Hyperliquid is enhancing its HIP-3 framework by introducing optional features that will enable independent deployment teams to establish permissioned markets. These new capabilities allow for the creation of markets utilizing on-chain allowlists, granting deployers granular control over who can access and operate within their specific markets.
Jeffrey Yan, co-founder of Hyperliquid, stated that deployers or their designated sub-deployers will be responsible for managing these allowlists. This move empowers individual operators to dictate market participation. The upgrade remains optional, meaning existing HIP-3 markets will not be affected. Teams that do not require access restrictions can continue to operate under the current framework. Hyperliquid has already deployed an initial version of HIP-3 on its testnet, though the specifications are preliminary and may be refined based on community feedback.
The HIP-3 framework itself permits independent teams to launch perpetual futures markets on HyperCore without needing explicit approval from Hyperliquid's core development team. This allows deployers to manage crucial market parameters such as assets, oracles, leverage limits, and fee structures, while also retaining responsibility for market operations and settlements.
This extension of the HIP-3 model provides market operators with additional tools to comply with specific requirements for their deployments. Hyperliquid's role is to supply the underlying on-chain infrastructure, with independent deployers bearing the responsibility for their markets' operational integrity. The permissioned model is designed to facilitate access controls for deployments that necessitate them. However, the testnet design is not finalized, leaving room for potential technical adjustments before a broader release.
Hyperliquid positions itself as a neutral infrastructure layer for financial markets, ensuring that deployers using HIP-3 function as independent operators rather than being subject to Hyperliquid's direct management of access rules.
Separately, Hyperliquid Labs and Kraken parent Payward are engaged in discussions regarding a distinct structure that could introduce selected crypto perpetual futures to US traders through the regulated derivatives exchange Bitnomial. Payward has submitted this proposed arrangement to the Commodity Futures Trading Commission (CFTC), but any launch is contingent on regulatory clearance, which has not yet been confirmed. This proposed setup would enable eligible Bitnomial customers to trade specific crypto asset-linked futures utilizing Hyperliquid's technology. These discussions are independent of the HIP-3 testnet rollout, which focuses on optional permissioning tools for independent market deployers.