Hyperliquid, a decentralized derivatives exchange known for its onchain perpetual futures infrastructure, is rolling out a new capability within its HIP-3 framework that will let independent market operators build permissioned trading venues with restricted access. Confirmed via an announcement Thursday, the feature is currently being tested on
Hyperliquid’s testnet and works through onchain allow lists, giving deployers the ability to control exactly who can participate in a given market. Existing HIP-3 markets remain completely unaffected, since the new permissioning option is entirely optional.
The update carries particular significance for U.S. investors and institutional players who often operate under strict trading restrictions that have historically limited their access to certain crypto derivatives markets.
In a future network upgrade, HIP-3 will support optinal deployer configuration for permissioned markets.
This would, for example, allow U.S. investors to access certain markets, or institutional investors that have strict rules. pic.twitter.com/0Ezjtx00D5
— Hyperliquid News (@HyperliquidNews) September 3, 2026
HIP-3 Permissioning Remains In Early Testnet Phase
What’s live right now is an early build, not a finished product. Hyperliquid has pushed the first version of this upgrade onto testnet specifically so teams can experiment with how the access-control system behaves in practice, but the specifications remain preliminary and subject to change based on feedback gathered during testing.
HIP-3 itself was originally built to let independent development teams launch their own perpetual futures markets directly on HyperCore, Hyperliquid’s core trading engine, without needing sign-off from the exchange’s central development team.
Those independent deployers already control key market parameters, including which assets get listed, which price oracles feed the market, leverage caps, and fee structures.
This new permissioning layer just adds one more lever: the ability to restrict participation via an approved user list, which can be managed either by the deployer or delegated to appointed sub-deployers.
Hyperliquid has always positioned itself as a neutral infrastructure provider, and not a gatekeeper deciding who can or cannot participate in any individual market, leaving those decisions to the teams that are building on top of their network.
Bitnomial Based U.S. Access Plan Runs On A Separate Track
It’s worth drawing a clear line here, because this HIP-3 update is unfolding alongside, but is entirely distinct from, a separate initiative aimed at bringing regulated crypto perpetual futures access to U.S. traders.
Hyperliquid Labs has been in discussions with Payward, the parent company behind cryptocurrency exchange Kraken, exploring a structure built around Bitnomial, a CFTC-regulated derivatives exchange.
Hyperliquid preparing to launch permissioned markets
Paving for the way into the US 🇺🇸🇺🇸🇺🇸$HYPE is undervalued pic.twitter.com/YD1VWWBZfI
— 800.HL (@degennQuant) September 3, 2026
Payward has already presented this proposed arrangement to the Commodity Futures Trading Commission, though the plan still requires formal regulatory clearance before it can move forward, and no approval has been confirmed as of this writing.
Regulatory Clearance Still Pending For U.S. Traders
Should that Bitnomial-based proposal eventually clear regulatory hurdles, eligible customers would gain the ability to trade select crypto-linked futures contracts through a structure built on Hyperliquid’s underlying technology, all while operating within U.S. regulatory boundaries.
That said, this remains a completely separate track from the HIP-3 permissioning upgrade covered above. For now, the HIP-3 development continues to center purely on giving independent market operators finer control over who can access their individual markets through onchain allowlists, while teams preferring fully open markets can continue operating exactly as before.
With the feature still confined to testnet, its final production design has not yet been locked in, leaving room for further adjustments before any broader rollout across Hyperliquid’s ecosystem.
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