Kraken parent Payward plans to be the first CFTC-regulated deployer on Hyperliquid HIP-3* markets for US perps

What was announced

Hyperliquid said on its official X account on 26 October 2026, at 17:35 UTC, that Payward, the parent company of Kraken, intends to be the first CFTC-regulated deployer on HIP-3* markets. Payward would use Hyperliquid as the infrastructure layer for perpetual futures markets offered to US clients. Kraken's official account replied a few minutes later with "Excited for what's ahead", and Kraken Pro reposted the announcement.

This is a plan, not a launch. Hyperliquid and Payward both say the arrangement is subject to regulatory approval, and neither has published a start date, a list of contracts or fees.

Who would run the markets

Bitnomial, which Payward owns, is a CFTC-regulated exchange (a designated contract market) and clearinghouse (a derivatives clearing organization). Under the plan it would be the HIP-3* deployer: it would create, own and administer the markets and clear and settle the contracts, which would be listed under Bitnomial Exchange rules. NinjaTrader Clearing, Payward's CFTC-registered futures commission merchant, would carry client accounts.

Trading would be restricted. Payward says only accounts onboarded by NinjaTrader and on both NinjaTrader's and Bitnomial's allowlists could trade. In Payward's description, a US client would open a futures account with its registered broker and trade the new perpetual contracts on Hyperliquid, cleared through the same clearinghouse behind the crypto perps Payward already offers in the US.

What HIP-3* adds to Hyperliquid

HIP-3 is Hyperliquid's framework for builder-deployed perpetual markets, where an independent operator lists its own markets on the protocol. Hyperliquid says HIP-3* is a set of optional deployer settings for permissioned markets that will arrive in a future network upgrade. At its core is an onchain allowlist managed by the deployer or its sub-deployers.

Hyperliquid says the functionality is strictly additive and optional, and existing markets remain unchanged. An initial release is on testnet, with specifications it calls preliminary and subject to change based on feedback. Deployers remain independent operators responsible for their own markets.

Timeline so far

Payward first announced the intention in a press release dated 16 September 2026, naming Hyperliquid as the first protocol it plans to deploy on for US clients. Hyperliquid's 26 October post is the protocol's own description of the permissioned functionality that such a deployment would rely on.

Our take

For US traders nothing changes today: there is no product to sign up for, and regulatory approval is the gating step. If it goes ahead, access would run through a regulated futures account and an allowlist rather than open, permissionless trading. Perpetual futures are leveraged derivatives and can be liquidated, so treat any eventual launch with the usual caution.