Hyperliquid's Path to US Compliance: From Permissionless to Permissioned with HIP-3
- Hyperliquid currently geo-blocks US markets because its permissionless on-chain infrastructure conflicts with US market structure laws that restrict futures trading to registered platforms, clearing houses, and brokers.
- Hyperliquid repositioned itself from a 'decentralized perpetual contract platform' to 'modern market infrastructure' with a modular tech stack separating exchange, clearing, and broker functions similar to traditional finance.
- The Hyperliquid Policy Center, funded with 1 million HYPE (~$72.5 million), has petitioned US regulators (CFTC and SEC) since July 2025 to modernize regulatory frameworks to allow licensed entities to build on HyperCore.
- Trump administration signaled support for Hyperliquid's US onshoring, with Trump announcing that Chairman Selig plans to promote Hyperliquid's regulatory integration.
- HPC's strategy seeks to establish Hyperliquid as neutral infrastructure where US-regulated entities can fulfill compliance obligations while building on the platform, rather than demanding direct permissionless access.
Hyperliquid, currently operating outside US markets due to regulatory conflicts, is pursuing a path to US compliance through the proposed HIP-3 permissioned DEX model. The platform has repositioned itself as modern market infrastructure with a modular architecture that mirrors traditional finance's separation of exchange, clearing house, and broker functions—but reconstructed entirely on-chain with self-custody and 24/7 global trading.
The core regulatory challenge stems from US market structure laws designed for traditional architectures. Designated Contract Markets must comply with 23 core principles including market surveillance and customer identification; Derivatives Clearing Organizations must use board-approved margin models with 99% confidence levels; and Futures Commission Merchants must segregate customer funds. Hyperliquid's permissionless design, protocol-based margin calculation, and user self-custody fundamentally conflict with these requirements, forcing the platform to geo-block US access despite being the world's largest capital market.
Since establishing the Hyperliquid Policy Center in February 2025 with $72.5 million in funding, the platform has pursued regulatory modernization through targeted petitions to the CFTC (July) and SEC (August). Rather than demanding permissionless access, HPC advocates for Hyperliquid as neutral infrastructure where licensed US entities can fulfill compliance obligations while building on HyperCore. Early regulatory signals, including Trump administration support announced by Chairman Selig, suggest this strategy is gaining traction and a US onshoring path is becoming increasingly probable.
Hyperliquid的美国合规之路：从无许可制到有许可制的HIP-3方案
Hyperliquid因监管冲突目前在美国市场外运营，正通过拟议的HIP-3有许可DEX模式寻求美国合规之路。该平台已将自身重新定位为现代市场基础设施，采用模块化架构，镜像传统金融的交易所、清算所和经纪商职能分离——但完全在链上重构，具有自我保管和全天候全球交易特性。
核心监管挑战源于为传统架构设计的美国市场结构法律。指定合约市场必须遵守包括市场监督和客户识别在内的23项核心原则；衍生品清算组织必须使用董事会批准的边际模型，置信度为99%；期货佣金商必须隔离客户资金。Hyperliquid的无许可设计、基于协议的边际计算和用户自我保管与这些要求根本冲突，尽管美国是世界最大资本市场，但该平台被迫进行地理封锁。
自2025年2月成立资金为7250万美元的Hyperliquid政策中心以来，该平台通过向CFTC（7月）和SEC（8月）提交的有针对性请愿书追求监管现代化。HPC不是要求无许可访问，而是倡导将Hyperliquid作为中立基础设施，美国持证实体可在其上履行合规义务并进行构建。包括特朗普政府支持（由主席Selig宣布）在内的早期监管信号表明，这一战略正获得关注，美国本土化之路变得越来越可能。