HuginaiHyperliquid perpetual futures for US traders: what ICE, Payward and a PURR broker filing change for funding carry
Between 26 October and 5 November 2026 three announcements lined up behind one plan: Hyperliquid perpetual futures for US traders, reached through regulated intermediaries. Payward, Kraken’s parent, said it intends to be the first CFTC-regulated deployer on Hyperliquid’s permissioned HIP-3* markets; Intercontinental Exchange, owner of the NYSE, signed a definitive agreement to operate Trade[XYZ]’s markets onshore; and Hyperliquid Strategies (Nasdaq: PURR) disclosed that a subsidiary has applied to become a futures commission merchant. All three wait on regulators. From 26 October to 8 November gross HYPE funding on Hyperliquid averaged 17.6% annualized, against 8.3% in the two weeks before.
Where the numbers live: the front page keeps the carry test with its window and costs; the desk dashboard shows it as it runs, no account.
What was announced between 26 October and 5 November 2026
Three separate parties, three separate documents, one structure: a regulated US company operates the market, a registered futures broker holds the customer account, and Hyperliquid runs underneath as the order book and matching layer.
| Date | Who | What they said | Status |
|---|---|---|---|
| 26 Oct | Payward (Kraken’s parent) | Intends to be the first CFTC-regulated deployer on HIP-3* markets. Bitnomial, its CFTC-regulated DCM and DCO, would create, own and administer the markets and clear the contracts; NinjaTrader Clearing, its CFTC-registered FCM, would carry client accounts. | Subject to regulatory approval |
| 29 Oct | ICE and Trade[XYZ] | Definitive agreement: ICE becomes the exclusive operator of Trade[XYZ]’s regulated markets and plans a dedicated retail market and clearing structure on Hyperliquid for KYC/AML-compliant perpetual futures on crypto, equities, commodities and FX. ICE also makes a strategic investment and takes a minority position. | Subject to regulatory approvals |
| 5 Nov | Hyperliquid Strategies Inc (Nasdaq: PURR) | A subsidiary filed an application to become a futures commission merchant that would carry US client accounts for permissioned HIP-3* markets. | “No assurance as to the timing or outcome” |
ICE expects verified customers to reach these markets through FCMs that become members of the platform, with distribution also planned through ICE’s joint venture with OKX, whose own US broker-dealer and FCM approvals are still pending.
What HIP-3* adds to Hyperliquid
HIP-3 already lets independent deployers launch their own perpetual markets on Hyperliquid. HIP-3* is an optional layer on top: an onchain allowlist managed by the deployer or its sub-deployers, so only onboarded accounts can trade a given market. Hyperliquid describes it as strictly additive, says existing markets remain unchanged, and has released it on testnet only, with specifications “preliminary and subject to change”. Mainnet support needs a future network upgrade.
What it means for Hyperliquid funding carry
A carry trade shorts the perpetual, holds the spot leg and collects the funding that longs pay. Any US flow under this plan would trade on separate permissioned markets, so its effect on the existing HYPE perpetual our paper book shorts is an open question. We pulled the hourly funding record from Hyperliquid’s public API for the two weeks before and after the first announcement.
| Perp | Before, annualized | After, annualized | Positive hours after | Last 7 days, sum |
|---|---|---|---|---|
| HYPE | 8.3% | 17.6% | 98.1% | 24.7 bps |
| BTC | 9.0% | 10.3% | 97.2% | 19.7 bps |
| ETH | 7.1% | 7.4% | 91.6% | 20.0 bps |
| NEAR | 8.0% | 8.7% | 91.3% | 15.3 bps |
| LDO | 9.1% | 11.0% | 100% | 21.0 bps |
HYPE funding roughly doubled while BTC and ETH barely moved. Every trailing 7-day sum sits well above the 7 bps line where our kill rule closes a position. The published net figure stays where it was: 5.56% net APR for HYPE over 60 days (2026-05-10 to 2026-07-08), after taker fees and 5 bps assumed slippage per leg per side. The method and the risk register are in the Hyperliquid funding carry report.
Who can trade it today
Every piece above waits on a regulator, so US traders cannot use any of it yet. Hyperliquid’s Terms of Use (last updated 15 June 2026, section 1.6) still name persons in the United States and in Ontario, Canada as Restricted Persons. The three announcements describe access for US customers through FCMs and say nothing about Canada, so for an Ontario resident the position on 8 November 2026 is the same as before 26 October. Huginai runs this strategy on paper only.
What we will watch next
- The HIP-3* network upgrade. Mainnet activation is the first hard date; until then the allowlist exists on testnet only.
- CFTC decisions on Bitnomial as a HIP-3* deployer and on the ICE retail market and clearing structure.
- The PURR subsidiary’s FCM application, plus the ICE–OKX joint venture’s broker-dealer and FCM approvals.
- Funding on the existing HYPE perp. The paper desk records it every hour; a trailing 7-day sum under 7 bps closes the paper position.
FAQ
Can Americans trade Hyperliquid perpetual futures now?
Americans cannot trade them yet. Payward, ICE and Hyperliquid Strategies all describe plans subject to regulatory approval, and Hyperliquid’s Terms of Use still list US persons as Restricted Persons.
What is HIP-3*?
An optional extension of HIP-3 that adds an onchain allowlist managed by the market’s deployer, so a regulated operator can limit trading to onboarded accounts. It is on testnet and needs a network upgrade for mainnet.
Does this change Hyperliquid funding carry returns?
Hyperliquid says existing markets remain unchanged. HYPE gross funding was higher in the two weeks after 26 October than in the two weeks before, but two weeks cannot attribute that to the news; the 5.56% net APR (60 days, paper) is unchanged.
See the carry test with its window and costs
Three coins, 60 days, after fees and slippage, next to the two books that closed. The desk dashboard shows the paper test as it runs, no account needed.
Huginai · research on paper · nothing here is investment advice