Hyperliquid details Payward's bid for regulated US HIP-3 markets

What happened

Hyperliquid used an Oct. 26 post on X to set out how Payward, the parent of Kraken, could become the first CFTC-regulated deployer of HIP-3 markets. The plan, reported by Crypto.news and Bitcoin.com News, would give eligible US clients access to onchain perpetual futures through Bitnomial, but it still needs regulatory approval and a future Hyperliquid network upgrade.

Under the proposed structure, Bitnomial would create, own and run the markets and handle clearing and settlement. NinjaTrader Clearing, Payward's CFTC-registered futures commission merchant, would hold customer accounts. Hyperliquid would supply the infrastructure layer, while the regulated Payward entities would operate the products and serve clients. Contracts would be listed under Bitnomial Exchange's rules, with the named exchange, clearinghouse and brokerage carrying the regulatory obligations.

Access would not be open to every Hyperliquid user. Customers would need to complete onboarding with NinjaTrader and appear on allowlists maintained by both NinjaTrader and Bitnomial, with a futures account at the registered broker providing entry to the contracts. Hyperliquid described the arrangement as a separate set of markets deployed through regulated entities, rather than a route into its existing markets.

The technical change is HIP-3*, which Hyperliquid calls an optional permissioning add-on to its existing HIP-3 framework. A deployer, or appointed sub-deployers, would manage an onchain allowlist. Hyperliquid said the feature leaves current HIP-3 markets untouched, is available in an initial testnet release with preliminary specifications, and would be supported by a later network upgrade.

Why it matters

Payward's proposal would put a regulated exchange, clearinghouse and brokerage operation on top of public blockchain infrastructure that has generally been associated with open access. For Hyperliquid, the optional allowlist is a way to let deployers run markets in line with rules that apply to them while leaving permissionless markets as they are. For US traders, the result would be regulated access through intermediaries, not unrestricted use of Hyperliquid's existing order books. Crypto.news noted that the plan follows Payward's September announcement naming Hyperliquid as the first protocol it intended to use for US onchain perpetual futures.

What the data shows

Hyperliquid's HIP-3 documentation assigns market definitions, contract specifications, oracle prices and leverage limits to deployers. According to the documentation, builder-deployed perpetuals rely on HyperCore for margining and order books, but each deployed perpetual exchange keeps its own margining, order books and settings. The documentation lists a 500,000 HYPE mainnet staking requirement, maintained for at least 183 days after deployment, for HIP-3 generally; the Oct. 26 post did not set out separate staking terms for Payward's proposed markets. It also describes a settlement process in which a deployer can halt trading in an asset, cancel orders and settle positions at the current mark price, then resume trading; once every asset is settled, the required stake can be unstaked. Bitcoin.com News reported that HYPE rose about 2.2% after the post and traded just under $79, still about 20% below its September peak of $97.96. No launch date, contract lineup or final trading specifications have been announced.

Background

Payward completed its acquisition of Bitnomial in May 2026, bringing exchange, clearing and brokerage capabilities into its US derivatives business. The deal was initially valued at up to $550 million in cash and stock; coverage noted that final terms were not disclosed at closing. Bitnomial retained its licenses, regulatory structure and third-party clearing operations within the group, according to the completion announcement. Bitnomial Exchange had received designated contract market status from the CFTC in April 2020. Payward had also acquired a licensed UK crypto futures platform in 2019 and launched an EU-regulated derivatives offering in 2025. Hyperliquid's earlier permissioned-market work was described on Sept. 3, when co-founder Jeffrey Yan outlined deployer-managed participant lists and a design that let operators appoint sub-deployers without handing access decisions to the core development team.

What is still unclear

Several elements remain unresolved. The markets cannot launch without regulatory approval, and Hyperliquid must first activate the optional deployer configuration through a network upgrade. The testnet specifications may change after feedback. It is also not yet clear which contracts would be listed, when a launch might occur, or whether Payward's markets would carry staking terms distinct from the general HIP-3 requirement.

What to watch

The next milestones are the CFTC approval process, the Hyperliquid network upgrade that would enable the optional deployer setup, and any changes to the testnet design after review. Hyperliquid's statement that independent operators keep control and responsibility for their markets will also be a point to track as deployers decide whether to use the permissioning feature. Separately, Hyperliquid Policy Center asked the CFTC on Oct. 20 to allow US futures and perpetual contracts tied to GPU rental prices and AI inference costs, a different proposal that shows continuing interest in regulated onchain derivatives.

Questions readers ask