Hyperliquid Strategies disclosed in quarterly results released Thursday that a subsidiary had applied to become a futures commission merchant (FCM), seeking a regulated route for U.S. clients to trade on permissioned markets built on Hyperliquid.
Status at the time of reporting: Application filed, not approved. Regulators still needed to approve both the FCM registration and the permissioned markets it would serve. The company provided no timeline.
Decrypt published the report on November 7, 2026, at 03:46:03 UTC+8.
What the proposed broker would do
An FCM is a CFTC-registered broker that holds customer funds and handles futures orders. If approved, the subsidiary would carry U.S. client accounts for permissioned Hyperliquid markets, allowing Americans to trade perpetual futures within a regulated framework. Perpetual futures have no expiration date and allow leveraged positions; Hyperliquid itself still blocked U.S. users at the time of the report.
Hyperliquid’s HIP-3 framework lets outside firms launch perpetual markets on its order book after staking HYPE. A new permissioned version, HIP-3*, would allow a regulated deployer to restrict markets to approved traders, with Hyperliquid serving as neutral infrastructure.
How the application connects to HYPE holdings
Hyperliquid Strategies is a Nasdaq-listed treasury company trading under PURR, chaired by former Barclays CEO Bob Diamond. The proposed FCM would give it an operating business beyond holding tokens.
“We deployed $802 million this quarter and filed an application to become a futures commission merchant,” CEO David Schamis said. “Those two moves are the same bet.”
At the end of September, the firm held approximately 38.5 million HYPE, worth roughly $3.5 billion. Decrypt reported that additional U.S. trading routed through Hyperliquid would likely generate more protocol fees; Hyperliquid uses fee revenue to buy back HYPE. That potential activity remained contingent on approvals and actual trading.
During the quarter, the company reported:
- $785 million spent acquiring 9.1 million HYPE.
- $17 million spent repurchasing 2.7 million of its own shares.
- $911 million raised through stock sales, which largely funded those purchases.
- $620.6 million in net income, driven almost entirely by $803 million in unrealized gains as HYPE rose from about $65 to $91.
Other proposed U.S. routes
Kraken parent Payward had also said it planned to deploy HIP-3* markets through its CFTC-regulated Bitnomial exchange, with NinjaTrader Clearing acting as the FCM.
In the week before Decrypt’s report, NYSE owner Intercontinental Exchange agreed to work with Trade[XYZ] to bring Hyperliquid-based perpetual futures to the United States. Decrypt reported that HYPE rose 13% on that development. Trade[XYZ] already operated Hyperliquid markets, including perpetual futures tied to the S&P 500.
For Hyperliquid Strategies, the documented milestone was the filing of an application, not authorization or a confirmed launch date.
Original source: Decrypt — “Why a Hyperliquid Treasury Firm Wants to Become a US Futures Broker”, published November 7, 2026, at 03:46:03 UTC+8.