Kraken’s parent plans regulated US perpetual futures on Hyperliquid

• Hyperliquid announced Kraken parent Payward will serve as the first CFTC-regulated deployer of perpetual futures on its HIP-3 infrastructure.
• HIP-3* introduces optional on-chain allowlists, enabling deployers to restrict market access while maintaining independent control over their markets.
• Payward previously outlined plans to bring perpetual futures models to individual stocks through Bitnomial’s regulated exchange and clearing services.

Hyperliquid (HYPE) has named Payward, the parent company of crypto exchange Kraken, as its intended first Commodity Futures Trading Commission (CFTC)-regulated deployer on HIP-3 markets.

Payward to introduce permissioned markets on Hyperliquid through HIP-3

In an X post on Monday, Hyperliquid stated that Payward plans to use its infrastructure to deploy perpetual futures markets for US customers. The proposed arrangement remains subject to regulatory approval.

Under the plan, Bitnomial, Payward’s CFTC-regulated designated contract market (DCM) and derivatives clearing organization (DCO), would create, own and administer the markets while handling contract clearing and settlement.

NinjaTrader Clearing, Payward’s CFTC-registered futures commission merchant (FCM), would carry client accounts if the proposal receives approval.

The announcement marks a step toward bringing regulated derivatives trading onto Hyperliquid’s on-chain infrastructure while leaving market operations and regulatory responsibilities with the independent deployer.

“Payward will use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US clients,” Hyperliquid wrote.

Hyperliquid outlines HIP-3* permissioned markets

The proposed deployment will use HIP-3*, an extension of Hyperliquid’s HIP-3 framework that introduces optional permissioned markets. The feature allows deployers to restrict market access through on-chain allowlists managed by deployers or their sub-deployers.

Hyperliquid noted that support for the additional configuration will arrive through a future network upgrade. An initial version is available on testnet, where the specifications remain preliminary and subject to change based on feedback.

The protocol emphasized that HIP-3* is an optional addition to HIP-3, meaning existing markets will remain unchanged. Independent deployers will retain control and responsibility for their own markets while using Hyperliquid as the underlying infrastructure.

The announcement follows Payward’s September 16 statement that it intended to bring on-chain perpetual futures to US clients, beginning with Hyperliquid’s HIP-3 markets.

At the time, Payward noted that Bitnomial would deploy the markets and handle clearing and settlement, while NinjaTrader Clearing would carry customer accounts. The company also outlined a restricted-access model in which customers would need to complete onboarding with NinjaTrader and appear on both NinjaTrader’s and Bitnomial’s allowlists.

Payward Co-CEO Arjun Sethi said in September that the company intended to become the first registered US exchange and clearinghouse to deploy markets on Hyperliquid.

The plan would combine Hyperliquid’s public blockchain and on-chain order book with Payward’s regulated exchange, clearing and brokerage infrastructure. Contracts would be listed under Bitnomial Exchange’s rules, with the relevant regulated entities retaining their respective obligations.

However, the Payward deployment is pending regulatory approval. The initial HIP-3* implementation also remains on testnet, with Hyperliquid yet to confirm a launch date for the proposed markets.

HYPE is trading at $77.50, up nearly 3% in the past 24 hours at the time of writing.