Hyperliquid adds optional permissioned markets to HIP-3

Hyperliquid announces an upcoming network upgrade that will allow deployers to optionally set up permissioned markets. The new functionality, called HIP-3*, is an extension of the existing HIP-3 protocol and offers deployers the ability to determine who gets access to specific markets via an on-chain allowlist. Existing markets remain unaffected. An initial test version is already available on Hyperliquid’s testnet.

In short:

• Hyperliquid introduces HIP-3*, an optional extension to HIP-3 for permissioned markets
• Deployers can use an on-chain allowlist to determine who gets access to their markets
• The feature is available on testnet; existing markets remain unchanged

How HIP-3* works

With HIP-3*, deployers or their sub-deployers can manage an on-chain allowlist for the markets they set up themselves. This allows them to determine which participants get access to a specific market, which is useful when regulatory or other requirements make this necessary.

The functionality is strictly supplementary to HIP-3. Deployers choose for themselves whether to activate HIP-3*. Anyone who does not do so will not notice any change. Hyperliquid states that deployers remain independent administrators who use Hyperliquid as an infrastructure layer for their own markets, with full control and responsibility over their own rollout.

Regulation as a driver

Hyperliquid says HIP-3* was specifically designed to help deployers comply with applicable regulations. By managing an allowlist themselves, they can set up markets that meet the requirements to which they are subject as a party, without affecting other markets on the network.

The specifications on the testnet are still preliminary and may change based on feedback. Hyperliquid emphasises that the platform remains a neutral infrastructure layer, intended to support large parts of the financial system. Earlier, Hyperliquid Strategies grew its share capital to $2.5 billion, illustrating the ecosystem’s growing ambitions. At the time of the announcement, the HYPE token was trading at $82, up 1.5% in the past 24 hours.