Hyperliquid has outlined plans to introduce permissioned perpetual futures markets through its HIP-3* framework. Payward, the parent company of Kraken, announced its intention to become the first CFTC-regulated deployer on HIP-3* markets, offering perpetual futures to US clients subject to regulatory approval.
Under the proposed arrangement, Payward would use Hyperliquid as the underlying blockchain infrastructure. Its CFTC-regulated exchange and clearinghouse Bitnomial would create, administer, clear and settle the perpetual futures contracts. NinjaTrader Clearing, Payward's registered futures commission merchant, would manage customer accounts.
How HIP-3* Works
The new framework expands Hyperliquid's existing HIP-3 infrastructure, which allows independent builders to deploy perpetual futures markets tied to cryptocurrencies, equities, commodities and other assets. HIP-3* introduces optional permissioned markets through onchain allowlists controlled by individual deployers or their designated operators.
This feature allows market operators to determine which accounts can access their contracts, enabling deployment of markets that operate within specific regulatory requirements. Unlike existing permissionless HIP-3 markets, these deployments can restrict access to approved participants while using Hyperliquid's underlying blockchain and order book infrastructure.
Hyperliquid stated the new functionality is strictly additive, meaning existing HIP-3 markets will remain unchanged and deployers can choose whether to use permissioned access. The initial implementation is available on testnet, with specifications subject to changes before a future network upgrade.
Regulatory Path Forward
The framework is designed to allow independent operators to deploy regulated financial products while retaining responsibility for their own markets, rather than requiring Hyperliquid to manage compliance across the entire network. This approach could allow regulated operators to offer perpetual futures using Hyperliquid's infrastructure without requiring the blockchain itself to become a regulated exchange.
The announcement builds on a September 16 agreement between Payward and Hyperliquid to explore bringing regulated perpetual futures to US customers. Hyperliquid has operated as one of the largest decentralized derivatives platforms but has lacked direct access to the US market, limiting its ability to serve American traders.
