Hyperliquid said on October 26 that Payward, Kraken’s parent company, intends to become the first CFTC-regulated deployer on its HIP-3 markets for U.S. perpetual-futures customers. Payward ha
Hyperliquid said on October 26 that Payward, Kraken’s parent company, intends to become the first CFTC-regulated deployer on its HIP-3 markets for U.S. perpetual-futures customers.
Payward had described the proposed deployment in a September 16 announcement: onchain perpetual futures for U.S. clients, beginning with Hyperliquid HIP-3 markets. The plan would provide a regulated market structure around HIP-3’s permissioning capability, but it is not an operational launch: regulatory approval remains outstanding and no production launch date was confirmed.
Payward’s announcement remains the primary statement of the proposed arrangement.
Hyperliquid’s October 26 statement framed Payward as the prospective first CFTC-regulated HIP-3 deployer for U.S. perpetual-futures customers. The wording matters because it identifies a proposed deployment model rather than a broad opening of the protocol’s markets to all U.S. users.
The plan would begin with HIP-3, a Hyperliquid market framework that is intended to give deployers a route to restrict participation. That access-control element is central to the proposed U.S. setup: the arrangement is aimed at a market operated under a defined regulatory structure, not merely an onchain listing accessible without restrictions. The Block reported Hyperliquid’s October 26 description of Payward’s intended role.
For Payward, the initiative would extend its stated effort to offer onchain perpetual futures to U.S. clients. The company has not announced that those products are live, and its September release expressly tied the plan to regulatory approval.
The proposed operating model divides market responsibilities between two entities. Payward subsidiary Bitnomial would create, administer, clear and settle the markets, according to Payward. NinjaTrader Clearing would carry client accounts.
That allocation gives the proposal a more specific shape than the phrase “onchain perpetual futures” alone conveys. Market creation and administration, clearing and settlement would sit with Bitnomial, while customer account carriage would be handled by NinjaTrader Clearing under the structure described by Payward.
Neither Payward’s September announcement nor the October reporting supplied a production timetable in the materials cited here. The available disclosures instead identify the intended participants and their respective functions if the deployment proceeds.
HIP-3 is designed to add optional onchain allowlists that let deployers restrict access to a market. For Payward’s proposed deployment, that feature would restrict access to a market serving U.S. perpetual-futures customers, but an allowlist alone does not establish a product’s or operator’s regulatory status. Payward’s release said Bitnomial would create, administer, clear and settle the markets, while NinjaTrader Clearing would carry client accounts under the proposed structure.
The initiative has not crossed into a confirmed production launch. Payward said its U.S. onchain perpetual-futures plans were subject to regulatory approval, and reporting on October 26 said HIP-3’s initial implementation was available on testnet.
As of that date, no confirmed launch date had been announced for the proposed Payward deployment. That leaves the next substantive milestone outside the information currently disclosed: whether approvals are obtained and when the stated market structure moves beyond the intended and testnet stages.
Crypto.news reported that HIP-3’s initial implementation was on testnet and that the Payward deployment had no confirmed launch date as of October 26. For now, the announcement sets out a potential regulated use of HIP-3’s allowlisting design rather than a live U.S. perpetual-futures venue.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
