Hyperliquid Unveils HIP-3* as Optional Layer for Permissioned Markets

In Brief:

• Hyperliquid’s optional HIP-3* feature lets deployers restrict market access through onchain allowlists while preserving existing permissionless deployments across the entire protocol.
• Testnet specifications allow builders to assess access controls, with developer feedback potentially shaping the feature’s final design and implementation process.
• A proposed Payward partnership could offer regulated American traders limited exposure to selected futures powered by Hyperliquid technology through Bitnomial.

 

Hyperliquid co-founder Jeffrey Yan has unveiled HIP-3*, an optional feature supporting permissioned markets through deployer-controlled onchain allowlists. According to Yan, deployers and approved sub-deployers will manage access without changing existing HIP-3 markets.

HIP-3 allows independent developers to create perpetual futures markets on HyperCore without approval from Hyperliquid’s core team. Deployers determine available assets, price oracles, leverage limits, and fee structures for each market.

Moreover, operators remain responsible for managing their deployments and ensuring that markets settle correctly. HIP-3* adds another configuration option by allowing deployers to determine which wallets can participate.

Operators could create specialized venues for participants facing specific compliance, eligibility, or geographical requirements. However, the optional design prevents those restrictions from affecting the wider permissionless HIP-3 ecosystem.

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HIP-3* Testnet Access Controls

Existing HIP-3 deployments will remain unchanged because the proposed upgrade adds features without rewriting the original framework. Operators must activate the allowlist controls when their market designs require restricted access across each deployment.

The preliminary HIP-3* specifications are available on testnet, allowing developers to examine the proposed controls. Feedback gathered during testing could influence the feature’s final structure before its broader release. This flexibility supports different deployment models without transferring operational responsibility to Hyperliquid’s core team.

Payward Proposal for Regulated US Access

Hyperliquid Labs has reportedly explored a potential partnership with Payward, the parent company of Kraken. This proposal could give regulated United States traders access to selected perpetual futures linked to Hyperliquid technology.

Under the proposed structure, registered Bitnomial customers could trade certain futures connected to eligible crypto tokens. Payward has reportedly submitted a basic proposal to the Commodity Futures Trading Commission.

Nevertheless, regulators must approve the arrangement before the companies can introduce those products. President Donald Trump has also expressed support for bringing Hyperliquid into the United States market.

American traders cannot access Hyperliquid, despite its position among the largest perpetual futures platforms. A regulated Bitnomial arrangement could provide limited exposure without opening the main platform to American customers. Ultimately, HIP-3* preserves permissionless deployment while supporting controlled markets for operators requiring defined participant access.

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