Is Hyperliquid MiCA-regulated?
No. The ESMA MiCA register lists no Hyperliquid entity, and MiCA does not cover derivatives such as perpetual futures.
- Hyperliquid rows, ESMA MiCA register
- 0
- Hyperliquid rows, ESMA non-compliant list
- 0
- EU and EEA in the Hyperliquid terms
- Not named
- MiCA venues with EU perps
- 7
What the registers and the terms show
- ESMA MiCA register
- The ESMA MiCA register has no Hyperliquid entry in its 352 records (data through September 15, 2026). The check reads the legal name, brand and website fields. Open the ESMA file.
- ESMA non-compliant list
- No entry names Hyperliquid among 174 listed firms (data through September 14, 2026). Open the ESMA file.
- Restricted in the Hyperliquid terms
- United States, Ontario (Canada), and sanctioned/export-controlled jurisdictions. Terms of Use.
- EU and EEA
- The terms bar sanctioned and export-controlled jurisdictions. They do not name the European Union or any European Economic Area state.
- Identity check
- No identity check in the interface. Hyperliquid collects a wallet address and geolocation data from users, not identity documents.
- Phantom wallet
- Phantom wallet runs its perpetual futures feature on Hyperliquid. Phantom states that perps are available worldwide except in the United States, the United Kingdom, and regions under comprehensive United States economic sanctions. Phantom Help Center.
Register snapshots from the official ESMA CSV files. Access record checked September 23, 2026.
Why a perp DEX is not in the MiCA register
MiCA regulates crypto-asset service providers (CASPs). A CASP is a company that a national authority authorizes, and ESMA lists it in the register.
Recital 22 of MiCA says: "Where crypto-asset services are provided in a fully decentralised manner without any intermediary, they should not fall within the scope of this Regulation." Whether a service is fully decentralized is a legal question. The register does not answer it, and this page does not answer it.
MiCA does not apply to crypto-assets that qualify as financial instruments (Article 2(4)). Derivatives with a crypto-asset underlying that qualify as MiFID II financial instruments stay under the existing financial services rules.
Each of the 7 MiCA-authorized venues in the EU perps table offers EU perps under a MiFID II licence, not under its MiCA licence.
Sources: Regulation (EU) 2023/1114 (MiCA), recital 22, EUR-Lex, Regulation (EU) 2023/1114 (MiCA), Article 2(4) and recitals, EUR-Lex.
MiCA-authorized venues that offer perps to EU users
These 7 venues hold a MiCA licence and, per the tracker, offer perps to EU users under a MiFID II licence. 9 more MiCA venues on the tracker offer no EU perps.
| Venue | MiCA supervisor | EU perps route | EU/EEA access | Perp taker fee | $10K BTC cost |
|---|---|---|---|---|---|
| KrakenMiCA since June 2025 | CBIIreland | Via Payward Europe Digital Solutions (CySEC, MiFID II) | Available | 0.05% | 5.06 bpsRank 21 of 39 |
| CoinbaseMiCA since June 2025 | CSSFLuxembourg | Via Coinbase Financial Services Europe (CySEC MiFID II, ex-BUX) | Limited | Not published | Not ranked |
| OKXMiCA since January 2025 | MFSAMalta | X-Perps under MiFID II (Malta) since Apr 2026 | Available | 0.05% | 5.01 bpsRank 18 of 39 |
| BitstampMiCA since May 2025 | CSSFLuxembourg | Via Bitstamp Financial Services (Slovenia ATVP, MiFID II) | Not in the access matrix | Not published | Not ranked |
| BackpackMiCA since May 2026 | Latvijas BankaLatvia | Via Trek Labs Europe (CySEC, MiFID II — ex-FTX EU) | Not in the access matrix | 0.05% | Not ranked |
| One TradingMiCA since May 2025 | AFMNetherlands | Holds MiCAR and MiFID II (AFM OTF licence). Offers BTC/EUR and ETH/EUR cash-settled perps to retail clients | Not in the access matrix | 0.2% | Not ranked |
| RobinhoodMiCA since May 2025 | BoLLithuania | In-app perps routed to Bitstamp's MiFID II venue | Not in the access matrix | 0.04% | Not ranked |
| For reference: no MiCA licence | |||||
| HyperliquidPerp DEX | None | No EU entity named | Not named | 0.045% | 4.56 bpsRank 15 of 39 |
Perps route and taker fee: the curated row of each venue, with its sources on the venue MiCA page. EU/EEA access: the country-access matrix.
Cost: stored sweep of October 3, 2026, 12:55 UTC, global books, not the EU entity. Cost = base taker fee + half spread + price impact.
What this means for an EU user
The terms bar sanctioned and export-controlled jurisdictions. They do not name the European Union or any European Economic Area state. No EU register that PerpFinder stores lists Hyperliquid. This page is not legal advice. It repeats what each venue and regulator publish on the checked date. Read the current terms and ask a qualified adviser before you trade.
Compare the venues for your country on the EU and EEA perps page. Read the Hyperliquid review for its fees, custody and incidents.
Hyperliquid MiCA questions
Does Hyperliquid have a MiCA licence?
The ESMA MiCA register has no Hyperliquid entry in its 352 records (data through September 15, 2026).
The ESMA list of non-compliant firms also has no Hyperliquid entry (data through September 14, 2026).
Can EU residents use Hyperliquid?
The access matrix shows "Not named" for the EU and EEA.
The terms bar sanctioned and export-controlled jurisdictions. They do not name the European Union or any European Economic Area state. Silence in the terms is not permission. This page is not legal advice.
It repeats what each venue and regulator publish on the checked date. Read the current terms and ask a qualified adviser before you trade.
Does MiCA apply to perpetual futures?
Not when they qualify as financial instruments.
MiCA does not apply to crypto-assets that qualify as financial instruments (Article 2(4)). Derivatives with a crypto-asset underlying that qualify as MiFID II financial instruments stay under the existing financial services rules.
Does Hyperliquid ask for an identity check?
No.
Hyperliquid collects a wallet address and geolocation data from users, not identity documents.
Which MiCA-regulated exchanges offer perps to EU users?
The MiCA tracker lists 7 venues with EU perps: Kraken, Coinbase, OKX, Bitstamp, Backpack, One Trading and Robinhood.
Each one offers perps under a MiFID II licence. The EU perps table on this page names the route of each venue.