Hyperliquid Expands HIP-3 with Permissioned Market Controls

The new feature grants independent teams the ability to manage participant lists directly or appoint sub-deployers to handle access. This upgrade is strictly optional; existing markets operating under the current HIP-3 framework will remain unaffected unless a deployer chooses to configure permissioning. Hyperliquid co-founder Jeffrey Yan emphasized that the design aims to keep the network as a neutral infrastructure provider, ensuring that operational responsibilities—such as oracle inputs, leverage limits, and fee structures—remain with the third-party teams.

While the allowlists provide a technical mechanism for screening, they do not automatically grant legal compliance. For U.S.-based operators, derivatives access remains tethered to Commodity Futures Trading Commission (CFTC) requirements, including registration, reporting, and customer protection standards. Separate ongoing discussions involving Hyperliquid Labs and Payward, the parent company of Kraken, explore the potential for hosting crypto-linked futures on the regulated exchange Bitnomial. These initiatives remain subject to regulatory clearance, particularly as the broader industry navigates legal disputes regarding the classification of perpetual contracts as either swaps or traditional futures.