TLDR:
- Payward plans to become the first CFTC-regulated deployer on Hyperliquid’s HIP-3* perpetual markets.
- Bitnomial would deploy and clear the markets, while NinjaTrader Clearing would carry client accounts.
- HIP-3* adds optional onchain allowlists for permissioned markets without affecting existing markets.
- The initial HIP-3* version is live on testnet, with specifications still subject to change.
Payward, the parent company of Kraken, plans to become the first CFTC-regulated HIP-3* deployer on Hyperliquid.
The company intends to use the network as infrastructure for perpetual futures markets aimed at U.S. clients. Bitnomial, its CFTC-regulated exchange and clearinghouse, would act as the deployer.
The plan remains subject to regulatory approval. Hyperliquid announced the proposal alongside an optional allowlist feature for permissioned markets. The initial version is live on testnet, and its specifications may still change.
Payward Plans a Regulated Structure on Hyperliquid
Hyperliquid shared the announcement in a post on X. According to the post, Payward wants to be the first CFTC-regulated HIP-3* deployer on its markets.
The post described the network’s role in the plan. “Payward will use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US clients.” These contracts would be offered through regulated entities within the Payward group.
Bitnomial would hold the central role in the plan. The firm is a CFTC-regulated designated contract market and derivatives clearing organization.
If approved, it would act as the deployer. In that role, it would create, own, and administer the markets. Bitnomial would also clear and settle the contracts.
NinjaTrader Clearing would carry client accounts under the proposal. The firm is Payward’s CFTC-registered futures commission merchant.
That role also depends on approval. Each unit would operate within its own CFTC registration. As a result, the CFTC-regulated HIP-3* deployer structure splits market operation and client accounts between two regulated units.
Payward’s plan remains conditional. Each step depends on regulatory approval, and regulators have not yet approved the arrangement.
Until then, the CFTC-regulated HIP-3* deployer plan stays an intention rather than a live product. Hyperliquid framed the announcement around Payward’s stated intention.
How HIP-3* Changes Deployer Options
HIP-3* is a set of additional deployer functions. Hyperliquid said HIP-3 will support optional configuration for permissioned markets in a future network upgrade. Meanwhile, the name groups these new capabilities under one label.
Hyperliquid explained how activation works. “At its core, HIP-3* activation involves an onchain allowlist managed by the deployer or its sub-deployers.”
As a result, only approved participants could access a permissioned market. This gives a deployer a way to control who can trade on a given market.
Hyperliquid also addressed how the feature relates to existing markets. “The functionality is strictly additive to HIP-3; its use is optional and up to the deployer.”
Existing markets remain unchanged. Hyperliquid said HIP-3* gives deployers added functionality to operate consistent with applicable requirements.
The initial release is available on testnet. Specifications are preliminary and may change based on feedback. Hyperliquid described its position in broad terms. “Hyperliquid is a neutral infrastructure layer with the goal of supporting large parts of the financial system.”
Deployers, including a CFTC-regulated HIP-3* deployer, remain independent operators. They keep control and responsibility over their own deployments.
