Kraken parent Payward is moving forward with plans to become the first CFTC-regulated operator of perpetual futures markets on Hyperliquid, combining the decentralized exchange’s blockchain i
Kraken parent Payward is moving forward with plans to become the first CFTC-regulated operator of perpetual futures markets on Hyperliquid, combining the decentralized exchange’s blockchain infrastructure with federally supervised trading, clearing and brokerage services.
The October 26 development introduces a permissioned version of Hyperliquid’s HIP-3 framework, allowing regulated operators to restrict market access to approved customers. Payward intends to deploy the contracts through its Bitnomial derivatives businesses, while NinjaTrader Clearing will manage customer accounts.
The arrangement remains subject to regulatory approval, and no launch date has been announced. Hyperliquid’s HYPE token briefly climbed above $80 following the announcement, extending gains from the mid-$70 range.
Payward’s original September 16 proposal established Bitnomial Exchange as the proposed market operator, responsible for creating and administering perpetual futures contracts under its existing CFTC-regulated framework.
Bitnomial Clearinghouse would handle clearing and settlement, while NinjaTrader Clearing, a registered futures commission merchant, would hold customer accounts and oversee brokerage access.
Eligible U.S. customers would need to open a futures account through NinjaTrader and appear on both companies’ approved trading lists. They would then access newly created contracts executed through Hyperliquid’s onchain order book.
Payward acquired Bitnomial earlier this year in a transaction valued at up to $550 million, securing an integrated derivatives operation with exchange, clearinghouse and brokerage capabilities.
Kraken already offers CFTC-regulated cryptocurrency perpetuals to eligible American traders through Bitnomial and NinjaTrader. The proposed Hyperliquid integration would extend that regulated structure to markets operating on public blockchain infrastructure rather than replacing the existing products.
The technical foundation is HIP-3*, an optional extension of Hyperliquid’s existing builder-deployed perpetual futures system.
Under the new protocol specifications, market operators can maintain onchain allowlists determining which addresses are permitted to trade. Deployers can also revoke access, restrict accounts to closing existing positions and manage selected operations through delegated permissions.
The permissioning layer allows regulated financial institutions to apply customer eligibility requirements while using Hyperliquid’s existing order-book and transaction-processing infrastructure.
Existing permissionless HIP-3 markets will remain unchanged. Operators can choose whether to deploy restricted markets, with responsibility for contract specifications, risk controls and regulatory compliance remaining with the deploying institution.
HIP-3* functionality is currently available on testnet, with its specifications subject to further changes before mainnet activation.
Payward’s initiative follows its broader push into American derivatives markets, including plans for single-stock perpetual futures linked to major U.S. equities.
The regulatory environment has also evolved. In June, the CFTC introduced a faster route for registered exchanges to convert qualifying cryptocurrency futures into contracts without expiration dates, although that relief does not automatically authorize Payward’s proposed onchain deployment.
Hyperliquid’s growing role in derivatives trading has drawn interest from financial institutions seeking blockchain-based market infrastructure. The proposed arrangement would separate responsibilities between the public trading protocol and regulated companies operating specific markets.
HYPE reached an intraday high of approximately $80.49 on October 26, up from a low near $75, before closing around $78.35. The price movement coincided with the announcement, although the session’s gains cannot be attributed exclusively to the Payward development.
Neither Payward nor Hyperliquid has disclosed the initial contract lineup, customer eligibility thresholds or a timetable for production trading.
The next steps depend on CFTC approval and the deployment of HIP-3* permissioning on Hyperliquid’s mainnet. Until those conditions are met, the proposed U.S. markets remain unavailable to customers.
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