Hyperliquid Strategies has applied to become a U.S. futures broker, a move that could one day let American traders buy and sell perpetual futures on markets built on the Hyperliquid blockchain.
Key Takeaways
A subsidiary of Hyperliquid Strategies (Nasdaq: PURR) filed to become a futures commission merchant, the type of broker that holds U.S. futures trading accounts
If approved, it would hold accounts for U.S. customers trading permissioned perpetual futures markets on Hyperliquid
There is no approval yet and no timeline, the company said
The firm also reported $620.6 million in third-quarter profit, almost all of it from the rising value of its HYPE tokens
The company revealed the application in its third-quarter earnings release on Thursday.
What The Application Means
Perpetual futures are bets on an asset’s price that never expire. They are the most traded product in crypto, but the biggest venues for them, including Hyperliquid, are off limits to U.S. customers.
A futures commission merchant, or FCM, is the regulated broker that sits between a trader and a futures market. It holds the customer’s money and account, and it is overseen by the Commodity Futures Trading Commission. Americans cannot trade regulated futures without one.
Hyperliquid Strategies said its FCM would hold U.S. client accounts for permissioned markets on Hyperliquid under HIP-3, a planned upgrade that lets outside companies run their own markets on the blockchain for an approved list of verified users. The plan still needs two approvals: one for the broker, and one for the permissioned markets themselves.
“We deployed $802 million this quarter and filed an application to become a futures commission merchant,” said CEO David Schamis. “Those two moves are the same bet.” He said setting up an FCM “is how we intend to help bring markets deployed on Hyperliquid onshore.”
Two Different Companies
Despite the name, Hyperliquid Strategies is not Hyperliquid. It is a separate, Nasdaq-listed company whose main business is buying and holding HYPE, the token of the Hyperliquid network. Its investor presentation states that it is not affiliated with Hyperliquid or the Hyper Foundation, so the Hyperliquid exchange itself has not filed anything with U.S. regulators.
The Race To Bring Hyperliquid To America
Hyperliquid Strategies is joining a crowded effort. Its presentation lists two big moves from the past three weeks:
On Oct. 26, Hyperliquid announced that Payward, the parent of Kraken, intends to be the first CFTC-regulated operator of HIP-3 markets, with Bitnomial running the markets and NinjaTrader Clearing holding client accounts, subject to approval
On Oct. 29, Intercontinental Exchange, owner of the New York Stock Exchange, agreed to become the exclusive operator of trade[XYZ]’s regulated U.S. markets built on Hyperliquid, with customers reaching them through brokers that join ICE’s clearing
Each of those plans needs FCMs to bring in customers. Hyperliquid Strategies wants to be one of them.
A $3.5 Billion Bet On HYPE
MeasureQ3 2026HYPE tokens held38.5 million, up from 29.3 millionHYPE bought in the quarter9.1 million for $785 millionValue of HYPE held$3.51 billion at $90.99 per tokenTotal assets$3.76 billionStaking revenue and validator commissions$12.3 millionNet income$620.6 millionUnrealized gains on HYPE$803.0 millionCash and cash-like instruments$254.6 million, no debt
Hyperliquid Strategies results for the quarter ended Sept. 30, 2026. Source: company earnings release.
Most of the profit is on paper. The company earned $12.3 million from staking its tokens and running a validator, against $7.6 million in running costs. It also bought back 2.7 million of its own shares for $17 million.
What To Watch
The application now goes to U.S. regulators, and HIP-3’s permissioned features are still being tested. If both are approved, Hyperliquid Strategies would turn from a company that only holds HYPE into one that earns fees from U.S. traders using Hyperliquid markets.