Hyperliquid Plans to Make Kraken Parent Payward the First CFTC-Regulated HIP-3 Deployer

Hyperliquid said on Monday that it intends to make Payward, the company behind Kraken, the first CFTC regulated deployer on its HIP-3 markets. The move is a step toward offering regulated perpetual futures to traders in the United States. Bitnomial, Payward’s CFTC regulated contract market and clearing organization, would act as the deployer. If regulators approve, NinjaTrader Clearing, Payward’s registered futures commission merchant, would carry client accounts. The protocol described itself as a neutral infrastructure layer and said deployers keep control and responsibility for their own markets.

How HIP-3 Permissioned Markets Would Work

The planned upgrade would let deployers limit who can trade through onchain allowlists, which could allow regulated operators to build on Hyperliquid while meeting their legal obligations. The feature is live on testnet, and Payward’s deployment still depends on regulatory approval. It is not yet clear how permissioning would function in practice, including whether a Payward market would include built-in KYC checks.

Payward Hyperliquid Timeline and Regulatory Push

Bloomberg reported in August that Payward was exploring a way to bring Hyperliquid-linked perpetuals to US traders through Bitnomial. Payward then announced its plans on Sept. 16, saying Bitnomial would manage deployment, clearing and settlement, subject to approval. Separately, the Hyperliquid Policy Center told EU regulators that licensed firms could run markets on the protocol with leverage limits and onchain access restrictions while offering regulated products.