Highlights
- Hyperliquid will support an optional whitelisted-market configuration for HIP-3 deployers in an upcoming network upgrade.
- The feature, referred to as HIP-3*, is a purely additive extension — existing permissionless markets are unaffected.
- The first version is now live on testnet.
- The move gives regulated entities a path to run compliant, KYC'd markets on Hyperliquid's shared infrastructure.
Hyperliquid plans to give market deployers the option to configure permissioned, whitelist-only markets in a coming network upgrade. PANews reported that the new deployer functionality, collectively referred to as HIP-3*, is built around an onchain whitelist managed by the deployer or its sub-deployers. Hyperliquid described the feature as a purely additive extension to the existing HIP-3 standard: adoption is entirely optional, and markets that don't use it continue operating exactly as before. The first version of HIP-3* is already live on testnet.
How HIP-3 Deployers Work
HIP-3, which launched on Hyperliquid's mainnet in October 2025, decentralized the process of creating new perpetual futures markets on the exchange's HyperCore trading layer. Anyone willing to stake 500,000 HYPE tokens as forfeitable collateral, worth roughly $25 million to $72 million depending on price, can deploy their own perpetual market and configure its contract specifications, leverage caps, and oracle sources. Until now, those deployments have been fully permissionless, open to any wallet that wants to trade. HIP-3* changes that by letting a deployer restrict access to an approved list of wallets instead.
A Compliance On-Ramp for Regulated Entities
The optional whitelist functionality is widely read as part of Hyperliquid's broader push to attract regulated institutions into its market structure. The protocol's Hyperliquid Policy Center, funded with roughly 1 million HYPE, has been petitioning US regulators to let licensed entities run matching, settlement, and margin calculations on Hyperliquid's onchain infrastructure while treating the protocol itself as neutral plumbing rather than a direct consumer venue. A Hyperliquid testnet deployer bearing Kraken's name was recently observed whitelisting a small set of wallets and testing compliance controls, a sign that at least one major centralized exchange may already be experimenting with a permissioned HIP-3 market ahead of the feature's full rollout.
Related: Two Different HYPE Whales Just Finished Cashing Out Within Days
Why This Matters for DeFi Market Structure
If regulated brokers and exchanges begin deploying whitelisted HIP-3 markets, Hyperliquid could capture institutional order flow that currently has no compliant onchain venue to trade through, without compromising the permissionless nature of its existing markets. That dual-track structure — permissionless by default, permissioned by choice — offers a template other perpetual DEXs may look to replicate as competition for institutional derivatives volume intensifies.
What to Watch Next
The next milestones to track are the mainnet rollout timeline for HIP-3*, and whether additional named deployers beyond the suspected Kraken testnet instance move to launch whitelisted markets. Regulatory response to the Hyperliquid Policy Center's petitions will also shape how quickly regulated entities are willing to build on top of this new configuration.
FAQ
What is HIP-3* on Hyperliquid?
It's an optional extension to Hyperliquid's HIP-3 standard that lets market deployers restrict trading to an onchain whitelist of approved wallets, rather than being fully open to anyone.
Does this affect existing Hyperliquid markets?
No — Hyperliquid described HIP-3* as purely additive, and existing permissionless markets continue operating unchanged; adoption of the whitelist feature is entirely optional for deployers.
How much HYPE does it take to deploy a market?
Deployers must stake 500,000 HYPE tokens as forfeitable collateral, a stake worth tens of millions of dollars depending on HYPE's price.
Why would a whitelist feature matter for compliance?
It gives regulated entities like exchanges or brokers a way to run KYC'd, whitelisted markets on Hyperliquid's shared infrastructure, a path the protocol's Policy Center has been pursuing with US regulators.
