Hyperliquid names Payward for regulated US futures

• Hyperliquid plans to make Payward, Kraken’s parent, its first CFTC-regulated deployer on HIP-3* markets.
• Bitnomial would operate the markets, while NinjaTrader Clearing would manage customer accounts.
• The proposed US perpetual futures offering remains subject to regulatory approval, with access controls currently available on testnet.

Hyperliquid (HYPE) plans to appoint Payward as its first CFTC-regulated HIP-3* deployer, opening a potential route to US perpetual futures trading.

The proposal builds on Payward’s September plan to offer on-chain perpetual futures to US clients using Hyperliquid’s blockchain infrastructure.

“Hyperliquid is a neutral infrastructure layer with the goal of supporting large parts of the financial system,” Hyperliquid said in its announcement.

Under the proposed structure, Payward’s regulated exchange Bitnomial would create, administer, clear and settle the contracts, subject to approval.

NinjaTrader Clearing, Payward’s registered futures commission merchant, would carry customer accounts, with trading limited to approved accounts on both entities’ allowlists.

Hyperliquid’s HIP-3* framework adds optional on-chain allowlists, letting market deployers restrict access while retaining control over their individual markets.

The initial HIP-3* functionality is available on testnet, while its specifications remain preliminary and existing HIP-3 markets remain unchanged.

Following the update, HYPE was trading up 3.3% at $78.51.