Hyperliquid co-founder Jeffrey Yan has introduced HIP-3*, a preliminary upgrade that adds optional permissioned markets to the protocol's existing HIP-3 framework. The feature allows independent deployers to maintain on-chain allowlists or appoint sub-deployers to control which wallets can participate in their perpetual futures markets, without shifting access decisions to Hyperliquid's core team.
Existing HIP-3 deployments remain unchanged: deployers already control assets, oracle inputs, leverage limits, and fee structures. The new permissioning layer is opt-in, giving operators a tool for compliance, eligibility, or geographic restrictions while preserving permissionless deployment elsewhere. The specifications are currently available on testnet, and Hyperliquid has not set a mainnet date; technical feedback may shape final implementation.
Separately, Hyperliquid Labs has reportedly explored a partnership with Payward, the parent company of Kraken, to give regulated U.S. traders limited exposure to selected perpetual futures powered by Hyperliquid technology through Bitnomial. Payward has submitted a basic proposal to the Commodity Futures Trading Commission, but no approval, contract list, or launch date has been confirmed. President Donald Trump has also expressed support for bringing Hyperliquid into the U.S. market. American traders currently cannot access Hyperliquid despite its position among the largest perpetual futures platforms, and the proposed arrangement would not open the main platform to U.S. customers.
Regulatory context includes an ongoing dispute over perpetual contract classification. CME Group has challenged the CFTC's treatment of perpetuals, arguing they should be governed as swaps under Dodd-Frank rather than listed as ordinary futures. This broader legal uncertainty could affect how products reach American customers, including any Hyperliquid-related arrangement.
