Hyperliquid’s HIP-3* Adds Permissioned Perpetual Markets for Deployers

Hyperliquid (HYPE) unveiled HIP-3* on October 26, 2026, a set of features that lets deployers run permissioned perpetual markets on top of HIP-3. The first version is live on testnet and the specification remains preliminary, according to Hyperliquid's announcement on X.

How HIP-3* Works

HIP-3 already lets outside deployers create perpetual markets on Hyperliquid. HIP-3* adds optional permissioned markets, centered on an onchain allowlist that the deployer or its sub-deployers manage. The feature is strictly additive, Hyperliquid says. Deployers opt in at their own discretion and existing markets are unaffected.

The design lets deployers add the functionality they need for regulatory compliance while staying independent operators in control of their own markets, according to the announcement. HIP-3* is scheduled to arrive in a future network upgrade.

Payward Plans to Be the First Deployer

Payward, the parent company of Kraken, announced it intends to become the first CFTC-regulated deployer of HIP-3* markets, using Hyperliquid to deploy perpetual futures for US clients. Subject to regulatory approval, Bitnomial, Payward's CFTC-regulated exchange and clearing house, would act as the deployer, creating and administering the markets and clearing and settling contracts. NinjaTrader Clearing, Payward's CFTC-registered futures commission merchant, would carry client accounts.

What to Watch

Hyperliquid frames the release as a step toward running neutral market infrastructure for the broader financial system. The testnet specification is open for feedback before the network upgrade that carries HIP-3* goes live. Traders can follow the token on the Hyperliquid price chart, and the market structure sits among the perp DEXs tracked on Coinranking.