Hyperliquid Strategies Seeks CFTC Registration as FCM for US Clients

Hyperliquid Strategies Inc. has filed with the Commodity Futures Trading Commission to register as a Futures Commission Merchant, aiming to carry US client accounts for HIP-3 markets on the Hyperliquid perpetual futures protocol. The filing landed around November 5, 2026, according to research findings. The timeline for the CFTC review remains unknown.

An FCM is the regulated intermediary of the futures industry. It holds customer accounts and executes trades on behalf of clients. If approved, Hyperliquid Strategies would fill that role for US users accessing HIP-3, the framework that lets outside parties launch their own markets on Hyperliquid.

The filing targets HIP-3 markets, including a starred variant known as HIP-3*. That designation marks the version tied to CFTC-regulated deployments.

What did the filing actually cover?

Hyperliquid Strategies is associated with the Hyperliquid protocol and has been active in the ecosystem through investments in HYPE tokens and infrastructure development. The registration would position it as the FCM for US client accounts in HIP-3 markets.

Operational details remain unresolved. Which markets would be offered and how compliance would work both hinge on regulatory approval. The CFTC could also attach conditions to the eventual offering, shaping market scope and compliance architecture before any launch.

The review period carries no known deadline. The filing could sit in process for an extended period before the agency rules on the registration.

How big is HIP-3 trading today?

HIP-3 has been live on Hyperliquid mainnet since October 13, 2025. The framework allows third parties to launch markets on the protocol. The barrier to entry is substantial: launching markets under HIP-3 requires over 500,000 HYPE tokens.

Volume under the framework is already material. Approximately 26.7% of $64.7 billion in trading volume over the last 30 days is attributed to HIP-3 markets, according to the research findings.

That share gives the framework real weight in the onchain derivatives market. Roughly one in four dollars traded on Hyperliquid in the past month flowed through HIP-3 markets.

Who got there first?

Payward, the parent company of Kraken, became the first CFTC-regulated deployer on HIP-3* markets as of late October 2026. Payward plans to deploy HIP-3* markets through its Bitnomial subsidiary. NinjaTrader Clearing will serve as the FCM for those client accounts under an allowlist model.

The comparison with Hyperliquid Strategies is structural. Payward brought in an outside FCM, NinjaTrader Clearing, to handle client accounts. Hyperliquid Strategies wants to be the FCM itself, collapsing that intermediary layer into a protocol-affiliated entity.

What does this mean for US traders?

The most direct stakeholders are US traders seeking onchain perpetual futures exposure through a compliant channel. If the CFTC approves the registration, they could gain another regulated path into HIP-3 markets.

The market-structure outcome is a dual-track setup. With Payward and NinjaTrader Clearing operating on one side and Hyperliquid Strategies potentially on the other, HIP-3* markets could end up with multiple regulated entry points for US clients.

The risks center on time and terms. No known review timeline exists, and the CFTC retains discretion over which markets are allowed and how compliance is handled. The registration's fate — and the shape of any conditions attached to it — will determine when, or whether, a protocol-affiliated FCM begins carrying US accounts.