Hyperliquid Strategies files for CFTC FCM registration, posts $13.3M quarterly revenue

The revenue figure and the net income figure sit far apart, which makes the underlying earnings quality the more interesting question than the top line. The CFTC filing is the substantive move: a perpetuals venue seeking futures commission merchant status is opting into the regulated derivatives perimeter rather than staying offshore, and that shift matters most for U.S. counterparties and the intermediaries who clear and custody for them. Whether the application clears, and on what conditions, is the open question.