Key Highlights
- HIP-3 is adding optional permissioned markets using on-chain allowlists controlled by independent deployers.
- Existing HIP-3 markets will not be affected, while the new feature is still being tested on Hyperliquid’s testnet.
- Hyperliquid Labs and Payward are discussing a Bitnomial structure for selected crypto futures, but regulatory approval is still pending.
Hyperliquid is adding a new option to its HIP-3 framework that will let independent deployers create markets with controlled access.
According to the announcement shared on Thursday on X, the upgrade is already being tested on testnet and gives market operators a way to decide who can enter their markets through on-chain allowlists, while leaving existing HIP-3 markets unchanged.
The change is aimed at teams that may need to limit who can trade in a particular market. Under the new setup, deployers or people they appoint as sub-deployers will control the allowlists. In simple terms, an operator can create a list of approved users and use it to decide who is allowed to access a market.
The permissioned feature is optional. Teams that do not need access controls can continue using HIP-3 as they do now. This means the upgrade does not force existing markets to become restricted or change how those markets currently operate.
The new feature is still being tested
Hyperliquid has released the first version of HIP-3* on testnet, giving teams a chance to test how the system works. However, the current specifications are still preliminary. The design could change after feedback from those testing the feature, so the testnet version should not be treated as the final form of the upgrade.
HIP-3 was created to let independent teams launch perpetual futures markets on HyperCore without needing approval from Hyperliquid’s core development team. These teams can manage important parts of their markets, including the assets being offered, price oracles, leverage limits and fee structures.
They are also responsible for operating and settling the markets they launch. The new permissioning option adds another layer of control by allowing these independent operators to decide who can participate when a market requires restricted access.
This keeps the main roles separate. Hyperliquid supplies the on-chain infrastructure, while the independent deployers decides how its own market is run. Hyperliquid has described its broader role as a neutral infrastructure layer for financial markets rather than an operator that controls access rules for every market.
U.S. perps plan Is separate
The HIP-3 update is also arriving as discussions continue around a separate plan that could give some U.S. traders access to selected crypto perpetual futures using Hyperliquid technology.
Hyperliquid Labs and Payward, the parent company of Kraken, are discussing a structure involving regulated derivatives exchange Bitnomial. Payward has presented the proposed arrangement to the U.S. Commodity Futures Trading Commission, but the plan still needs regulatory clearance. No approval has been confirmed.
U.S. access still awaits approval
If the proposal moves forward, eligible Bitnomial customers could trade selected futures linked to crypto assets through a structure using Hyperliquid technology. However, this U.S. proposal is separate from the HIP-3 permissioning upgrade.
For now, the HIP-3 development is focused on giving independent market teams more control over access. The feature allows them to use on-chain allowlists when needed, while teams that want open markets can keep using the existing system. With the feature still on testnet, its final design has not yet been set.
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