Hyperliquid Strategies Files for CFTC License to Carry US Perps Accounts

Hyperliquid Strategies is making a play for the U.S. futures market. The company, which trades under the ticker $PURR, has filed with the Commodity Futures Trading Commission to register as a futures commission merchant, according to CoinDesk. That registration would let it hold and carry U.S. client accounts tied to permissioned $HYPE perpetual futures markets.

The filing lands alongside a hefty earnings headline. Hyperliquid Strategies reported $620.6M in net income for its third quarter, a figure the company says was driven by unrealized gains on its token holdings. Unrealized means the paper kind — the value is marked up, not necessarily cashed out.

If the CFTC greenlights the application, the company would join the small circle of firms cleared to custody client funds and route U.S. customers into regulated futures products. Here, though, the target market is a narrow one: permissioned perpetuals on $HYPE, meaning access would be limited rather than wide open.

The move signals a crypto-native outfit trying to plant a flag inside the traditional U.S. derivatives framework, where perps have long been off-limits to domestic retail traders. It's a bet that a regulated doorway beats an offshore one. The CFTC has yet to weigh in on the application.