Payward, the parent company of Kraken, is positioning itself to become the first CFTC-regulated HIP-3* deployer on Hyperliquid, a move that could open regulated onchain perpetual futures to United States clients. The plan, first announced on Sept. 16 and detailed further by Hyperliquid in an Oct. 26 post on X, would rely on Hyperliquid’s public blockchain as the infrastructure layer while regulated Payward entities handle product operations and client service.
Under the proposed arrangement, Bitnomial would create, own and administer the markets, with responsibility for contract clearing and settlement. NinjaTrader Clearing, Payward’s CFTC-registered futures commission merchant, would carry customer accounts, subject to regulatory approval. Trading would be limited to customers who complete onboarding and appear on both Bitnomial’s and NinjaTrader’s allowlists.
Hyperliquid called the optional permissioning functionality HIP-3*. It introduces an onchain allowlist that the deployer or appointed sub-deployers manage. The protocol stressed that HIP-3* is an optional addition to HIP-3 and leaves existing markets unchanged. An initial version is available on testnet, and specifications remain preliminary and subject to change following feedback.
The broader HIP-3 framework lets deployers set market definitions, contract specifications, oracle prices and leverage limits. Builder-deployed perpetuals use HyperCore’s margining system and order books, with each deployed exchange maintaining independent settings. Documentation describes a 500,000 HYPE mainnet staking requirement maintained for at least 183 days after deployment, though the October announcement did not specify separate staking terms for Payward’s proposed markets.
Payward completed its acquisition of Bitnomial in May, in a deal initially valued at up to $550 million in cash and stock. Bitnomial retained its licenses, regulatory structure and third-party clearing operations. At the time, Payward co-CEO Arjun Sethi said the rollout would begin with spot margin on Kraken, followed by perpetuals and options, and that infrastructure would be made available across Kraken, NinjaTrader and Payward Services. Bitnomial Exchange received designated contract market status from the CFTC in April 2020.
The initiative highlights a growing push toward regulatory compliance in crypto derivatives. Market participants are watching for regulatory updates, as approval could influence trading strategies, institutional participation and the competitive landscape for onchain derivatives. For now, crypto markets have shown no major price reaction to the announcement, with traders appearing cautious amid ongoing regulatory discussions.
This article is for informational purposes only and should not be considered financial advice.
