Payward Hyperliquid Plan Sets First CFTC-Regulated HIP-3 Perpetual Futures

Payward, the parent company of Kraken, announced on 16 September 2026 its intent to deploy the first CFTC-regulated perpetual futures markets on Hyperliquid using the HIP-3 framework. Hyperliquid confirmed the development on 26 October 2026, identifying Payward and Bitnomial as the initial CFTC-regulated deployer under the new HIP-3* permissioned model.

Market Structure and Clearing Arrangements

Bitnomial Exchange, LLC, a CFTC-designated contract market, will create, own and administer the markets. Bitnomial Clearinghouse, LLC, a CFTC derivatives clearing organization, will handle clearing and settlement on Hyperliquid’s public onchain order book. NinjaTrader Clearing, LLC, registered as a futures commission merchant and operating as Kraken Derivatives US, will carry client accounts. Access will remain limited to participants onboarded by NinjaTrader and listed on allowlists maintained by both NinjaTrader and Bitnomial.

The arrangement keeps trading activity within the existing CFTC regulatory perimeter while recording orders and positions on Hyperliquid’s blockchain infrastructure. Payward entities retain operational control and continue to meet all CFTC obligations. No specific contract specifications, fee schedules or leverage limits have been released.

Hyperliquid introduced HIP-3 in October 2025 to allow builders to deploy perpetual futures after staking 500,000 HYPE tokens for at least 183 days. The HIP-3* variant adds optional onchain allowlists that restrict participation without altering existing markets. Testnet activity for the permissioned variant began in late October 2026, with mainnet timing still subject to regulatory clearance.

Acquisition Background and Platform Scale

Payward completed its acquisition of Bitnomial in May 2026 for up to $550 million, gaining a full stack of CFTC registrations covering a designated contract market, derivatives clearing organization and futures commission merchant. Kraken subsequently launched its own CFTC-regulated crypto perpetuals through Bitnomial in June 2026. No prior registered U.S. exchange or clearinghouse had deployed products on Hyperliquid.

Hyperliquid recorded daily perpetual futures volume between $7 billion and $8 billion in October 2026, with open interest ranging from $7.5 billion to $15 billion. Markets created under HIP-3 accounted for 25 to 38 percent of that activity, though one builder handled roughly 97 percent of the HIP-3 share. A 30-day sample of HIP-3 volume reached $64.7 billion, representing 26.7 percent of total platform volume during the period.

Regulatory Status and Implementation Timeline

The proposal remains subject to CFTC approval, and no launch date has been set. Payward stated that all regulatory requirements will be satisfied before trading begins. Hyperliquid will continue to supply neutral infrastructure while the designated deployer maintains full control over its markets and compliance processes.

Industry participants will monitor whether additional CFTC-registered entities pursue similar HIP-3 deployments once the permissioned framework reaches mainnet. The structure demonstrates how onchain venues can integrate with existing U.S. regulatory frameworks without creating new registration categories.