Payward, the parent company of Kraken, has announced its intention to become the first CFTC‑regulated HIP‑3* deployer on Hyperliquid’s perpetual futures markets. The plan would use Hyperliquid as the underlying infrastructure to offer perpetual futures contracts to U.S. clients.
Proposed Structure
Under the proposal, Bitnomial – a CFTC‑registered designated contract market and derivatives clearing organization – would act as the deployer, creating, owning, and administering the markets while also handling clearing and settlement. NinjaTrader Clearing, a Payward‑registered futures commission merchant, would manage client accounts. Each entity would operate under its own CFTC registration, separating market operation from client account handling.
Regulatory Status
The arrangement remains conditional on CFTC approval. No regulatory decision has been announced, and the plan is described as an intention rather than an operational product.
HIP‑3* Functionality
Hyperliquid’s HIP‑3* upgrade introduces optional on‑chain allowlists for permissioned markets. Deployers can configure an allowlist to restrict market access to approved participants, while existing markets continue to operate unchanged. The initial HIP‑3* version is live on Hyperliquid’s testnet, and specifications may evolve based on feedback.
Implications
If approved, the structure would allow Payward to offer regulated perpetual futures to U.S. traders through a split‑model architecture, leveraging Hyperliquid’s neutral infrastructure while maintaining compliance with CFTC requirements.
