Hyperliquid Strategies Seeks CFTC Registration for U.S. Accounts

Hyperliquid Strategies Inc. has applied to the Commodity Futures Trading Commission (CFTC) to register as a futures commission merchant (FCM), seeking to handle U.S. customer accounts tied to perpetual futures markets on Hyperliquid’s HIP-3 framework.

An FCM maintains customer accounts and processes futures trades. HIP-3 lets outside operators launch perpetual futures markets on Hyperliquid. The HIP-3* designation covers a version associated with CFTC-regulated deployments.

Hyperliquid Strategies is seeking the FCM role for accounts linked to those markets. The CFTC review has no known timeline. Which markets the company may handle and how it will meet compliance requirements depend on regulatory approval.

Payward, Kraken’s parent, became the first CFTC-regulated deployer on HIP-3* markets in late October 2026. Its plan routes market deployment through subsidiary Bitnomial, while NinjaTrader Clearing is slated to manage the related accounts as FCM under an allowlist structure.

Hyperliquid Strategies is seeking to take on the account-handling role itself if its registration is granted.