By Payward, the parent company of cryptocurrency exchange Kraken, plans to become the first CFTC-regulated deployer of perpetual futures markets using Hyperliquid’s HIP-3* infrastructure, according to an October 26, 2026 announcement from the blockchain protocol.
The proposal would allow eligible US customers to trade perpetual futures through markets operated by Payward’s regulated derivatives subsidiaries, subject to regulatory approval.
Bitnomial, which operates a Commodity Futures Trading Commission (CFTC)-regulated designated contract market and derivatives clearing organization, would create and administer the markets while handling clearing and settlement.
NinjaTrader Clearing, a CFTC-registered futures commission merchant, would maintain customer accounts. Hyperliquid would provide the underlying blockchain infrastructure, including its onchain order book and transaction execution system.
The announcement builds on Payward’s September 16 proposal to introduce regulated onchain perpetual futures for US customers.
However, the planned deployment remains subject to regulatory approval, and neither company has announced a launch date.
HIP-3* Introduces Permissioned Markets for Regulated Operators
Hyperliquid’s HIP-3 framework allows independent developers and businesses to deploy perpetual futures markets on its blockchain.
The framework launched on mainnet in October 2025 and requires deployers to stake at least 500,000 HYPE tokens. HIP-3* introduces an optional permissioning mechanism that allows market operators to restrict participation through blockchain-based address allowlists.
Under Payward’s proposed structure, customers would complete onboarding through NinjaTrader Clearing before gaining access to approved markets. Eligible accounts would need to appear on allowlists maintained by the regulated entities.
The arrangement would combine identity verification and regulatory oversight with Hyperliquid’s public blockchain infrastructure. Unlike unrestricted decentralized trading venues, the proposed markets would permit only authorized participants to submit orders.
Hyperliquid emphasized that the permissioning mechanism would remain optional and would not alter existing HIP-3 markets. The functionality is currently available on testnet, with technical specifications subject to revision following developer feedback. A future network upgrade would be required before the feature becomes available on mainnet.
The companies have not disclosed which perpetual futures contracts would launch first or whether specific leverage restrictions would apply.
Payward Expands US Derivatives Strategy Through Bitnomial
Payward’s proposal reflects its broader expansion into regulated US derivatives following its acquisition of Bitnomial in May 2026. The company also controls NinjaTrader, providing a combination of exchange infrastructure, clearing capabilities and brokerage services.
Perpetual futures are derivatives contracts that allow traders to maintain leveraged exposure to an underlying asset without a predetermined expiration date. They are widely used in international cryptocurrency markets but have historically faced significant regulatory restrictions in the United States.
Payward’s approach would place market operation and customer-account responsibilities with registered financial entities rather than relying solely on an unrestricted decentralized protocol. In its September announcement, Payward said it served customers across more than 190 countries and territories and held 6.6 million funded accounts as of June 30, 2026.
The company also highlighted concentration within Hyperliquid’s existing builder-deployed markets, stating that one operator accounted for approximately 98% of their open interest. The proposed regulated deployment could introduce a different operating model, although its eventual trading volumes remain uncertain.
For Hyperliquid, the partnership could demonstrate how decentralized exchange infrastructure can support markets operated by traditional regulated intermediaries. For Payward, it offers a potential route to expanding US derivatives access without developing an entirely separate blockchain trading system.
Nevertheless, regulatory authorization remains the decisive requirement. The CFTC has not announced approval of the proposed HIP-3* deployment, and the presence of registered entities does not automatically authorize every contract they intend to offer.
The next milestones will be regulatory clearance, mainnet activation of permissioned markets and disclosure of the contracts available to eligible customers.