Payward, the parent company of crypto exchange Kraken, announced its intention to become the first Commodities Futures Trading Commission (CFTC)-regulated deployer on HIP-3 markets. The company plans to use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for U.S. clients, according to a post from Hyperliquid. The arrangement is subject to regulatory approval.
Bitnomial, Payward’s CFTC-regulated designated contract market and derivatives clearing organization, would create, own, and administer the markets while handling contract clearing and settlement.
The proposed deployment would use HIP-3. Hyperliquid described the update as an extension of the HIP-3 framework that introduces optional deployer configuration of permissioned markets, with activation involving an onchain allowlist managed by the deployer.
HYPE tests key technical levels
In the past 24 hours, HYPE was up 0.63%, with its short-term gains largely in line with Bitcoin and the rest of the altcoin market. The token has seen a bullish trend for most of this year, but the daily timeframe trend was facing a serious threat. In recent days, HYPE fell to a local low of $74.5.
The 100-day moving average at $75.61 and the bullish structure’s anchor at $75.17 were under pressure. A daily session close below either level would be a warning sign of a bearish trend shift.
Despite the price correction over the past five weeks, selling pressure was not overwhelming according to the OBV. The volume indicator remained close to yearly highs, while trading volume shrank in recent weeks. The lack of severe selling volume was the one saving grace in the otherwise bearish momentum the DEX altcoin has displayed since September.
Short-term chart structure
The structure on the 4-hour chart was bearish, but the price has found the $74-$76 area to be a steady demand zone for now. HYPE has been below the 50 and 100-period moving averages on this timeframe for most of October.
A daily session close below $75.17 would be a warning sign of a bearish continuation. To recover a bullish spark, the 4-hour price action needs to reclaim the 100-period moving average on the back of steady demand.
Final summary
Payward intends to use Hyperliquid as the underlying infrastructure layer to bring regulated onchain perpetual futures to U.S. clients. HYPE’s price action has been bearish in recent weeks, and a drop below $75 would be a stern warning of a trend shift.
