Hyperliquid Chases US Perps: An FCM Application Puts Onchain Trading Onshore

A subsidiary of Nasdaq-listed Hyperliquid Strategies has applied to become a futures commission merchant (FCM) as it seeks to bring Hyperliquid-based perpetual futures to US customers within a regulated framework. The company said the application remains subject to regulatory approval, with no assurance regarding its timing or outcome.

Hyperliquid’s HIP-3 framework allows independent operators to launch custom perpetual futures markets on the protocol’s onchain infrastructure by staking 500,000 HYPE tokens ($38.8 million). Proposed HIP-3 features would also allow operators to create permissioned markets that restrict participation to approved addresses. If approved, the Hyperliquid Strategies subsidiary would handle US customer accounts for those permissioned markets, with both the FCM application and the proposed markets requiring regulatory approval.

“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,” Hyperliquid Strategies CEO David Schamis said in results for the quarter ended Sept. 30, published on Thursday.

Intercontinental Exchange, the parent company of the New York Stock Exchange, announced an agreement with Trade[XYZ] on Oct. 29 to bring Hyperliquid-based perpetual markets to the US, subject to regulatory approvals. ICE plans to operate a dedicated market and clearing structure.

During the quarter, Hyperliquid Strategies raised $911 million in equity capital, spent $785 million to acquire 9.1 million HYPE and $17 million to repurchase 2.7 million PURR shares. The company held 38.5 million HYPE as of Sept. 30, valued at $3.5 billion at the time. “Hyperliquid is winning the parts of onchain finance that generate real fees, and nearly all of that value flows back to HYPE holders through programmatic buybacks,” Schamis said. Hyperliquid Strategies (PURR) shares fell 9.6% Thursday, closing at $8.76, according to Yahoo Finance.