# Ketju research: Hyperliquid Spot Orderbook

- URL: https://riadefi.com/rejections/hyperliquid-spot-orderbook/
- Verdict: rejected
- Type: Other
- Reviewed: 2026-08-19
- Last confirmed: 2026-08-19

## Research summary

We reject the protocol for this US-advisor mandate after an adverse research review. The current Hyperliquid interface terms classify United States persons as Restricted Persons, which bars them outright. 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 make a restricted client eligible.

## Observable review triggers

- 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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