Hyperliquid's HIP-3 Gets Permissioned Markets Upgrade

Hyperliquid has released a preliminary testnet upgrade for its HIP-3 protocol, which now includes permissioned markets. Deployers can control access to perpetual futures markets using on-chain allowlists managed by themselves or sub-deployers they appoint.

The update does not change existing markets, as the permissioning feature is optional. Hyperliquid co-founder Jeffrey Yan said in a testnet proposal that deployers will be able to create permissioned markets and manage their participant lists without handing access decisions to Hyperliquid's core development team.

Separate talks involving Hyperliquid Labs, Payward, and Bitnomial remain subject to CFTC clearance. These discussions involve selected crypto perpetual futures being placed on Bitnomial, a regulated U.S. derivatives exchange.