Derivatives
Payward to Become First CFTC-Regulated Deployer on Hyperliquid’s HIP-3 Framework
Payward, the parent company of Kraken, has announced its intention to become the first CFTC-regulated deployer on Hyperliquid’s HIP-3 framework, which facilitates the creation of on-chain perpetual futures markets. This initiative, revealed on September 16, 2026, aims to provide US clients with access to regulated perpetual futures trading.
The deployment will utilize Hyperliquid’s infrastructure, with Bitnomial—acquired by Payward in May 2026—serving as the HIP-3 deployer responsible for market administration and clearing. NinjaTrader Clearing will act as the futures commission merchant, managing customer accounts and funds. Access to these markets will be restricted to accounts that are allowlisted through the regulated entities, ensuring compliance with US regulations.
Perpetual futures are derivatives contracts that allow traders to speculate on price movements without owning the underlying asset. The HIP-3 framework, operational since October 2025, enables third-party builders to create their own perpetual markets, requiring a minimum stake of 500,000 HYPE tokens. Currently, HIP-3 markets account for a significant portion of Hyperliquid’s trading volume.
Payward’s strategy aims to layer US compliance over Hyperliquid’s decentralized infrastructure, providing a safer trading environment for US investors while addressing the restrictions on offshore perpetual futures. The rollout is contingent on regulatory approvals, and while specific launch dates and market offerings have not been disclosed, the move represents a significant step towards regulated derivatives trading in the US.
FAQ
What is Payward's recent announcement regarding Hyperliquid?
Payward, the parent company of Kraken, has announced its intention to become the first CFTC-regulated deployer on Hyperliquid’s HIP-3 framework, facilitating the creation of on-chain perpetual futures markets for US clients.
What are perpetual futures and how do they work?
Perpetual futures are derivatives contracts that allow traders to speculate on price movements without owning the underlying asset. They do not have an expiration date, enabling continuous trading.
What is the HIP-3 framework?
The HIP-3 framework, operational since October 2025, allows third-party builders to create their own perpetual futures markets on Hyperliquid, requiring a minimum stake of 500,000 HYPE tokens.
Who will manage customer accounts and funds for the new markets?
NinjaTrader Clearing will act as the futures commission merchant, responsible for managing customer accounts and funds in the new regulated markets.
What are the compliance measures for accessing these new markets?
Access to the new perpetual futures markets will be restricted to accounts that are allowlisted through the regulated entities, ensuring compliance with US regulations.