Key Highlights
- Payward, the parent company of Kraken, intends to become the first CFTC-regulated deployer on Hyperliquid’s HIP-3* markets.
- Bitnomial would operate the markets and handle clearing and settlement, while NinjaTrader Clearing would carry client accounts.
- HIP-3* introduces optional onchain allowlists to restrict access to designated markets.
Payward, the parent company of cryptocurrency exchange Kraken, plans to use Hyperliquid’s infrastructure to offer permissioned perpetual futures markets to US clients.
In an October 26 announcement on X, Hyperliquid said Payward intends to become the first CFTC-regulated deployer on its HIP-3* markets.
Subject to regulatory approval, Bitnomial would create and administer the markets and handle clearing and settlement, while NinjaTrader Clearing, Payward’s registered futures commission merchant (FCM), would carry client accounts.
The companies have not announced a launch date or identified the first contracts planned for the deployment.
How the proposed market structure works
Hyperliquid would provide the onchain infrastructure, while Bitnomial would operate the markets and manage clearing and settlement. NinjaTrader Clearing would handle customer accounts.
The arrangement would combine Hyperliquid’s trading infrastructure with Payward’s regulated derivatives businesses. However, the announcement does not confirm that the proposed markets have launched or received regulatory approval.
HIP-3* adds access controls for permissioned markets
Hyperliquid’s HIP-3 framework allows independent deployers to launch perpetual futures markets on the network. HIP-3* adds an optional onchain allowlist that lets deployers restrict which addresses can access designated markets.
A deployer or its sub-deployers can manage the allowlist. Hyperliquid said the feature would not change existing HIP-3 markets, and deployers would remain responsible for their own deployments.
The initial HIP-3* release is available on testnet. Hyperliquid said its specifications are preliminary and may change following feedback. Testnet availability does not mean Payward’s proposed markets are live.
Hyperliquid sets out deployers’ responsibilities
Hyperliquid said HIP-3* gives deployers additional functionality to operate markets in line with their applicable requirements. The company positions itself as an infrastructure provider, with individual deployers retaining responsibility for their markets.
This distinction is relevant to Payward’s plan because the proposed market operation and clearing arrangements would be handled by its designated derivatives entities rather than Hyperliquid itself.
Payward’s earlier US market plans
On September 16, Payward announced plans to deploy onchain perpetual futures markets for US customers using Hyperliquid’s HIP-3 framework. It identified Bitnomial as the proposed market deployer and NinjaTrader Clearing as the firm that would carry client accounts, subject to regulatory approval.
Earlier, on September 3, The Crypto Times reported that Hyperliquid was developing optional permissioned markets through HIP-3. The proposed allowlists would let deployers restrict market access without changing existing HIP-3 markets.**
The October 26 announcement identifies Payward as the intended first CFTC-regulated deployer under the framework.
Separate plans for US stock perpetual futures
On September 19, The Crypto Times reported that Payward had filed to offer single-stock perpetual futures to US traders through Kraken. The proposed initial lineup included Tesla, Nvidia, Apple, Microsoft, and Amazon, with Payward targeting 24-hour, five-day trading.
Those stock-linked contracts are separate from the proposed Hyperliquid deployment. The October 26 announcement did not specify whether Payward’s initial HIP-3 markets would cover cryptocurrencies, equities, or other assets.
Bitnomial acquisition and derivatives infrastructure
In April, The Crypto Times reported that Payward had agreed to acquire Bitnomial in a deal valued at up to $550 million in cash and stock. The proposed acquisition would give Payward access to Bitnomial’s US derivatives exchange and clearing infrastructure.
In an October 26 post on X, cryppi (@cryppimagic), founder of PerpDexList, discussed how Payward, Kraken, xStocks, Bitnomial and NinjaTrader fit into the broader business structure. Cryppi said the derivatives businesses were acquired in part for their existing US licenses.
The post referred to three types of registrations: designated contract market (DCM), derivatives clearing organization (DCO) and futures commission merchant (FCM). These cover different functions, including operating a market, clearing trades and handling customer accounts.
The post offers context on the proposed structure, but its claims about acquisition rationale and licensing are separate from Hyperliquid’s announcement and should be checked against regulatory records and corporate disclosures.
What comes next
Payward’s proposed deployment would bring permissioned perpetual futures markets to Hyperliquid’s infrastructure for eligible US clients. However, the companies have not confirmed a launch date or named the initial contracts.
The next steps depend on regulatory approval and implementation of the proposed arrangement.
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