The HIP-3* expansion enables independent operators to run permissioned markets using allowlists while using Hyperliquid's neutral onchain infrastructure

Overview Debates Related claims Topics Sources

Cc9f267dcClaimNews event

Hyperliquid Strategies Inc. filed an application with the CFTC to register a subsidiary as a Futures Commission Merchant

The proposed ICE-Trade[XYZ] venue will offer retail investors 24/7 leveraged trading across equities, stock market indices, commodities, foreign exchange, and cryptocurrencies

The planned ICE-Trade[XYZ] perpetual futures market requires regulatory approval from the Commodity Futures Trading Commission (CFTC), including authorization for leveraged trading, with no launch date set

Intercontinental Exchange (ICE) announced an agreement on October 29, 2026 with Trade[XYZ] to launch a regulated U.S. perpetual futures market with ICE as exclusive operator

Hyperliquid Strategies Inc. stated that its Futures Commission Merchant application remains subject to Commodity Futures Trading Commission approval with no assured timeline or outcome

The Futures Commission Merchant registration would allow Hyperliquid Strategies Inc. to carry U.S. client accounts for permissioned perpetual futures deployed under the HIP-3 framework

HIP-3 markets generated approximately 26.7% of the $64.7 billion total trading volume on Hyperliquid over the 30 days preceding November 5, 2026

Payward, the parent company of Kraken, announced plans in late October 2026 to deploy HIP-3* perpetual futures markets through its Bitnomial subsidiary using NinjaTrader Clearing as the Futures Commission Merchant

Distribution of the ICE-Trade[XYZ] perpetual futures products is expected through participating brokers, including ICE's joint venture with OKX, which remains subject to pending broker-dealer and futures commission merchant approvals

Intercontinental Exchange stated that its goal for the ICE-Trade[XYZ] retail venue is to address unmet retail demand for shorter-duration assets

David Schamis, CEO of Hyperliquid Strategies Inc., stated the application aligns with capturing ecosystem value through HYPE token ownership while expanding trading infrastructure access

The HIP-3 framework has been live on mainnet since October 13, 2025, enabling outside parties to launch custom markets on the Hyperliquid protocol

Launching a market under the HIP-3 framework on the Hyperliquid protocol requires committing over 500,000 HYPE tokens

Intercontinental Exchange agreed in October 2026 to partner with TradeXYZ to bring Hyperliquid-based perpetual futures markets to U.S. traders

Intercontinental Exchange partnered with Trade XYZ to offer regulated equity and real-world perpetual contracts to United States audiences using Hyperliquid

Bitfinex operates a peer-to-peer crypto margin lending and financing market to generate platform operating revenue

Equity perpetual futures are classified as security futures products, requiring exchanges to hold a Commodity Futures Trading Commission contract market registration and a notice registration with the Securities and Exchange Commission

CME Group filed a lawsuit against the Commodity Futures Trading Commission in June 2026, challenging the CFTC's approval of crypto perpetual futures contracts on the grounds that contracts with funding payments are swaps under Dodd-Frank

Exchanges Kalshi, Coinbase Derivatives, and Bitnomial submitted rule filings on September 18, 2026, to list equity perpetual futures, but the Commodity Futures Trading Commission's November 3, 2026 statement set no official launch date

Perpetual futures contracts have no fixed expiration date and rely on periodic funding payments between long and short positions to keep the derivative price tied to the underlying spot market price