Payward, the father or mother firm of Kraken, plans to develop into the primary CFTC-regulated deployer on Hyperliquid’s HIP-3 framework, bringing onchain perpetual futures to allowlisted US purchasers pending regulatory approval.
Payward introduced the plan on September 16, and the main points of the association, together with the brand new HIP-3* allowlist variant, circulated once more in a Hyperliquid replace on October 26. Below it, Bitnomial, a CFTC-regulated trade and clearinghouse that Payward acquired in Could, would act because the deployer, managing the markets and clearing and settling contracts. NinjaTrader Clearing, a CFTC-registered futures fee service provider, would carry consumer accounts.
Entry can be restricted. Solely accounts allowlisted by the regulated entities might commerce, with compliance checks on the level of entry whereas matching runs on Hyperliquid’s public onchain order ebook. A brand new variant of the framework, HIP-3*, provides elective onchain allowlists for permissioned markets with out touching present HIP-3 markets; its preliminary model is on testnet and its specs can nonetheless change.
The providing is aimed on the US market, the place entry to offshore perpetual futures venues has been restricted. No launch date and no particular markets have been disclosed.
A regulated door into onchain perps
If accepted, the setup can be the primary entry of a US-registered trade and clearinghouse into onchain perpetual futures infrastructure. It could give US retail and institutional merchants a regulated path to a market they at present attain primarily by offshore venues.
HIP-3 has been dwell on Hyperliquid’s mainnet since October 13, 2025. It lets third-party builders run their very own perpetual markets after staking not less than 500,000 HYPE. Within the 30 days ending round October 20, HIP-3 markets accounted for about 26.7% of Hyperliquid’s $64.7 billion in quantity, and HIP-3 open curiosity stood at $3.92 billion.
One builder, commerce.xyz, took roughly 97-98% of HIP-3 quantity and open curiosity. A regulated deployer would broaden that base.
Payward mentioned it intends to serve purchasers in additional than 190 international locations and territories. Co-CEO Arjun Sethi framed the transfer as giving US purchasers entry to onchain perpetuals whereas assembly the agency’s regulatory obligations.
