Payward, the parent company of Kraken, plans to become the first Commodity Futures Trading Commission (CFTC)-regulated market operator on Hyperliquid, offering perpetual futures markets to eligible U.S. traders through a permissioned version of the protocol.
The arrangement would integrate Hyperliquid's onchain trading infrastructure with regulated derivatives operations from Bitnomial, which Payward acquired in May 2026 for a transaction valued at up to $550 million, and NinjaTrader Clearing, a CFTC-registered futures commission merchant.
Technical Structure and Permissioning
The proposal relies on HIP-3*, an upcoming enhancement to Hyperliquid's existing framework that would introduce optional onchain allowlists. This permissioning functionality would enable regulated operators to determine which participants can access particular markets, unlike the permissionless trading on Hyperliquid's existing markets.
Hyperliquid emphasized that existing markets would remain unchanged and the new functionality is optional. The initial implementation is available on testnet, with specifications subject to revision.
Regulatory Path and Operational Details
Under the proposed arrangement, Bitnomial would create, own, and administer the markets while handling clearing and settlement through its regulated entities. NinjaTrader Clearing would maintain customer accounts.
The initiative requires CFTC approval before launch. No launch date, contract lineup, or final trading specifications have been announced. The permissioned markets would operate separately from Hyperliquid's existing markets and would be independently administered under U.S. derivatives regulations.
