Hyperliquid Introduces HIP-3* for Permissioned Perpetual Markets

The permissioned-market add-on matters less as a product feature than as a compliance bridge: it lets a regulated entity such as Payward gate access on-chain while keeping the underlying venue permissionless for everyone else. That makes Hyperliquid's stack more legible to U.S. regulators without forcing a fork of the protocol, and it hands deployers a new lever over who can trade. The open questions are whether the preliminary spec holds through testnet, how much control sub-deployers end up wielding, and whether other regulated venues follow Payward's lead.