Hyperliquid Unveils HIP-3* to Enable Permissioned Markets With Wallet Allowlists

Hyperliquid HIP-3* permissioned markets feature and proposed regulated U.S. access

Hyperliquid co-founder Jeffrey Yan has unveiled HIP-3*, an optional feature designed to let deployers create permissioned markets by controlling which wallets can participate. The proposed functionality adds access restrictions through onchain allowlists without changing existing HIP-3 markets.

According to Yan, deployers and approved sub-deployers would be responsible for managing the allowlists, giving individual market operators greater control over participant eligibility while leaving the broader HIP-3 framework unchanged.

HIP-3 already allows independent developers to launch perpetual futures markets on HyperCore without requiring approval from Hyperliquid's core team. Under the existing framework, deployers can determine the assets offered, price oracles, leverage limits and fee structures associated with their markets.

With HIP-3*, operators would gain an additional configuration option: restricting participation to wallets that meet predefined requirements.

HIP-3* Adds Permissioned Access Without Changing Existing Markets

The proposed feature is intended for market operators that need to impose specific eligibility conditions. For example, deployers could establish specialized venues for participants subject to compliance, geographic or other access requirements.

Importantly, the restrictions would apply only where individual operators choose to activate them. HIP-3* is designed as an optional layer rather than a replacement for the existing permissionless model.

Source: Xpost

That means markets already deployed under HIP-3 would remain unchanged under the proposed upgrade. Operators would need to activate the allowlist controls for deployments where restricted participation is required.

The arrangement also keeps operational responsibilities with the deployers. Operators remain responsible for managing their markets and ensuring that deployments settle correctly, rather than transferring those duties to Hyperliquid's core team.

Preliminary HIP-3* specifications are currently available on testnet, giving developers an opportunity to review and test the proposed controls. Feedback from that testing could still affect the feature's final design before a broader release.

The approach is intended to accommodate different market structures while preserving the independent deployment model that underpins HIP-3.

Payward Proposal Could Expand Regulated US Access

The development comes as Hyperliquid Labs has reportedly explored a potential partnership with Payward, the parent company of Kraken, that could provide regulated U.S. traders with access to selected perpetual futures linked to Hyperliquid technology.

Under the reported proposal, registered Bitnomial customers could trade certain futures tied to eligible crypto tokens. Payward has reportedly submitted a basic proposal to the Commodity Futures Trading Commission, although regulatory approval would be required before the products could be introduced.

The potential arrangement would represent a more controlled route into the U.S. market rather than opening Hyperliquid's main platform to American traders.

Hyperliquid remains unavailable to U.S. traders despite its position among the largest perpetual futures platforms. A regulated structure involving Bitnomial could potentially give eligible American customers limited exposure to products connected to Hyperliquid technology while maintaining restrictions around access to the main platform.

President Donald Trump has also expressed support for bringing Hyperliquid into the U.S. market, according to the source material.

For Hyperliquid, HIP-3* provides a way to support permissioned deployments without changing the underlying permissionless nature of HIP-3. The feature remains subject to testing and feedback, while any broader regulated-market initiative in the United States would depend on the necessary regulatory approvals.

Writer: Marcus Renfield

Crypto Market Analyst & Onchain Writer

Marcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.

He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.