Kraken parent Payward plans first CFTC-regulated markets on Hyperliquid

Payward, the parent company of Kraken, is preparing to bring U.S. perpetual futures trading to Hyperliquid through its CFTC-regulated subsidiary Bitnomial. The proposed arrangement would make Payward the first regulated U.S. exchange operator to deploy markets using Hyperliquid’s HIP-3* framework, combining onchain trading infrastructure with established derivatives oversight.

Hyperliquid outlined the plan on October 26, 2026. Under the proposed structure, Bitnomial would create and manage the markets and handle contract clearing and settlement. NinjaTrader Clearing, another Payward subsidiary, would carry client accounts.

The move could offer eligible U.S. traders access to onchain perpetual futures through regulated financial entities. However, the launch still depends on regulatory approval, and HIP-3* remains in testnet development.

How Payward plans to bring regulated perpetuals to Hyperliquid

The proposed setup separates the blockchain infrastructure from the regulated businesses responsible for operating the financial product.

Hyperliquid’s onchain order book would match and record trades. Bitnomial would deploy, own, and administer the markets, while also managing clearing and settlement through its regulated exchange and clearinghouse structure.

NinjaTrader Clearing would act as the futures commission merchant responsible for carrying customer accounts. Customers would need to complete the required onboarding process and appear on both NinjaTrader’s and Bitnomial’s onchain allowlists before they could trade.

This division gives each company a defined role. Hyperliquid provides the trading infrastructure, while Payward’s regulated entities handle market operation, client accounts, and the associated regulatory responsibilities.

The arrangement is designed to give U.S. clients access to perpetual futures without requiring Hyperliquid itself to operate the proposed products as a registered U.S. exchange.

Payward first announced its intention to offer onchain perpetual futures to U.S. clients on September 16, naming Hyperliquid as its first planned deployment venue. The October 26 announcement from Hyperliquid reinforces that plan and identifies Payward as its intended first CFTC-regulated HIP-3* deployer.

What HIP-3* changes for Hyperliquid

Hyperliquid’s HIP-3 framework allows third-party deployers to create their own perpetual futures markets using the network’s trading infrastructure. The HIP-3* extension adds optional permissioning, allowing a market operator to restrict access through onchain allowlists.

That feature is important for a regulated U.S. product. A traditional financial intermediary may need to verify customers, restrict participation to eligible accounts, and maintain controls over who can access particular contracts. An allowlist provides an onchain mechanism for enforcing part of that access policy.

Under Payward’s proposed model, only customers approved by the relevant regulated entities would be able to trade the new markets. The allowlist would not make the product permissionless for every Hyperliquid user; instead, it would help establish a controlled market within the broader onchain environment.

HIP-3* is an optional addition, so existing HIP-3 markets are not automatically affected. Independent deployers retain responsibility for their own markets and can decide whether to use the new permissioning functionality.

The initial HIP-3* implementation is available on testnet, where its specifications remain preliminary and subject to change. Hyperliquid has not confirmed a mainnet launch date for the feature or a date when Payward’s proposed markets will begin trading.

Why the regulatory structure matters

The proposal reflects a broader debate about how financial regulation should apply to decentralized trading infrastructure.

Hyperliquid’s underlying blockchain can provide order books and trade execution, but a regulated product also needs accountable entities to manage customers, define contracts, handle settlement, and meet applicable rules. Payward’s plan places those responsibilities with Bitnomial and NinjaTrader Clearing rather than treating the blockchain itself as the regulated intermediary.

This approach echoes an argument made by Hyperliquid founder Jeff Yan, who has said U.S. rules should focus on firms that deploy and operate markets rather than the underlying blockchain. Altcoin Buzz explored that position in its earlier report, Hyperliquid founder wants US rules on deployers, not the chain.

Payward’s proposed deployment would provide a practical test of that model. If approved and launched, it could show how a registered exchange and clearing structure can use an onchain order book while maintaining control over market access and client relationships.

It would not, however, settle every regulatory question around decentralized finance. The model depends on the specific product, the responsibilities of the regulated firms, and the approvals required for the offering.

Why U.S. access to onchain perpetual futures matters

Perpetual futures are derivatives contracts that let traders gain leveraged exposure to an asset without a fixed expiration date. They are widely used in crypto markets, but access to these products has differed significantly by jurisdiction.

Payward argues that bringing onchain perpetuals to eligible U.S. clients would expand their choice of trading venues and products. The proposed service would combine Hyperliquid’s public blockchain and onchain order book with Payward’s existing derivatives infrastructure.

Hyperliquid has become a major venue for onchain perpetual futures. Third-party market data cited by Payward showed more than $200 billion in trading volume over the 30 days preceding its September announcement. The company also cited CoinGecko’s ranking of Hyperliquid as the most active onchain perpetuals venue in 2025.

A regulated deployment could create a route for U.S. customers to access similar infrastructure through an approved intermediary. It may also give other financial firms a model to consider if they want to deploy products on decentralized trading networks.

The actual reach of the offering will depend on regulatory approval, the contracts listed, customer eligibility, liquidity, and the final operating arrangements.

What this could mean for Hyperliquid and HYPE

Payward’s planned deployment could strengthen Hyperliquid’s position as infrastructure for markets operated by independent businesses. Rather than relying only on its own native trading products, the network could support additional markets created and managed by outside operators.

For Hyperliquid, the proposed arrangement would be a significant institutional use case. It would demonstrate that its order-book infrastructure can be used by a regulated exchange while access restrictions and market responsibilities remain with the deployer.

The implications for HYPE, Hyperliquid’s native token, are less direct. A new market could increase activity on the network, but the effect on token demand depends on how the deployment works, the fees and requirements involved, and the level of trading activity it attracts.

The announcement does not establish that the proposed markets are live, that they have generated new volume, or that they will create a specific amount of demand for HYPE. Those questions can only be assessed after the product moves beyond testnet and begins operating.

What happens next

Three milestones will determine whether Payward’s plan becomes a live U.S. trading product.

First, the proposal must receive the necessary regulatory approvals. Payward’s regulated entities would need to operate the markets under the applicable rules, with the contracts listed under Bitnomial Exchange’s framework.

Second, Hyperliquid must progress HIP-3* beyond its preliminary testnet stage. The protocol has described the allowlist functionality as optional, with specifications still open to changes based on feedback.

Finally, Payward would need to announce a launch timeline and provide details about the contracts, onboarding process, and eligible customers. Trading activity after launch would show whether the product attracts meaningful demand.

For now, the announcement marks a proposed connection between onchain derivatives infrastructure and a regulated U.S. market structure. It is a significant development for Hyperliquid’s institutional ambitions, but the actual test will come when the framework receives approval and the first markets go live.