Hyperliquid Strategies seeks CFTC FCM status as quarterly revenue tops estimates

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Hyperliquid seeks CFTC status

Highlights

Hyperliquid Strategies filed with the CFTC to become a futures commission merchant, enabling it to serve U.S. HIP-3 client accounts if approved.
Quarterly revenue for the period ended Sept. 30 reached $13.3 million, surpassing analyst estimates, with net income at $620.6 million due to $803 million in HYPE token unrealized gains.
Intercontinental Exchange and TradeXYZ agreed to develop Hyperliquid-based perpetual futures for U.S. markets, advancing regulatory integration of crypto derivatives infrastructure.

Regulatory filing and quarterly results

As reported by The Block, Hyperliquid Strategies has filed with the Commodity Futures Trading Commission to become a futures commission merchant, a step that would let the company carry U.S. client accounts for HIP-3 markets if regulators approve the application.

The company says the registration would allow it to "play a role" in bringing perpetual futures to U.S. customers within a regulated structure. It also says there is no assurance on the timing or outcome of the application, or on approval for permissioned HIP-3 markets.

For the quarter ended Sept. 30, Hyperliquid Strategies reported revenue of $13.3 million, above analyst estimates ranging from $10.6 million to $12 million, depending on the data provider. The company posted net income of $620.6 million, largely driven by $803 million in unrealized gains on its Hyperliquid, HYPE, token holdings, partly offset by a $172.3 million income tax provision.

In a release, the firm says Hyperliquid recently announced plans to add extra deployer functions under the HIP-3 name. Those optional features would allow deployers to build and launch permissioned markets on Hyperliquid's onchain infrastructure, while independent operators run their own markets in a compliant manner.

U.S. market push for crypto derivatives

The filing comes as Hyperliquid's underlying infrastructure moves closer to the U.S. market. Last week, Intercontinental Exchange, the parent of the New York Stock Exchange, agreed to partner with TradeXYZ to bring Hyperliquid-based perpetual futures markets to U.S. traders, with ICE operating exchange and clearing infrastructure and TradeXYZ designing the markets.

The move adds to a broader effort to position Hyperliquid-linked products inside regulated financial channels in the U.S. Earlier this year, President Donald Trump said his administration was working to bring Hyperliquid into the U.S. "in a fully compliant and legal fashion," underscoring the policy and market focus on regulated access to crypto derivatives.

Our earlier coverage of the Federal Reserve’s policy messaging debate explained how mixed signals from officials and persistent inflation uncertainty were shaping investor expectations ahead of the next rate decision. We noted that frequent public remarks helped temper bets on further rate hikes after September’s increase, even as the latest CPI reading kept the outlook volatile.

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