Quick answer: On Oct. 26, 2026, Hyperliquid said Kraken parent Payward intends to be the first CFTC-regulated deployer on HIP-3*, a permissioned add-on to its HIP-3 markets. Payward’s Bitnomial would run and clear US perpetual futures on Hyperliquid, with NinjaTrader Clearing holding accounts. It still needs regulatory approval and a network upgrade.
Hyperliquid HIP-3 just got its first would-be regulated operator. In a post on X at 17:35 UTC on Oct. 26, 2026, Hyperliquid said Payward, the parent company of Kraken, intends to be the first CFTC-regulated deployer on “HIP-3*” markets, using Hyperliquid as the infrastructure layer for perpetual futures aimed at US clients.
Payward first laid out the plan in a Sept. 16 press release. What changed on Monday is that Hyperliquid itself put its name behind the structure and shipped a first testnet version of the feature that would make it possible.
What is Hyperliquid HIP-3*?
HIP-3 is Hyperliquid’s framework for builder-deployed perpetual markets. Outside teams can launch their own perps on Hyperliquid’s onchain order book, which is how stock perps and Pump.fun’s leveraged markets appeared there.
HIP-3* is an optional set of extra deployer controls. At its core is an onchain allowlist managed by the deployer or its sub-deployers, so only approved accounts can trade a given market. Hyperliquid said the feature is “strictly additive,” existing markets stay unchanged, and the first release is on testnet with “preliminary” specifications. Mainnet support needs a future network upgrade.
How would Payward’s US perps on Hyperliquid work?
According to Payward and Hyperliquid, three regulated Payward companies would split the work:
- Bitnomial Exchange, a CFTC-regulated designated contract market (DCM), would list the contracts under its own rules;
- Bitnomial Clearinghouse, a CFTC-registered derivatives clearing organization (DCO), would act as the HIP-3* deployer and clear and settle trades;
- NinjaTrader Clearing, a CFTC-registered futures commission merchant (FCM), would carry client accounts.
Trades would match and be recorded on Hyperliquid’s public chain. However, only accounts onboarded by NinjaTrader and present on both NinjaTrader’s and Bitnomial’s allowlists could trade. “A US client would open a futures account with Payward’s registered broker and trade new perpetual futures contracts on Hyperliquid,” Jon Pham, Payward’s head of US derivatives, said in September.
In other words, this would be a separate set of US markets, not a door into Hyperliquid’s existing open markets.
Why does this matter for US traders and DeFi?
Perpetual futures have traded offshore since 2016, and more than $85 trillion changed hands worldwide in 2025, Payward said, citing CoinGecko. For most of the past decade, no US venue offered them. Payward co-CEO Arjun Sethi said no registered US exchange or clearinghouse has deployed a market on Hyperliquid yet.
If approved, the plan would be a test case for something regulators have debated for years: a licensed firm carrying the legal duties while a public blockchain does the matching. The Block notes it is still unclear how permissioning would handle identity checks in practice. The CFTC’s own stance on perps is also a live fight, as its court battle with CME shows.
What does it mean for the HYPE price?
The market reaction was modest. HYPE rose from about $77.20 at 12:00 UTC on Oct. 26 to around $79.70 at 18:00 UTC, shortly after the post, then eased to $77.44 by 04:58 UTC on Oct. 27, per CoinGecko. That left it up 2.2% in 24 hours with a market cap near $17.2 billion.
Hyperliquid’s main perps carried about $11.0 billion in open interest at that time, based on CryptoVank’s sum of its public API data. A regulated US channel could add new flow over time, but nothing launches until approval and the upgrade arrive. Meanwhile, Hyperliquid has faced scrutiny over illicit flows through its swaps, a reminder that compliance questions cut both ways.
What happens next?
Three things must happen before any US client can trade: regulators must approve Payward’s plan, Hyperliquid must activate HIP-3* on mainnet through an upgrade, and Bitnomial must list the actual contracts. Neither company has given a launch date or a contract lineup. As a result, the Oct. 26 news is a firm signal of intent rather than a product launch.
Hyperliquid HIP-3 FAQ
What is the difference between HIP-3 and HIP-3*?
HIP-3 lets anyone who meets Hyperliquid’s requirements deploy their own perpetual markets. HIP-3* adds optional controls, mainly an onchain allowlist, so a regulated deployer can restrict trading to approved accounts, per Hyperliquid’s Oct. 26, 2026 post.
Can US traders use Hyperliquid perps through Kraken now?
No. As of Oct. 27, 2026, the plan still needs regulatory approval and a Hyperliquid network upgrade. HIP-3* exists only on testnet, and no launch date has been announced.
Who would regulate Payward’s Hyperliquid markets?
The CFTC. Bitnomial is a CFTC-regulated exchange and clearinghouse, and NinjaTrader Clearing is a CFTC-registered futures commission merchant and NFA member that would hold client accounts, per Payward.
Does HIP-3* change existing Hyperliquid markets?
No. Hyperliquid said HIP-3* is strictly additive and optional for deployers, and existing markets remain unchanged.
Not financial advice. Perpetual futures are high-risk leveraged products. Always DYOR.
