Key facts
- A Hyperliquid Strategies subsidiary applied to become a CFTC-registered futures commission merchant, the company said in quarterly results.
- CEO David Schamis said the $802 million quarterly deployment and the FCM filing are "the same bet."
- The firm held about 38.5 million HYPE at the end of September, worth roughly $3.5 billion.
- Hyperliquid Strategies reported $620.6 million in net income, driven almost entirely by $803 million in unrealized gains on HYPE.
- Kraken parent Payward plans to deploy HIP-3* markets through its CFTC-regulated Bitnomial exchange, with NinjaTrader Clearing as FCM.
- Intercontinental Exchange agreed to team up with Trade[XYZ] to bring Hyperliquid-based perpetual futures to the US.
A subsidiary of Hyperliquid Strategies, a Nasdaq-listed firm that trades as PURR, has applied to become a futures commission merchant registered with the Commodity Futures Trading Commission, the company disclosed in its quarterly results. The filing was reported on November 6, 2026.
An FCM is the type of CFTC-registered broker that holds customer funds and handles futures orders. If approved, the unit would carry US client accounts for permissioned markets built on Hyperliquid, letting Americans trade perpetual futures within a regulated framework. Perpetual futures are derivatives with no expiration date that let traders take leveraged positions. Hyperliquid, a major onchain venue for them, still blocks US users.
Hyperliquid's HIP-3 framework lets outside firms launch their own perpetual markets on Hyperliquid's order book after staking HYPE. A permissioned version, called HIP-3*, would let a regulated deployer run markets restricted to approved traders, with Hyperliquid acting as neutral infrastructure.
"We deployed $802 million this quarter and filed an application to become a futures commission merchant," CEO David Schamis said. "Those two moves are the same bet."
The firm held about 38.5 million HYPE at the end of September, worth roughly $3.5 billion. More US trading routed through Hyperliquid would likely mean more fees for the protocol, which uses fee revenue to buy back HYPE, and an FCM would give Hyperliquid Strategies a business beyond holding tokens.
During the quarter the firm spent $785 million buying 9.1 million HYPE and $17 million repurchasing 2.7 million of its own shares, funded largely by $911 million raised through stock sales. It reported $620.6 million in net income, driven almost entirely by $803 million in unrealized gains as HYPE rose from about $65 to $91.
Kraken parent Payward has said it plans to deploy HIP-3* markets through its CFTC-regulated Bitnomial exchange, with NinjaTrader Clearing serving as the FCM. Intercontinental Exchange, which owns the New York Stock Exchange, agreed to team up with Trade[XYZ] to bring Hyperliquid-based perpetual futures to the US, sending HYPE up 13%. Trade[XYZ] already runs markets on Hyperliquid, including perpetual futures tied to the S&P 500.
Regulators must sign off on both the FCM registration and the permissioned HIP-3 markets it would serve, and the company has given no timeline.