Kraken Parent Payward Plans Regulated US Perpetual Futures On Hyperliquid

• Payward, Kraken’s parent company, plans to offer permissioned US perpetual futures markets using Hyperliquid’s infrastructure.
• Hyperliquid HIP-3* adds an optional onchain allowlist to restrict access to designated perpetual futures markets.
• Bitnomial would operate the proposed markets and manage clearing and settlement, subject to regulatory approval.

Payward, the parent company of cryptocurrency exchange Kraken, plans to launch permissioned futures markets for US customers using Hyperliquid’s infrastructure. This plan could bring regulated derivatives trading to the blockchain network, although the launch date and initial contracts have not yet been confirmed.

Payward, the parent company of Kraken, announced its intention to be the first CFTC-regulated deployer on HIP-3* markets. Payward will use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US clients. Subject to regulatory approval, Bitnomial, Payward’s CFTC-regulated DCM and DCO, would act as the HIP-3* deployer: creating, owning, and administering the markets and clearing and settling the contracts. If approved, NinjaTrader Clearing, Payward’s CFTC-registered FCM, would carry client accounts.

HIP-3 will support optional deployer configuration for permissioned markets in a future network upgrade. This set of additional deployer functionality is collectively called HIP-3*. At its core, HIP-3* activation involves an onchain allowlist managed by the deployer or its sub-deployers. The functionality is strictly additive to HIP-3; its use is optional and up to the deployer. Existing markets remain unchanged. The initial release is available on testnet, where specifications are preliminary and subject to change based on feedback.

Hyperliquid is a neutral infrastructure layer with the goal of supporting large parts of the financial system. HIP-3* gives deployers additional functionality to operate deployments consistent with the requirements applicable to them. As with HIP-3, HIP-3* deployers are independent operators who use Hyperliquid as the onchain infrastructure layer for their own markets, while retaining control and responsibility over their deployment.

— Hyperliquid (@HyperliquidX) October 26, 2026

On October 26, Hyperliquid announced on X that Payward intends to become a Commodity Futures Trading Commission (CFTC) regulated deployer on its HIP-3 markets. Payward intends to become the regulated deployer.

@HyperliquidX https://t.co/Wud8O5abPO

— Payward (@Payward) October 26, 2026

Under this proposed arrangement, Bitnomial would. Run the markets while also handling clearing and settlement. NinjaTrader Clearing, which is Payward’s registered futures commission merchant (FCM), would hold the customer accounts. However, this arrangement is still subject to approval.

Hyperliquid HIP-3* Framework Enables Permissioned Trading

Hyperliquid’s HIP-3 framework lets independent deployers start futures markets on its network. The HIP-3* upgrade brings an onchain allowlist. This lets deployers limit access to wallet addresses.

This can help market operators keep eligible users in their markets. They don’t need to change existing HIP-3 markets to do this.. Hyperliquid said the first HIP-3* release is only on testnet. The specs are still being worked on. May change.

The testnet release does not mean Payward’s proposed markets are live or approved for trading in the US.

Bitnomial & NinjaTrader Support Market Operations

The proposed structure assigns separate responsibilities to the participating companies. Hyperliquid would provide the onchain infrastructure, Bitnomial would manage market operations and clearing, and NinjaTrader Clearing would handle customer accounts.

These roles reflect the different requirements involved in operating derivatives markets, clearing trades and serving customers through regulated financial entities.

In April, Payward agreed to acquire Bitnomial in a deal valued at up to $550 million in cash and stock. The proposed acquisition would expand Payward’s access to US derivatives exchange and clearing infrastructure.

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