Hyperliquid Strategies Inc. filed an application with the Commodity Futures Trading Commission around November 5, 2026 to register a subsidiary as a Futures Commission Merchant. The registration aims to carry U.S. client accounts for permissioned perpetual futures under the HIP-3* infrastructure. The filing was disclosed alongside Q3 2026 financial results showing $620.6 million in net income, driven by $803 million in unrealized gains on its 38.9 million HYPE token treasury.
CFTC FCM registration application
- ▪Hyperliquid Strategies Inc. stated that its Futures Commission Merchant application remains subject to Commodity Futures Trading Commission approval with no assured timeline or outcome
- ▪Hyperliquid Strategies Inc. filed an application with the CFTC to register a subsidiary as a Futures Commission Merchant
- ▪The Futures Commission Merchant registration would allow Hyperliquid Strategies Inc. to carry U.S. client accounts for permissioned perpetual futures deployed under the HIP-3 framework
- ▪David Schamis, CEO of Hyperliquid Strategies Inc., stated the application aligns with capturing ecosystem value through HYPE token ownership while expanding trading infrastructure access
HIP-3 framework and adoption
- ▪Launching a market under the HIP-3 framework on the Hyperliquid protocol requires committing over 500,000 HYPE tokens
- ▪HIP-3 markets generated approximately 26.7% of the $64.7 billion total trading volume on Hyperliquid over the 30 days preceding November 5, 2026
- ▪The HIP-3 framework has been live on mainnet since October 13, 2025, enabling outside parties to launch custom markets on the Hyperliquid protocol
- ▪The HIP-3* expansion enables independent operators to run permissioned markets using allowlists while using Hyperliquid's neutral onchain infrastructure
Institutional partnerships for perpetual futures
- ▪Payward, the parent company of Kraken, announced plans in late October 2026 to deploy HIP-3* perpetual futures markets through its Bitnomial subsidiary using NinjaTrader Clearing as the Futures Commission Merchant
- ▪Intercontinental Exchange agreed in October 2026 to partner with TradeXYZ to bring Hyperliquid-based perpetual futures markets to U.S. traders
Financial performance and HYPE holdings
- ▪Hyperliquid Strategies Inc. deployed $785 million to acquire 9.1 million HYPE tokens during the three months ended September 30, 2026
- ▪Hyperliquid Strategies Inc. held approximately 38.9 million HYPE tokens as of October 28, 2026, acquired at a blended average cost of $56.35 per token
- ▪Nasdaq-listed Hyperliquid Strategies Inc. reported quarterly revenue of $13.3 million for the quarter ended September 30, 2026, exceeding analyst estimates of $10.6 million to $12 million
- ▪Hyperliquid Strategies Inc. posted $620.6 million in quarterly net income for the quarter ended September 30, 2026, primarily driven by $803 million in unrealized gains on HYPE tokens
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