$620.6M Paper Profit on HYPE Fuels Hyperliquid Strategies’ CFTC Bid

The firm wants to offer perpetual futures to US traders while most of its quarterly profit reflects unrealized token gains, not cash earnings. Hyperliquid Strategies has filed for registration with the Commodity Futures Trading Commission, seeking approval to operate as a futures commission merchant in the United States. The move would let the company offer perpetual futures contracts directly to US-based traders, a product category that has largely remained offshore due to regulatory restrictions. Perpetual futures are derivatives contracts with no expiration date, widely traded on crypto exchanges outside US jurisdiction.