Hyperliquid Strategies Requests CFTC Registration as Futures Commission Merchant

Hyperliquid Strategies, the Nasdaq-listed HYPE company (PURR), submitted an application to the Commodity Futures Trading Commission (CFTC) on November 5, 2026, for registration as a futures commission merchant (FCM). With this registration, the company can manage the accounts of U.S. customers for the HIP-3 markets on Hyperliquid. Until now, this was done through the external FCM Payward, the parent company of Kraken. Hyperliquid aims to bypass this intermediary. The company warns that there are no guarantees regarding the timing or outcome of the application. An FCM is a regulated intermediary that holds customer accounts and processes transactions. Hyperliquid Strategies reported $13.3 million in revenue for the third quarter, exceeding analysts' expectations of $10.6 to $12 million. The net profit was $620.6 million, primarily due to $803 million in unrealized gains on HYPE holdings, partially offset by a tax charge of $172.3 million. The application comes amid a series of U.S. actions surrounding Hyperliquid, including a collaboration between exchange giant ICE and TradeXYZ. HIP-3 markets would account for 26.7 percent of $64.7 billion in trading volume over the past thirty days. The CFTC's decision on the application is still unknown. Trading in HYPE fell by 7.28 percent on November 5, 2026.

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