Payward, Kraken’s parent company, intends to become the first CFTC-regulated deployer of HIP-3* perpetual-futures markets on Hyperliquid. Hyperliquid outlined the proposed US offering on October 26, but said it remains subject to regulatory approval.
Under Payward’s proposed structure, Bitnomial would create, own and administer the markets, as well as clear and settle contracts. Bitnomial operates a CFTC-regulated exchange and clearinghouse. NinjaTrader Clearing, a registered futures commission merchant, would carry client accounts, with trading restricted to onboarded accounts on both firms’ allowlists.
Payward will use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US clients.
— Hyperliquid (@HyperliquidX) October 26, 2026
HIP-3* adds optional access controls to Hyperliquid’s builder-deployed perpetuals framework. Deployers or their sub-deployers would manage an onchain allowlist, determining which accounts could participate in their markets. Hyperliquid said the functionality is additive and leaves existing markets unchanged.
The initial implementation is available on testnet, with specifications still preliminary and open to changes based on feedback. Production support is planned for a future network upgrade. The announcement does not establish a live US launch or approval of the proposed products.
Payward first announced its Hyperliquid plan on September 16. The latest update details the permissioning technology behind that proposal. It also follows Jeff Yan’s regulatory argument that oversight should focus on firms controlling individual markets, while the blockchain supplies shared infrastructure.
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