Hyperliquid Strategies is seeking to expand beyond holding HYPE into a regulated brokerage business that could give U.S. clients access to permissioned perpetual-futures markets built on Hyperliquid. The proposal is not yet an operating service: regulators must approve both the brokerage registration and the markets it would serve, and the company has provided no timeline.
Decrypt reported the application in an article published November 7, 2026, at 03:46:03 UTC+8, citing the company’s quarterly results disclosed Thursday.
A proposed route to US access
The Nasdaq-listed treasury company, which trades under PURR and is chaired by former Barclays CEO Bob Diamond, said a subsidiary had applied to become a futures commission merchant, or FCM. 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 markets built on Hyperliquid. That would create a regulated route for Americans to trade perpetual futures—derivatives with no expiration date that allow leveraged positions. Hyperliquid’s existing venue still blocks U.S. users.
Hyperliquid’s HIP-3 framework allows outside firms to launch perpetual markets on its order book after staking HYPE. A proposed permissioned version, HIP-3*, would allow a regulated deployer to operate markets limited to approved traders, with Hyperliquid providing neutral infrastructure.
The treasury and brokerage strategies are linked
“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, Hyperliquid Strategies held about 38.5 million HYPE, worth roughly $3.5 billion. More U.S. trading routed through Hyperliquid would likely generate additional protocol fees; the protocol uses fee revenue to buy back HYPE. An FCM would also give the company a business beyond holding tokens.
During the reported quarter, the company:
- Spent $785 million purchasing 9.1 million HYPE.
- Spent $17 million repurchasing 2.7 million of its own shares.
- Raised $911 million through stock sales, which largely funded those purchases.
- Reported $620.6 million in net income, driven almost entirely by $803 million in unrealized gains as HYPE rose from about $65 to $91.
Those figures describe treasury investment and accounting performance—not growth in users or sustained trading activity.
Other firms are pursuing similar access
Kraken parent Payward has said it plans to deploy HIP-3* markets through its CFTC-regulated Bitnomial exchange, with NinjaTrader Clearing serving as the FCM.
Decrypt also reported that, in the week before publication, NYSE owner Intercontinental Exchange agreed to work with Trade[XYZ] to bring Hyperliquid-based perpetual futures to the United States. The report attributed a 13% rise in HYPE to that announcement. Trade[XYZ] already operates markets on Hyperliquid, including perpetual futures tied to the S&P 500.
For adoption, the distinction is between a proposed distribution channel and demonstrated use. The application could open another route to U.S. participation if approved, but the report provides no U.S. customer counts, trading-volume figures or retention data showing how much durable activity it would attract.
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.
