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FollowingCore Points
Hyperliquid's optional feature HIP-3* allows deployers to restrict market access through on-chain whitelists, while retaining existing permissionless deployment models throughout the protocol. The testnet specification allows builders to evaluate access control mechanisms, and developer feedback may affect the final design and implementation process of the feature.
In addition, a proposed Payward partnership could provide regulated U.S. traders with the opportunity to participate in select futures products backed by Hyperliquid technology through Bitnomial.
HIP-3*: Optional layer to support the licensing market
Hyperliquid co-founder Jeffrey Yan has officially released HIP-3*, an optional feature to support the licensing market that allows deployers to manage access rights through on-chain whitelists they control.
According to Yan, deployers and approved sub-deployers will be responsible for managing access rights without changing the architecture of the existing HIP-3 market. HIP-3 allows independent developers to create a perpetual contract market on HyperCore without the need to obtain approval from the Hyperliquid core team. Deployers can determine available assets, price predictors, leverage caps, and fee structures for each market.
In addition, operators remain responsible for managing their deployments and ensuring correct market settlement. HIP-3* adds another configuration option that allows deployers to decide which wallets can participate in transactions.
Operators can create dedicated venues for participants facing specific compliance, qualifications, or geographical requirements. However, the optional design of this feature ensures that these limitations do not affect the broader permissionless HIP-3 ecosystem.
Access control for HIP-3* testnet
Existing HIP-3 deployments will remain unchanged because this proposed upgrade adds new features without rewriting the original framework. When market design requires restricted access in each deployment, operators must activate whitelist control.
A preliminary HIP-3* specification has been launched on the test web, allowing developers to review proposed controls. Feedback collected during testing may affect the final structure of the feature before it is widely released. This flexibility supports different deployment models without shifting operational responsibilities to Hyperliquid's core team.
Payward Proposal: Provide Access to Regulated Traders in the United States
Hyperliquid Labs is reportedly exploring a potential partnership with Kraken's parent company Payward. The proposal could give regulated U.S. traders access to select perpetual contract products linked to Hyperliquid technology.
Under the proposed structure, registered Bitnomial customers can trade certain futures products linked to eligible cryptocurrency tokens. Payward has reportedly submitted a basic proposal to the Commodity Futures Trading Commission (CFTC).
Still, regulators must approve the arrangement before the two companies can launch related products. U.S. President Donald Trump has also expressed support for introducing Hyperliquid to the U.S. market.
Although Hyperliquid has become one of the largest perpetual contract platforms, U.S. traders currently cannot access the platform directly. A regulated Bitnomial arrangement could provide limited market participation without opening up the main platform to U.S. customers.
Ultimately, HIP-3* provides controlled market support for operators who need to define participant access while remaining permission-free.
