Hyperliquid (@HyperliquidX) $HYPE plans to make Payward, the parent company of Kraken (@krakenfx), the first CFTC-regulated deployer on its HIP-3 markets. The Block reported that the move is
Hyperliquid (@HyperliquidX) $HYPE plans to make Payward, the parent company of Kraken (@krakenfx), the first CFTC-regulated deployer on its HIP-3 markets. The Block reported that the move is a step toward regulated US perpetual futures trading, as the decentralized protocol develops permissioned-market functionality.
Under the plan, Bitnomial, Payward's CFTC-regulated designated contract market and derivatives clearing organization, would act as the HIP-3 deployer. If approved, NinjaTrader Clearing, Payward's CFTC-registered futures commission merchant, would carry client accounts.
The mechanism behind it is an upgrade known as HIP-3*. According to The Block, it would let deployers restrict market access through onchain allowlists, potentially allowing regulated operators to use Hyperliquid's infrastructure while meeting applicable requirements. FXStreet notes that the feature is optional, and existing HIP-3 markets will remain unchanged.
Trading would still run on Hyperliquid's blockchain. CoinDesk reported in September that the onchain order book matches and records trades, while clients would need futures accounts with NinjaTrader Clearing and Bitnomial, approved by both.
Payward first announced its plans on September 16. CoinDesk said the company acquired Bitnomial in May for $550 million and bought NinjaTrader Clearing for $1.5 billion in 2025. The acquisitions give Payward a registered exchange, clearinghouse and broker under one group.
The proposal is not a live product. The functionality is currently on testnet, and Payward's planned deployment remains subject to regulatory approval. The Block also noted it is unclear how permissioning would work in practice, including whether a Payward-deployed market would include built-in KYC checks. No launch date or first contracts have been announced.
If approved, the structure could give US traders a compliant route to Hyperliquid-linked perpetual futures, a product that has largely been offered offshore. The outcome will depend on regulators and on how the allowlist model is implemented.
The Block: Hyperliquid says Kraken parent Payward to be first CFTC-regulated HIP-3 deployerCoinDesk: Payward plans U.S. debut for Hyperliquid perpetual futures via BitnomialPayward press release: Onchain perpetual futures for US clients, starting on Hyperliquid
