant. Those two moves are the same bet."

What would the FCM actually do?

A futures commission merchant is the CFTC-registered broker category that holds customer funds and executes futures orders. An approved Hyperliquid Strategies unit would let U.S. traders access perpetual futures — derivatives with no expiration date that support leveraged positions — inside a regulated wrapper.

The technical path runs through Hyperliquid's HIP-3 framework, which lets outside firms launch their own perpetual markets on the protocol's order book after staking HYPE. A permissioned variant, HIP-3*, allows a regulated deployer to run markets restricted to approved traders, with Hyperliquid itself positioned as neutral infrastructure rather than an operator.

The filing carries two business implications. First, more U.S. flow routed through Hyperliquid would generate more protocol fees, and Hyperliquid uses fee revenue to buy back HYPE — directly supporting the token the firm holds. Second, an FCM license would give Hyperliquid Strategies an operating business beyond passive token accumulation.

What did the quarterly numbers show?

The firm closed September holding roughly 38.5 million HYPE, worth about $3.5 billion. Quarterly activity breaks down as follows:

• $785 million spent buying 9.1 million HYPE
• $17 million spent repurchasing 2.7 million of its own shares
• $911 million raised through stock sales, funding most of the above
• $620.6 million in net income, driven almost entirely by $803 million in unrealized gains as HYPE rose from roughly $65 to $91

The $802 million deployment figure that Schamis cited covers the quarter's total capital committed, overwhelmingly into HYPE.

Who else is chasing Hyperliquid's U.S. market?

Hyperliquid Strategies is not the only firm moving to bridge the venue to American traders. Kraken parent Payward has said it plans to deploy HIP-3* markets through its CFTC-regulated Bitnomial exchange, with NinjaTrader Clearing acting as the FCM of record.

Last week, NYSE owner Intercontinental Exchange agreed to partner with Trade[XYZ] to bring Hyperliquid-based perpetual futures to the U.S., a deal that sent HYPE up 13% on the announcement. Trade[XYZ] already operates markets on Hyperliquid, including perpetual futures tied to the S&P 500.

What happens next?

Two approvals stand between the plan and reality: the CFTC must register the FCM, and regulators must clear the permissioned HIP-3* markets it would serve. The company has given no timeline for either decision, leaving the competitive field — now spanning a treasury firm, an exchange group and a major crypto exchange parent — to move at the regulator's pace.