Hyperliquid unveils HIP-3* as optional layer for permissioned markets

Hyperliquid is preparing HIP-3*, an optional set of deployer features that will add support for permissioned markets on top of its existing HIP-3 framework through deployer-controlled onchain allowlists, co-founder Jeffrey Yan said Thursday.

The allowlists will be managed by the deployer or its sub-deployers, giving them an additional way to configure access to their markets.

HIP-3 is a Hyperliquid protocol upgrade that makes the creation of perpetual futures markets permissionless, allowing independent builders to deploy markets directly on HyperCore without approval from the core team.

Deployers control market parameters including the assets, oracles, leverage limits and fee structures, while taking responsibility for operating and settling their markets.

HIP-3* will not change existing HIP-3 deployments. The functionality is strictly additive and will only be activated by deployers that need the additional access-control capabilities, according to Yan.

The initial HIP-3* release is currently available on testnet, where the specifications remain preliminary and could change based on feedback.

The Hyperliquid CEO said the upgrade is intended to give independent market operators more flexibility to meet requirements applicable to their individual deployments. The company will continue to provide the underlying onchain infrastructure, while deployers remain responsible for operating and managing their own markets.

The announcement comes shortly after Hyperliquid Labs reportedly discussed a potential partnership with Payward, the parent company of Kraken, that could give US traders access to selected Hyperliquid-linked perpetual futures through regulated exchange Bitnomial.

The proposed structure would allow registered Bitnomial customers to trade a subset of futures tied to crypto tokens built using Hyperliquid technology. Payward has reportedly submitted the basic proposal to the CFTC, but the arrangement would still need regulatory approval before going live.

The talks follow President Donald Trump’s recent comments that his administration was working to bring Hyperliquid into the US. The platform is currently unavailable to US users, despite becoming one of the largest venues for perpetual futures.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.