Hyperliquid Strategies Applies to Run a US Futures Brokerage as Washington Pushes Perpetual Contracts Onshore

A publicly traded company that holds and stakes HYPE tokens wants to open a regulated door to the American market. Hyperliquid Strategies disclosed with its quarterly results that it has a pending request to operate as a futures commission merchant, or FCM, a license type needed to handle US customer accounts.

How HIP-3 Fits Into the Plan

If approved, the brokerage would carry US accounts for permissioned markets launched through HIP-3, a framework running on Hyperliquid’s neutral infrastructure layer. The company warned there is no guarantee on timing or outcome.

Political Backing and Industry Pushback

In August, President Trump said his administration, working with the CFTC, wanted to bring Hyperliquid into the US in a compliant and legal way. The White House wants American perps markets to lead the field, yet parts of the US derivatives industry have raised legal objections even as the CFTC opens the door.