Hyperliquid Strategies has filed to become a US futures commission merchant, a step that could open a regulated path for perpetual futures trading in the country. The Block reported the filing on November 5, alongside the company’s reported $13.3 million in quarterly revenue. The filing is not an approval.
Hyperliquid Strategies would need to become registered with the Commodity Futures Trading Commission, or CFTC, before it could operate as an FCM. That distinction matters because the company is asking for permission to take part in the regulated futures system, not announcing that it already can.
Crypto Briefing reported that the push is aimed at bringing perpetual futures tied to Hyperliquid to US users. Perpetual futures are contracts that let traders bet on whether an asset’s price will rise or fall, but unlike traditional futures, they do not have a fixed expiry date.
The FCM filing is the key regulatory step
An FCM is a regulated company that can accept customer orders and funds for futures trades. In plain terms, it sits between traders and the futures market, handling the mechanics required for customers to place and maintain positions. That role comes with regulatory responsibilities.
The CFTC oversees US derivatives markets, which include futures contracts. Hyperliquid Strategies’ filing seeks entry into that framework, according to The Block. For perpetual futures, the regulatory question is especially important.
These products are common in offshore crypto trading, but bringing them into the US would require a structure that fits US futures rules. The filing is an attempt to build that structure.
Perpetual futures work differently from ordinary futures
A standard futures contract has an end date. At that date, the contract is settled or rolled into another one. A perpetual future has no scheduled end date, so a trader can keep the position open as long as the platform’s rules and the trader’s collateral allow.
That design makes perpetual futures useful for traders who want continuing price exposure without repeatedly replacing expiring contracts. But it also means the platform needs rules to keep the contract price connected to the underlying market price. Those rules usually involve payments between traders holding opposing positions.
The sources provided do not describe the specific product design Hyperliquid Strategies would use in the US, so the filing does not yet answer how its perpetual futures would operate for customers.
The revenue figure gives the filing a business backdrop
The Block reported that Hyperliquid Strategies generated $13.3 million in quarterly revenue. That figure provides a snapshot of the business as it pursues the FCM registration. Revenue is not the same as profit.
It describes money brought in during the quarter, while profit would require information about costs that has not been provided. The reported number therefore says something about the company’s scale, but not whether the operation was profitable. It also does not establish a timetable for US perpetual futures.
A filing starts a regulatory process. The sources do not give a decision date, a launch date, or details on which customers could eventually use the product.
Approval will decide whether the plan reaches traders
The next concrete development is the CFTC’s response to Hyperliquid Strategies’ FCM application. Until there is a registration decision, US perpetual futures remain a proposal rather than an available product. For now, the clearest number attached to the story is $13.3 million in quarterly revenue, as reported by The Block.
The clearest unresolved question is whether the CFTC will approve the filing that could turn the plan into a US-facing futures business.