Hyperliquid has introduced a preliminary HIP-3 testnet upgrade that allows independent deployment teams to control access to perpetual futures markets through deployer-managed on-chain allowlists. Under the optional feature, deployers can choose whether to restrict access to their independently operated markets and can manage these on-chain allowlists themselves or appoint sub-deployers for the task. Existing HIP-3 markets will remain unchanged because the permissioning feature is optional. The first version of the upgrade is available on testnet, where developers can examine the design before any production release, although the specifications remain preliminary and could change following technical feedback. Hyperliquid co-founder Jeffrey Yan noted that deployers will be able to create permissioned markets and manage their participant lists without handing access decisions to Hyperliquid's core development team. In a future network upgrade, HIP-3 will support optional deployer configuration for permissioned markets, which could for example allow U.S. investors to access certain markets or institutional investors that have strict rules. The upgrade extends the existing HIP-3 framework, which has been live since October 13, 2025, requiring builders to stake 500,000 HYPE tokens to independently deploy perpetual futures markets on HyperCore and supporting 144 live markets with peak monthly volume exceeding $62 billion. This enables teams to launch markets without seeking approval from Hyperliquid's core developers, with each deployer selecting the assets offered, controlling oracle inputs, leverage limits, and fees, while managing operations, settlement, and product-related issues. Hyperliquid provides the underlying blockchain and trading infrastructure but does not manage access rules. Separately, Hyperliquid Labs and Kraken parent Payward are discussing a structure that could place selected crypto perpetual futures on Bitnomial, a regulated U.S. derivatives exchange owned by Payward. Payward has presented the proposed arrangement to the Commodity Futures Trading Commission, but no authorization has been confirmed. Any launch would depend on the CFTC's assessment. A filing from the Hyperliquid Policy Center and trade[XYZ] proposed energy perpetuals tied to West Texas Intermediate crude, Brent crude, and Henry Hub natural gas, noting more than $500 billion in cumulative volume since October 2025. The CFTC has not approved these energy products, and its review covers price reliability, surveillance, position limits, margin, clearing, and potential effects on physical commodity markets. The discussions remain separate from the HIP-3 testnet rollout.