DeFi reporthyperliquid.xyz

Hyperliquid restricted countries: where Hyperliquid works in 2026

Hyperliquid is restricted in 8 of the 195 countries we cover, limited in 20 and available in 167. The restricted countries are Iran, Cuba, Russia, Syria, United States, North Korea, Belarus and Saudi Arabia.

Research by CryptoRestrictions Research Desk
Fact-checked by CryptoRestrictions Editorial Review
Data verified 07 Nov 2026
Page updated 17 Oct 2026
How we verify

World map of Hyperliquid across 195 countries: restricted in 8 (Belarus, Cuba, Iran, North Korea, Russia, Saudi Arabia, Syria and US); limited in 20, mostly where the app hides outcome markets, such as the UK, France and Japan, plus Ontario and occupied Ukraine; available in 167.

Key findings

Hyperliquid's terms name only the United States and Ontario; every other restricted country comes from a sanctions clause or from the app's own location check.
In our geo-access test of 14 October 2026 the trading app blocked the United States, Puerto Rico, Cuba, Syria and Saudi Arabia by IP address. Saudi Arabia appears nowhere in the terms, yet it got the same banner.
The app hid its Outcomes tab, Hyperliquid's prediction markets, in 20 places, among them the UK, France, Italy, Spain, Japan, Australia, Singapore and Brazil. Perpetuals and spot still loaded there, so we record those countries as limited.
Russia and Belarus loaded with no banner, although the terms bar places under sanctions. The app is one front end among several: the terms say it is not the only way to reach the Hyperliquid blockchain.
Hyperliquid holds no licence anywhere and asks for no identity documents. The FCA warned in May 2026 that it is not authorised in the UK, and Singapore's MAS added it to its Investor Alert List in June.

Where is Hyperliquid restricted?

Hyperliquid is restricted in 8 of the 195 countries we cover: the United States, Cuba, Iran, North Korea, Russia, Belarus, Syria and Saudi Arabia.

The rules come from the terms of use (last updated 15 June 2026) of the web app at app.hyperliquid.xyz, which Hyperliquid Corp. runs. They shut out “Restricted Persons”: anyone who lives in, is located in or is incorporated in the United States or Ontario, anyone in a place under sanctions or export controls, and citizens of those places wherever they live. Only the US and Ontario are named. We apply the sanctions limb to the countries under broad sanctions, Cuba, Iran, North Korea, Russia and Belarus, and to Syria, which the app blocks although the US lifted most of its Syria sanctions in 2025.

Saudi Arabia is the one we added from our own test: the terms never name it, but the trading app refused a Saudi IP address with the same banner it shows in the US, which says Hyperliquid does not allow access from sanctioned places “and other jurisdictions where our services are ineligible for use”. Puerto Rico, a US territory outside our 195, was blocked too. The full list is below: pick a country to see the cause, what applies and what our test saw.

Hyperliquid restricted countriesPick a country to see why the Hyperliquid app does not serve it

Country	Status	Cause	What applies	Since	Our IP test	Source
Belarus	Restricted	Sanctions limb of the terms	Under broad sanctions and export controls; citizens are barred wherever they live	–	No barrier	Hyperliquid terms
Cuba	Restricted	Sanctions limb of the terms	Under a US embargo; the app shows its restricted-jurisdiction banner	–	Blocked by IP	Hyperliquid terms, our test
Iran	Restricted	Sanctions limb of the terms	Under a US embargo; citizens are barred wherever they live	–	Not tested	Hyperliquid terms
North Korea	Restricted	Sanctions limb of the terms	Under a US embargo; citizens are barred wherever they live	–	Not tested	Hyperliquid terms
Russia	Restricted	Sanctions limb of the terms	Under broad sanctions and export controls; the app also hides outcome markets	–	No barrier	Hyperliquid terms
Saudi Arabia	Restricted	Blocked by the app	Not named in the terms; the app refuses Saudi IP addresses	Oct 2026 (our test)	Blocked by IP	Our geo-access test
Syria	Restricted	Sanctions limb of the terms	Still under US export controls; the app shows its restricted-jurisdiction banner	–	Blocked by IP	Hyperliquid terms, our test
United States	Restricted	Named in the terms	Residents, people located there and US companies; Puerto Rico is blocked too	–	Blocked by IP	Hyperliquid terms, our test

Source: CryptoRestrictions dataset, verified 17 October 2026, and our geo-access test of 14 October 2026. Document links are in the paragraph above.

Where is Hyperliquid limited?

Hyperliquid is limited in 20 countries: 18 where the trading app hides its outcome markets, among them the United Kingdom, France, Japan, Australia, Singapore and Brazil, plus Canada, where Ontario is excluded, and Ukraine, where Crimea and the occupied Donetsk and Luhansk regions are.

Outcome markets are Hyperliquid’s prediction markets. The June 2026 terms added a second category, “Excluded Persons”, for them: people in jurisdictions Hyperliquid designates “from time to time”, and the right to block the outcome markets tab there. Hyperliquid has not published that list, so we read it from the app. In our test the Outcomes tab was missing from the menu and the positions panel in 20 places, while perpetuals and spot loaded as usual. Under our product-cut rule each of those countries is limited, with outcome markets restricted and perpetuals available. Two of the 20 are not in this group: Russia is restricted outright and Taiwan is outside our 195.

Hyperliquid gives no reason for any country, and places we could not test, such as Germany and the Netherlands, may be on its list too. The groups are below.

Hyperliquid limited countriesPick a group to see what is cut back

Group	Status	Cause	Countries	What is closed	What still works	Since	Our IP test
Outcome markets hidden (18 countries)	Limited	Product cut	Argentina, Australia, Bangladesh, Belgium, Brazil, France, Hungary, India, Italy, Japan, Poland, Singapore, Slovakia, Spain, Switzerland, Turkey, United Arab Emirates and United Kingdom	Outcome markets (the Outcomes tab)	Perpetuals, spot, vaults and staking	Jun 2026 (terms)	Loaded without the Outcomes tab
Canada	Limited	Region excluded	Canada	Ontario	The other nine provinces and three territories	–	Not tested
Ukraine	Limited	Regions excluded	Ukraine	Crimea, Donetsk and Luhansk, under US regional sanctions	The rest of Ukraine	–	No barrier

Source: CryptoRestrictions dataset, verified 17 October 2026, and our geo-access test of 14 October 2026. Document links are in the paragraphs above.

Where is Hyperliquid available?

Hyperliquid is available in the other 167 of the 195 countries we cover, from Germany and the Netherlands to South Korea, Nigeria and Mexico.

None of them rests on a licence, because Hyperliquid holds none. In 102 the terms do not exclude the country and our test loaded the full trading app, Outcomes tab included; the other 65 are available under our coverage rule, since no document restricts them and we could not test them. We found no regulator that blocks Hyperliquid in any of the 167.

Available means the Hyperliquid app serves the country, not that local law allows leveraged crypto trading. Most of the EEA is here: Hyperliquid has no MiCA licence, but its app serves every EEA state we tested except the seven where it hides outcome markets.

Where do Hyperliquid’s visitors come from?

The United States, where the app is blocked, is the largest source of visits to hyperliquid.xyz in both estimators we checked, though they disagree on how large.

Similarweb puts the US at 25.6% of visits in September 2026, followed by Singapore, South Korea, the UK and Hong Kong. Semrush counts 6.04 million visits in the same month, 17% fewer than in August, with the US at only 7.77% and Bangladesh, Turkey, Germany and Brazil close behind.

The US lead need not mean Americans trade there. The block sits in the trading app, while the home page at hyperliquid.xyz, which both estimators measure, loads everywhere. A visit to a home page is not an account, so treat any single country share as an estimate.

Hyperliquid geo-access test: what we saw from 131 places

The trading app blocked 5 of the 131 places we tested by IP address: the United States, Puerto Rico, Cuba, Syria and Saudi Arabia. It also hid its outcome markets in 20 others.

We ran the test ourselves on 14 October 2026. A browser with a VPN connected to one place at a time and loaded the hyperliquid.xyz home page and the trading app at app.hyperliquid.xyz, each time in a fresh private window with no cookies and no wallet connected. Banners were never accepted and bot checks never solved, and every run saved the page text and a screenshot.

Of the 131 places, 127 are among our 195 countries and four are territories: Hong Kong, Macau, Puerto Rico and Taiwan. 58 runs used servers in the country and 73 used virtual locations, IP addresses registered to a country but hosted elsewhere. The app places visitors by where their IP address is registered, not where the server stands: a US address was blocked, a Venezuelan one hosted in Miami was not, so the virtual runs test the app’s own location check.

Trading app of Hyperliquid loaded from United States: A US address: the trading app loads behind a restricted-jurisdiction banner — **What the Hyperliquid app showed us, place by place**Screenshots from our geo-access test, 14 Oct 2026 and 2 Nov 2026. Scroll sideways or use the arrows.

The check is Hyperliquid’s own. The app asks Hyperliquid’s API for a legal check on every visit, and the answer sets one of several states: no restriction, a full block, or hidden outcome markets. A blocked visitor still sees prices and the order book, but a red banner says access is not allowed and the balances panel says deposits and withdrawals are not allowed.

Two patterns stand out. The written list and the block do not match: Saudi Arabia is blocked without being named, while Russia and Belarus, which the sanctions limb covers, loaded with no banner, so for them the terms are the only control. And with no accounts to verify, the app can only enforce at the door. The “no barrier” counts include the 19 countries where the app loaded without its Outcomes tab. The full result for every place is below.

"You are accessing our products and services from a restricted jurisdiction."
Trading app · 5 countries: Cuba, Puerto Rico, Saudi Arabia, Syria, United States

Source: CryptoRestrictions geo-access test, 14 Oct 2026. Every other country loaded both pages with no restriction message.

All 131 test results, country by country

Hyperliquid geo-access test results by country

Sortable; "Our status" is the verified dataset status, not the test result

Country	Location	Home page	Trading app	Our status
Afghanistan	Virtual	Open	Open	Available
Albania	In country	Open	Open	Available
Algeria	Virtual	Open	Open	Available
Andorra	In country	Open	Open	Available
Angola	Virtual	Open	Open	Available
Argentina	In country	Open	Open	Limited
Australia	In country	Open	Open	Limited
Austria	In country	Open	Open	Available
Azerbaijan	Virtual	Open	Open	Available
Bahrain	Virtual	Open	Open	Available
Bangladesh	Virtual	Open	Open	Limited
Belarus	Virtual	Open	Open	Restricted
Belgium	In country	Open	Open	Limited
Bhutan	Virtual	Open	Open	Available
Bosnia and Herzegovina	In country	Open	Open	Available
Brazil	In country	Open	Open	Limited
Brunei	In country	Open	Open	Available
Bulgaria	In country	Open	Open	Available
Cambodia	Virtual	Open	Open	Available
Cameroon	Virtual	Open	Open	Available
Chad	Virtual	Open	Open	Available
Chile	In country	Open	Open	Available
China	In country	Open	Open	Available
Colombia	In country	Open	Open	Available
Comoros	Virtual	Open	Open	Available
DR Congo	Virtual	Open	Open	Available
Costa Rica	Virtual	Open	Open	Available
Côte d'Ivoire	Virtual	Open	Open	Available
Croatia	In country	Open	Open	Available
Cuba	Virtual	Open	Blocked	Restricted
Cyprus	In country	Open	Open	Available
Czechia	In country	Open	Open	Available
Denmark	In country	Open	Open	Available
Dominican Republic	Virtual	Open	Open	Available
Ecuador	Virtual	Open	Open	Available
Egypt	Virtual	Open	Open	Available
El Salvador	Virtual	Open	Open	Available
Eritrea	Virtual	Open	Open	Available
Estonia	In country	Open	Open	Available
Ethiopia	Virtual	Open	Open	Available
Finland	In country	Open	Open	Available
France	In country	Open	Open	Limited
Gabon	Virtual	Open	Open	Available
Georgia	Virtual	Open	Open	Available
Ghana	Virtual	Open	Open	Available
Greece	In country	Open	Open	Available
Guatemala	Virtual	Open	Open	Available
Guinea	Virtual	Open	Open	Available
Honduras	Virtual	Open	Open	Available
Hong Kong	In country	Open	Open	Available
Hungary	In country	Open	Open	Limited
Iceland	In country	Open	Open	Available
India	Virtual	Open	Open	Limited
Indonesia	In country	Open	Open	Available
Iraq	Virtual	Open	Open	Available
Ireland	In country	Open	Open	Available
Israel	In country	Open	Open	Available
Italy	In country	Open	Open	Limited
Japan	In country	Open	Open	Limited
Jordan	Virtual	Open	Open	Available
Kazakhstan	Virtual	Open	Open	Available
Kenya	Virtual	Open	Open	Available
Kuwait	Virtual	Open	Open	Available
Laos	Virtual	Open	Open	Available
Latvia	In country	Open	Open	Available
Libya	Virtual	Open	Open	Available
Liechtenstein	Virtual	Open	Open	Available
Lithuania	In country	Open	Open	Available
Luxembourg	In country	Open	Open	Available
Macao	Virtual	Open	Open	Available
Malaysia	In country	Open	Open	Available
Mauritania	Virtual	Open	Open	Available
Mauritius	Virtual	Open	Open	Available
Mexico	In country	Open	Open	Available
Moldova	In country	Open	Open	Available
Monaco	Virtual	Open	Open	Available
Mongolia	Virtual	Open	Open	Available
Montenegro	Virtual	Open	Open	Available
Morocco	Virtual	Open	Open	Available
Nepal	Virtual	Open	Open	Available
New Zealand	In country	Open	Open	Available
Nicaragua	Virtual	Open	Open	Available
Nigeria	In country	Open	Open	Available
North Macedonia	In country	Open	Open	Available
Norway	In country	Open	Open	Available
Oman	Virtual	Open	Open	Available
Pakistan	Virtual	Open	Open	Available
Panama	Virtual	Open	Open	Available
Peru	In country	Open	Open	Available
Philippines	Virtual	Open	Open	Available
Poland	In country	Open	Open	Limited
Portugal	In country	Open	Open	Available
Puerto Rico	Virtual	Open	Blocked	Restricted
Qatar	Virtual	Open	Open	Available
Romania	In country	Open	Open	Available
Russia	Virtual	Open	Open	Restricted
Rwanda	Virtual	Open	Open	Available
Saudi Arabia	Virtual	Open	Blocked	Restricted
Senegal	Virtual	Open	Open	Available
Serbia	In country	Open	Open	Available
Singapore	In country	Open	Open	Limited
Slovakia	In country	Open	Open	Limited
Slovenia	In country	Open	Open	Available
Somalia	Virtual	Open	Open	Available
South Africa	In country	Open	Open	Available
South Korea	In country	Open	Open	Available
South Sudan	Virtual	Open	Open	Available
Spain	In country	Open	Open	Limited
Sri Lanka	Virtual	Open	Open	Available
Sudan	Virtual	Open	Open	Available
Sweden	In country	Open	Open	Available
Switzerland	In country	Open	Open	Limited
Syria	Virtual	Open	Blocked	Restricted
Taiwan	In country	Open	Open	Limited
Tajikistan	Virtual	Open	Open	Available
Tanzania	Virtual	Open	Open	Available
Thailand	Virtual	Open	Open	Available
Togo	Virtual	Open	Open	Available
Tunisia	Virtual	Open	Open	Available
Turkey	In country	Open	Open	Limited
Turkmenistan	Virtual	Open	Open	Available
Uganda	Virtual	Open	Open	Available
Ukraine	In country	Open	Open	Limited
United Arab Emirates	In country	Open	Open	Limited
United Kingdom	In country	Open	Open	Limited
United States	In country	Open	Blocked	Restricted
Uruguay	Virtual	Open	Open	Available
Uzbekistan	Virtual	Open	Open	Available
Venezuela	Virtual	Open	Open	Available
Vietnam	Virtual	Open	Open	Available
Yemen	Virtual	Open	Open	Available

Source: CryptoRestrictions geo-access test, 14 Oct 2026. Virtual: an IP address registered to the country, served from a server elsewhere.

Hyperliquid licences and registrations

Hyperliquid holds no licence or registration anywhere that we could find, and its terms say so: neither the app nor the Hyperliquid blockchain is “licensed, approved, authorized” by any government authority.

The app is made available by Hyperliquid Corp., which the terms say does not own or control the blockchain, and which states that the app “is not the exclusive means of accessing Hyperliquid”. The blockchain runs on its own validators, and anyone can trade through its public API or through other front ends. Many of those earn a fee through Hyperliquid’s builder codes, and they set their own country rules: MetaMask Perps, which runs on Hyperliquid, is closed to the USA, the UK, Ontario, Belgium and countries on the US sanctions list. Our statuses describe Hyperliquid’s own app, not every front end built on it.

Two regulators have warned about Hyperliquid, neither with a ban. The UK FCA warned on 21 May 2026 that it may be providing or promoting financial services without permission, naming hyperfoundation.org and the app. Singapore’s MAS added the Hyperliquid and Hyper Foundation sites to its Investor Alert List on 26 June 2026, which Hyperliquid said is not a ban or a finding of wrongdoing. We found Hyperliquid on no other national warning or block list we searched, including those of Ontario, Quebec, France, Italy, Spain, Belgium, Japan, the Philippines, Thailand and Malaysia, and it was not among the 27 overseas exchange sites South Korea ordered blocked in October 2026.

Hyperliquid and MiCA in the EU

Hyperliquid has no MiCA authorisation: no Hyperliquid entity appears in ESMA’s register of crypto-asset service providers, which we checked on 17 October 2026.

Whether it needs one is the open question for every decentralised exchange. MiCA says in recital 22 that crypto-asset services “provided in a fully decentralised manner without any intermediary” should fall outside the regulation. Hyperliquid’s app is run by a company, but the trades settle on a blockchain the company says it does not control, and no EU regulator has taken action against it that we found. That is why we record the EEA as available here, unlike the centralised exchanges that closed new EEA accounts at the MiCA deadline.

The app does not treat the EEA as one market. It hides outcome markets in seven EEA states, Belgium, France, Hungary, Italy, Poland, Slovakia and Spain, and serves them in the rest of the EEA we tested, from Austria and Ireland to the Nordic states.

Is Hyperliquid available in the US?

No. Anyone who lives in, is located in or is incorporated in the United States is a Restricted Person, and the app blocked our US and Puerto Rican IP addresses. We found no US registration for Hyperliquid, and the block covers every state.

Hyperliquid availability by US state

Restricted

The block is old. The same banner text was already in the app’s code in an archived copy from 31 May 2024. A US company does not change that for other front ends either: Lighter is run by a Florida company and still excludes US persons.

Hyperliquid regulators and incidents

We found no CFTC, SEC, Justice Department or OFAC action against Hyperliquid. The pressure has come from markets and from rivals. In December 2024, reports that wallets linked to North Korea’s Lazarus group were trading on Hyperliquid set off more than $256 million in net outflows; Hyperliquid said there had been no exploit. In March 2025 a squeeze on the JELLY token led validators to vote to delist its perpetual, and in November 2025 a POPCAT trading scheme left a loss in the HLP vault and paused deposits and withdrawals there. In May 2026 the owners of CME and the New York Stock Exchange reportedly urged US regulators to act on Hyperliquid, and in September The Block reported that the platform was still not available to US traders while routes into the US market were discussed.

Hyperliquid KYC and identity verification

Hyperliquid asks for no identity documents at all: you connect a self-custody wallet, or sign in with an email address that creates one, and sign the terms.

The onboarding guide has two steps, connect a wallet or enter an email and a six-digit code, and then deposit at least 5 USDC. By signing the terms you state that you are not a Restricted or Excluded Person, and the terms add that you may not use a VPN, a proxy or a false statement about where you live or your citizenship to get around them.

So the only control the app applies is the location check, plus your promise. A wallet carries no name, which is why the citizenship rule in the terms cannot be checked at the door.

Hyperliquid verification history

We found no record that Hyperliquid has ever asked for identity documents, and no announced plan to start. What has changed is the location layer: the IP block was in the app by May 2024, and the June 2026 terms added the Excluded Persons list for outcome markets, which the app enforces by hiding the tab.

What if Hyperliquid is restricted where you live?

It depends on the country: of the 21 other platforms we track, 20 are available in Saudi Arabia, but only one in Cuba, Iran and North Korea.

Using the app from a restricted country is not an option under the terms, which bar VPNs, proxies and false statements about residency or citizenship, and bar citizens of sanctioned places even when they live elsewhere. Other front ends set their own rules, often stricter ones. What is left is a platform allowed to serve you where you live.

Saudi Arabia, blocked only by the app, keeps most tracked platforms open, 13 of them centralised exchanges. In the United States the field narrows to one, Uniswap, with ten more limited, and in Cuba, Iran and North Korea only one exchange is recorded as available.

For a country-by-country comparison of exchanges, with residency rules and licences side by side, see our guide to exchange alternatives by country.

Hyperliquid funds, fees, tax and the terms

Questions the report above does not answer, from Hyperliquid's terms, its docs and its own data.

What happens to my funds if I move to a place the app blocks?

The terms have no clause on moving abroad. They say Hyperliquid Corp. has no custody or control over what is in your wallet and cannot retrieve or transfer it. In our test, a blocked visitor saw a banner and the app's balances panel said deposits and withdrawals are not allowed.

What does trading on Hyperliquid cost?

The web app itself charges nothing, according to the terms; fees are paid on the Hyperliquid blockchain. The fee schedule starts at 0.045% for takers and 0.015% for makers on perpetuals, and 0.070% and 0.040% on spot, falling with 14-day volume. Front ends that use builder codes may add up to 0.1% on perps and 1% on spot.

Is money on Hyperliquid insured?

No. Nothing in the terms or docs describes insurance, and the terms cap Hyperliquid Corp.'s liability to you at $100. Liquidations run through HLP, a community-owned vault with a four-day deposit lock-up, which absorbed a loss in the POPCAT trading episode of November 2025.

Who pays tax on Hyperliquid trades?

You do. The terms make you solely responsible for working out, reporting and paying any taxes on your use of the app, and Hyperliquid Corp. makes no representation about your tax position.

Which law governs the Hyperliquid terms?

The laws of England and Wales. Disputes go to binding individual arbitration in London under the rules of the London Court of International Arbitration, with a class action waiver, after a 30-day attempt to settle informally.

How big is Hyperliquid?

On 17 October 2026 its 178 active perpetual markets traded $5.25 billion in 24 hours with $11.37 billion of open interest, by our query of Hyperliquid's public API, and DefiLlama put the value locked at $6.89 billion.

Answers cite the sources on this page; confirm with the platform before relying on them.

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