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Hyperliquid has said that Payward, the parent company of crypto exchange Kraken, is intended to be the first CFTC-regulated deployer on its HIP-3 markets, with Payward planning to use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for U.S. clients.
Under the proposed structure, Bitnomial, Payward's CFTC-regulated designated contract market (DCM) and derivatives clearing organisation (DCO), would act as the HIP-3 deployer. It would create, own and administer the markets and handle clearing and settlement, with contracts listed under Bitnomial Exchange's rules. NinjaTrader Clearing, Payward's CFTC-registered futures commission merchant (FCM), would carry client accounts. The plan remains subject to regulatory approval.
Hyperliquid also set out HIP-3*, an extension of its HIP-3 framework that adds optional permissioned markets. Deployers would be able to restrict access to their markets through on-chain allowlists managed by them or their sub-deployers. Support for HIP-3* is due in a future network upgrade, and an initial version is available on testnet, where specifications are preliminary and subject to change. Existing markets are unchanged, and independent deployers keep control of their own markets.
Payward announced on 16 September that it intended to bring on-chain perpetual futures to U.S. clients, starting with Hyperliquid's HIP-3 markets. Under that plan, customers would need to complete onboarding with NinjaTrader and appear on both NinjaTrader's and Bitnomial's allowlists. No launch date has been confirmed.
Hyperliquid's HYPE token was trading at $77.50 early on 27 October, up nearly 3% over 24 hours, according to FXStreet.
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