Hyperliquid Tests Permissioned Markets for Payward’s US Perps Plan

The design choice is the real story: Hyperliquid is trying to bolt US-compliant access onto a permissionless venue without forking its core markets, which keeps existing users unaffected but creates a two-tier participation model that regulators and competitors will scrutinize. It matters most for US traders currently locked out of onshore perpetuals and for venues weighing similar gated structures. The open question is whether the allowlist mechanism satisfies regulators, since the contracts still need approval before any launch.