Hyperliquid has formally backed Kraken parent Payward as its intended first CFTC-regulated deployer on HIP-3*, a permissioned upgrade introducing onchain allowlists for perpetual futures markets. Under the proposal, Payward's Bitnomial subsidiary would clear and settle contracts matching on Hyperliquid's order book, while NinjaTrader Clearing manages allowlisted U.S. accounts. Regulatory approval could take up to a year, positioning Hyperliquid as a neutral layer for regulated financial infrastructure.
Announcement and proposed regulatory structure
- ▪Under Payward's proposed HIP-3* deployment structure, trading access would be restricted exclusively to allowlisted U.S. accounts
- ▪If approved by regulators, Payward's CFTC-registered futures commission merchant, NinjaTrader Clearing, would carry client accounts for Hyperliquid's HIP-3* markets
- ▪Hyperliquid announced that it intends to make Kraken parent Payward the first CFTC-regulated deployer on Hyperliquid's HIP-3 market framework
- ▪Trades on Payward's proposed HIP-3* U.S. perpetual futures markets would match on Hyperliquid's onchain order book
Hyperliquid's HIP-3 framework features
- ▪Hyperliquid described itself as a neutral infrastructure layer where deployers retain control of and legal responsibility for their own permissioned markets
- ▪Hyperliquid's HIP-3* upgrade adds optional onchain allowlists managed by deployers to restrict market access, and is available on testnet as of October 26, 2026
- ▪The standard HIP-3 framework, live since October 13, 2025, allows anyone staking 500,000 HYPE to deploy perpetual futures markets on Hyperliquid
Timeline and regulatory approval process
- ▪Bloomberg first reported Payward's talks to bring Hyperliquid-linked perpetual futures to U.S. traders on August 31, 2026, and Payward confirmed its plans to use Bitnomial for deployment, clearing, and settlement on September 16, 2026
- ▪Former senior SEC counsel Ashley Ebersole estimated in September 2026 that CFTC regulatory approval for Payward's HIP-3* onshore perps deployment could take up to a year and involve both the SEC and CFTC
- ▪Payward's planned deployment of perpetual futures markets on Hyperliquid remains subject to regulatory approval, with no launch date or mainnet date set as of October 26, 2026
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