# Why Ketju rejected Hyperliquid Spot Orderbook

- URL: https://riadefi.com/rejections/hyperliquid-spot-orderbook/
- Exposure: other
- Memo version: v1
- Reviewed: 2026-08-19
- Next review: 2026-11-19

## The memo

REJECTED. The current Hyperliquid interface terms classify United States persons as Restricted Persons, which is a categorical bar for this US-advisor mandate. Spot trading also does not create protocol yield: the worklist TVL is inventory and balances held on HyperCore, with each token carrying issuer and market risk plus Hyperliquid validator, bridge, and order-book dependencies. Direct protocol calls or an alternate interface do not turn a restricted client into an eligible one.

## What would reopen the file

- Hyperliquid publishes terms permitting this registry's United States client population to use spot services
- The exact spot asset receives an approved asset-control profile and its issuer and transfer restrictions remain eligible
- A proposed-size native withdrawal completes through a documented bridge without an unreviewed third-party operator
- Any validator intervention that changes a spot settlement or any bridge loss opens an immediate review

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
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