Key Insights
- Kraken parent Payward plans CFTC-regulated U.S. perpetual futures on Hyperliquid.
- Bitnomial would operate and clear futures markets, with NinjaTrader handling accounts.
- Hyperliquid’s HIP-3 adds optional allowlists, with the upgrade still on testnet.
Hyperliquid has detailed a planned HIP-3 upgrade as Kraken parent Payward pursues CFTC-regulated perpetual futures for U.S. customers.
Hyperliquid shared on X that Payward would use its blockchain infrastructure while regulated affiliates operate the derivatives markets. Bitnomial would administer trading and clearing, while NinjaTrader Clearing would handle customer accounts.
The arrangement remains subject to regulatory approval, and the new functionality currently operates on a testnet.
The proposal separates infrastructure from responsibilities held by market operators. Payward intends to become the first CFTC-regulated deployer using this framework.
However, U.S. customers cannot yet access the proposed contracts through this arrangement. Hyperliquid said the added market controls are planned for a future network upgrade.
Payward Assigns Market Operations to Bitnomial
Payward’s plan follows a September 16 announcement to explore regulated U.S. perpetual futures. The new announcement outlines how the partners intend to divide market operations and account management.
Under that structure, Bitnomial would act as the HIP-3 deployer after receiving regulatory approval. Its responsibilities would include creating and administering markets, as well as contract clearing and settlement.
Bitnomial is a CFTC-regulated designated contract market and derivatives clearing organization. Under the proposal, it would create, own, and administer the futures markets.
It would also clear and settle contracts generated through its deployment. Those responsibilities would remain with Bitnomial rather than the infrastructure provider.
NinjaTrader Clearing would carry customer accounts as a CFTC-registered futures commission merchant. That role differs from Bitnomial’s responsibility for market creation and contract settlement.
Payward would connect these regulated entities to the planned deployment through its corporate structure. However, the proposal has not yet received the regulatory approval required to proceed.
How Hyperliquid HIP-3 Controls Market Access
Hyperliquid’s existing HIP-3 infrastructure lets independent deployers create perpetual futures markets referencing cryptocurrencies, equities, commodities, and other assets. The planned HIP-3 extension adds a configuration for markets restricted to approved participants.
At its center, an onchain allowlist would identify accounts permitted to access selected deployments. Each deployer, or its designated sub-deployers, would manage that list.
That choice gives operators control over access to their own markets. In addition, operators could use restrictions when deployments must satisfy requirements applicable to them.
Deployers would decide whether to activate those controls. Other HIP-3 markets would continue operating under their existing arrangements.
The design keeps regulatory duties with the independent operators running each market. The network would supply infrastructure without assuming responsibility for individual deployments.
Consequently, permissioned contracts would not change access rules across every existing market. The company describes these capabilities as an addition to HIP-3, not a replacement.
Hyperliquid HIP-3 Testnet Rollout Precedes Any US Launch
The initial HIP-3 implementation is available on testnet rather than through a completed network upgrade. Its specifications remain preliminary and may change following feedback received during testing.
Accordingly, the new functionality does not, by itself, authorize the proposed regulated U.S. offering. Payward’s plan still depends on regulatory approval.
That sequence sets out the next steps described in the announcement. The infrastructure feature remains preliminary, while the proposed contracts await regulatory clearance.
Bitnomial would retain responsibility for its markets, including clearing and settlement. NinjaTrader Clearing would handle customer accounts if the U.S. offering proceeds.
Meanwhile, Hyperliquid’s permissionless HIP-3 markets would remain unaffected by the optional allowlist. The proposal sets apart prospective restricted markets from deployments already running on the network.
