--- title: "Hyperliquid Strategies Makes Bold Bid for US Futures Trading" date: 2026-11-06 author: "Kathleen Kinder" featured_image: "https://coinlaw.io/wp-content/uploads/2026/11/hyperliquid-strategies-cftc-filing.jpg" categories: - name: "Compliance" url: "/compliance.md" tags: - name: "News" url: "/tag/news.md" --- # Hyperliquid Strategies Makes Bold Bid for US Futures Trading Hyperliquid Strategies Inc (NASDAQ: PURR) said on November 5 that a subsidiary has applied to become a **futures commission merchant**. Approval would let the unit carry US client accounts for permissioned markets built on Hyperliquid. ## Key Facts - Hyperliquid Strategies filed through a subsidiary to become an FCM for US clients on permissioned Hyperliquid markets, pending regulatory approval. - The Nasdaq-listed HYPE treasury deployed $802 million in the third quarter, including $785 million for 9.1 million HYPE tokens. - The company booked $620.6 million in quarterly net income, mostly from unrealized gains on its HYPE holdings. - HYPE dropped 7.54% to about $76 on November 6, following a day of ETF outflows and long liquidations. ## The FCM would sit between US traders and HIP-3 markets An FCM is the registered broker that holds customer funds and handles futures orders in the US. **Hyperliquid Strategies (HSI)** wants its subsidiary in that seat for permissioned markets deployed under HIP-3, the company said in its [third-quarter results release](https://www.prnewswire.com/news-releases/hyperliquid-strategies-inc-reports-financial-results-for-the-quarter-ended-september-30-2026-302931281.html). Hyperliquid has said it intends to add **[HIP-3 as a set of optional deployer features](https://coinlaw.io/hyperliquid-hip4-prediction-market-outcomes/)**. Independent operators could then launch permissioned markets and run them in a compliant manner. The chain itself would stay a neutral infrastructure layer. Chief executive David Schamis treats the token buying and the broker filing as one wager. He said in the release: “ Owning HYPE is how we aim to capture economics associated with the Hyperliquid protocol; setting up an FCM is how we intend to help bring markets deployed on Hyperliquid onshore. David SchamisCEO – Hyperliquid Strategies Nothing changes for US traders yet. The release says there can be no assurance on the timing or outcome of the application, or on regulatory approval of permissioned HIP-3 markets. It leaves these points open: - **When the subsidiary filed, and when a decision could come**? - **Which HIP-3 deployers’ markets the FCM would carry first**? - **Whether the broker or the permissioned markets would clear review first**? - **What margin and leverage terms US accounts would face**? Rival plans already target the same onshore route. **Intercontinental Exchange (NYSE: ICE)**, the NYSE parent, agreed in late October to partner with [TradeXYZ on Hyperliquid-based perpetual futures](https://coinlaw.io/nyse-parent-ice-enters-perpetuals-market-trade-xyz/) for US markets. ICE would run the exchange and clearing. Payward, Kraken’s parent, said in September it plans to offer **US clients perpetual futures** built on Hyperliquid’s blockchain. > 🇺🇸 JUST IN: Hyperliquid Strategies, holding $3.5 BILLION in $HYPE, officially files to become a US futures broker. The Nasdaq-listed firm says a subsidiary has applied to become a futures commission merchant, a broker regulated by the CFTC. If approved, US customers could trade perpetual futures on Hyperliquid’s permissioned markets through it. The company says there’s no guarantee on the timing or outcome of the application. > > — Coin Bureau (@coinbureau) [November 5, 2026](https://x.com/coinbureau/status/2118466290600062982?ref_src=twsrc%5Etfw) Those deals cover where contracts would list and clear. HSI’s application goes after a different layer: the broker that would hold a US trader’s account. President Donald Trump said in August that **CFTC Chair Michael Selig** was working to bring Hyperliquid into the US compliantly. Regulated crypto perps already trade onshore after [Kalshi’s US perpetual futures launch](https://coinlaw.io/kalshi-crypto-perpetual-futures-us-launch/). ## Quarterly profit rests on the HYPE price Staking revenue and validator commissions brought in $12.3 million, and interest income added $1.0 million. Costs stayed small by comparison, with $7.6 million in **SG&A and R&D expenses**. The token’s price drove the bottom line. Net unrealized gains on HYPE reached **$803.0 million**. A $172.3 million tax provision and a $15.3 million, mostly non-cash equity facility charge offset part of that. The company raised $911 million under the committed equity facility during the quarter and grew its treasury from 29.3 million to 38.5 million tokens. At **$90.99 per token, the HYPE stake** was worth **$3,505.3 million** of $3,764.3 million in total assets. Cash and cash-like instruments stood at $254.6 million, and the company carries no debt. [Hyperliquid’s fee base](https://coinlaw.io/hyperliquid-statistics/) is the reason for the bet. The release puts value accruing to the Hyperliquid ecosystem at about $834 million for the 12 months to September 30. Much of it reaches HYPE through programmatic buybacks. That quarter-end mark has already slipped. The token’s latest drop leaves it well under **$78.53**. It still sits above the $56.35 blended cost HSI reported on 38.9 million HYPE as of October 28. ## The Bottom Line Fund flows moved the same way. **US spot HYPE ETFs lost $3.02 million on November 5**, the largest daily outflow since late October, according to SoSoValue data. Bitwise’s BHYP accounted for $2.19 million, and [Grayscale’s HYPE ETF](https://coinlaw.io/grayscale-hype-etf-anchorage-replaces-coinbase/) lost about $829,000. Two approvals now stand between the filing and a single US customer: the subsidiary’s own registration, and clearance for permissioned HIP-3 markets. The release sets no date for either. Definition of Blockchain. Link to full glossary entry follows the description.**Blockchain**A distributed digital ledger that records transactions across a network, with each block cryptographically linked to the previous one for security. [Read more about Blockchain](https://coinlaw.io/glossary/blockchain/) Definition of Staking. Link to full glossary entry follows the description.**Staking**Staking is the process of locking cryptocurrency in a proof-of-stake network to help validate transactions and earn rewards, replacing energy-intensive mining. [Read more about Staking](https://coinlaw.io/glossary/staking/)