Kraken Parent Payward Taps Hyperliquid’s HIP-3 Framework for CFTC-Regulated US Perpetuals

• Payward plans to launch onchain perpetual futures for U.S. clients through CFTC-regulated Bitnomial and NinjaTrader Clearing, subject to regulatory approval.
• Hyperliquid’s HIP-3* adds permissioned-market controls, including allowlists, while the initial release remains on testnet.
• Eligible traders would access the contracts through NinjaTrader, with Bitnomial handling market operations and clearing under CFTC oversight.

Payward, Kraken’s parent company, plans to launch onchain perpetual futures for U.S. clients using Hyperliquid’s HIP-3* infrastructure. The proposed markets would rely on CFTC-regulated entities Bitnomial and NinjaTrader Clearing, subject to regulatory approval. The move would make Payward the first CFTC-regulated deployer on HIP-3* markets, connecting blockchain-based trading with established derivatives oversight.

Bitnomial and NinjaTrader Would Handle Market Operations

Under the proposed structure, Bitnomial Exchange and Bitnomial Clearinghouse would create, own and administer the markets, while clearing and settling contracts. Both entities operate under Commodity Futures Trading Commission oversight, as a designated contract market and derivatives clearing organization, respectively.

NinjaTrader Clearing, a CFTC-registered futures commission merchant, would carry client accounts. Only clients onboarded by NinjaTrader and listed on both NinjaTrader’s and Bitnomial’s allowlists could trade.

Payward executive Jon Pham said U.S. clients would open futures accounts through the registered broker and trade perpetual contracts on Hyperliquid. The contracts would use the same clearinghouse supporting Payward’s existing U.S. crypto perpetual products.

HIP-3* Adds Permissioned Trading Controls

Hyperliquid said HIP-3* adds optional permissioned-market features to its existing HIP-3 framework. Deployers can manage an onchain allowlist themselves or through sub-deployers, while retaining responsibility for their markets.

The functionality does not change existing markets, and the initial release is available on testnet. Hyperliquid CEO and co-founder Jeff Yan said the partnership would support onchain derivatives built on the protocol’s infrastructure.

https://twitter.com/chameleon_jeff/status/2114946582390948119?s=20

Kraken’s Head of Onchain, Calvin Leyon, said the framework could extend across products and markets. Payward also described Hyperliquid as its first planned protocol deployment for U.S. clients.

Perpetual Futures Market Provides the Wider Context

Payward said perpetual futures generated more than $85 trillion in global trading during 2025, citing CoinGecko’s 2026 report. Hyperliquid has operated since 2023 and processed more than $200 billion in volume over the past 30 days, according to DefiLlama.

Payward reported 6.6 million funded accounts as of June 30, 2026, across more than 190 countries and territories. Its Proof of Reserves review showed client assets backed above 100%. The proposed U.S. launch remains subject to regulatory approval.