A Hyperliquid testnet deployment branded "Kraken HIP-3 test DEX" has whitelisted 10 wallets, registered a "Kraken Exchange Validator" and activated Star gating with controls for forced liquidations and collateral transfers. Neither Hyperliquid nor Kraken has confirmed involvement. The activity has prompted community speculation that Kraken could become the first major centralized exchange to deploy Hyperliquid’s permissioned HIP-3 infrastructure in a compliant U.S. setup. Ansem said Hyperliquid may need a partner familiar with its product architecture and holding the necessary regulatory credentials. Payward, Kraken’s parent, holds FCM, DCM and DCO credentials within the CFTC framework following its acquisitions of NinjaTrader and Bitnomial. The potential arrangement could create a new access point for HIP-3 products similar to TradeXYZ, while allowing Kraken to retain KYC and account-level risk controls. The test also contrasts with Kraken’s incubation of its own Ethereum layer-2, Ink, and could position Hyperliquid as neutral trading infrastructure where permissioned and permissionless layers coexist. Any partnership remains hypothetical, and the deployment is still in testing.