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Hyperliquid announced that Kraken parent Payward plans to become the first CFTC-regulated HIP-3 deployer, subject to regulatory approval. If approved, the deployment would use Hyperliquid infrastructure to offer perpetual futures markets to U.S. clients.
Why it matters
Payward's CFTC-regulated DCM and DCO, Bitnomial, would serve as the deployer. The entities would manage the markets and clear and settle contracts, while CFTC-registered FCM NinjaTrader Clearing would carry client accounts. The structure would place each operational role under a regulated entity while extending Hyperliquid's infrastructure to the U.S. market.
HIP-3 would also introduce optional onchain allowlists for permissioned markets. The proposed change would not affect existing HIP-3 markets, allowing permissioned controls to be added without altering current deployments.
Market impact
The immediate signal is regulatory reach, not a confirmed live launch. The initial version is available on testnet, specifications remain subject to change, and U.S. client access depends on regulatory approval.
For Hyperliquid, the proposal tests whether its infrastructure can support regulated U.S. perpetuals while preserving permissioned flexibility alongside existing HIP-3 markets. The plan would provide a path between onchain derivatives infrastructure and a CFTC-regulated distribution structure, but deployment and approval remain ahead.
Frequently asked questions
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What roles would Bitnomial and NinjaTrader Clearing play in the proposed setup?
Bitnomial's CFTC-regulated DCM and DCO would serve as the HIP-3 deployer, manage the markets, and clear and settle contracts. NinjaTrader Clearing, a CFTC-registered FCM, would carry client accounts.
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How would Payward's proposed HIP-3 deployment serve U.S. clients?
Subject to regulatory approval, it would use Hyperliquid infrastructure to offer perpetual futures markets to U.S. clients. Bitnomial would handle market operation, clearing and settlement, while NinjaTrader Clearing would carry client accounts.
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What would optional onchain allowlists change in HIP-3?
They would let permissioned markets restrict participation through onchain allowlists. Existing HIP-3 markets would remain unaffected by the proposed change.
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Is Payward's first HIP-3 version already live for U.S. clients?
The initial version is available on testnet, with specifications subject to change. Regulatory approval remains a condition for the U.S. offering.
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What must happen before Payward can launch U.S. perpetuals?
Regulatory approval is the explicit gate. Once approved, Bitnomial would deploy and manage the markets, clear and settle contracts, and NinjaTrader Clearing would carry client accounts.
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