Hyperliquid Unveils HIP-3 Features to Enable Permissioned Markets

Hyperliquid is expanding its HIP-3 framework with optional features that will let independent deployment teams create permissioned markets using on-chain allowlists while retaining control over access and operations.

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HIP-3 Adds Optional Permissioned Markets

Hyperliquid unveils HIP-3 as an optional extension that will allow independent deployment teams to create permissioned markets through deployer controlled onchain allowlists. Hyperliquid co-founder Jeffrey Yan said deployers or their appointed sub-deployers will manage these lists, giving individual operators control over who can access their markets.

The upgrade remains optional and will not alter existing HIP-3 markets. Teams that do not require permissioned access can continue operating under the current framework. Hyperliquid has already released the first version of HIP-3 on testnet, although its specifications remain preliminary and could change following feedback.

HIP-3 allows independent teams to launch perpetual futures markets on HyperCore without requiring approval from Hyperliquid’s core development team. Deployers can manage assets, oracles, leverage limits and fee structures while retaining responsibility for operating and settling their markets.

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Hyperliquid Keeps Deployers in Control

HIP-3 extends that model by giving market operators additional tools to meet requirements tied to their individual deployments. Hyperliquid provides the underlying onchain infrastructure, while independent deployers maintain responsibility for how their markets operate.

The permissioned model could allow deployment teams to restrict market participation when their operations require access controls. However, the testnet design is not final, leaving room for technical changes before the features reach a wider release.

Hyperliquid has described its broader role as a neutral infrastructure layer for financial markets. Under that structure, deployers using HIP-3 remain independent operators rather than having Hyperliquid manage access rules on their behalf.

US Perpetual Futures Talks Await Approval

The HIP-3 development comes as Hyperliquid Labs and Kraken parent Payward discuss a separate structure that could bring selected crypto perpetual futures to US traders through regulated derivatives exchange Bitnomial.

Payward has presented the proposed arrangement to the Commodity Futures Trading Commission. However, any launch would still require regulatory clearance, and no approval has been confirmed.

The proposed setup would allow eligible Bitnomial customers to trade selected futures linked to crypto assets using Hyperliquid technology.

The discussions remain separate from the HIP-3 testnet rollout, which focuses on giving independent market deployers optional permissioning tools.

For more options in self-custodial markets, traders can compare top-tier venues in our guide to the best crypto futures trading platforms.