Hyperliquid names Kraken parent Payward first CFTC-regulated HIP-3 deployer
Payward's Bitnomial would create and clear perpetual futures on Hyperliquid for U.S. clients. The plan still needs regulatory approval.
TL;DR
- Hyperliquid said on Oct. 26, 2026 that it intends to make Kraken parent Payward the first CFTC-regulated deployer on its HIP-3 markets, The Block reported.
- Bitnomial, Payward's CFTC-regulated exchange and clearinghouse, would act as deployer; NinjaTrader Clearing would carry client accounts if approved.
- HIP-3 permissioning, which restricts access via onchain allowlists, is on testnet, and Payward's deployment remains subject to regulatory approval.
- Payward first announced the plan on Sept. 16, 2026, citing more than $85 trillion in global perpetual futures volume in 2025, per CoinGecko.
Regulated U.S. perpetual futures on a public blockchain moved a step closer. Hyperliquid said on Oct. 26, 2026 that it intends to make Payward, the parent company of Kraken, the first CFTC-regulated deployer on its HIP-3 markets, The Block reported.
"Hyperliquid is a neutral infrastructure layer with the goal of supporting large parts of the financial system," the protocol said, adding that deployers keep control and responsibility for their own markets.
How the structure would work
- Bitnomial, Payward's CFTC-regulated designated contract market and clearinghouse, would create, own and administer the market and clear and settle the contracts, according to Payward.
- NinjaTrader Clearing, Payward's CFTC-registered futures commission merchant, would carry client accounts.
- Only accounts onboarded by NinjaTrader and on both NinjaTrader's and Bitnomial's allowlists could trade.
The HIP-3 permissioning function is available on testnet, and the deployment remains subject to regulatory approval, The Block said. It is still unclear whether a Payward-deployed market would include built-in KYC checks.
The numbers behind the push
In its Sept. 16, 2026 announcement, Payward said more than $85 trillion in perpetual futures changed hands worldwide in 2025, citing CoinGecko, and that Hyperliquid handled more than $200 billion of volume in the prior 30 days, per DefiLlama. Payward reported 6.6 million funded accounts as of June 30, 2026.
What it means for Web3 teams – Analysis
If approved, a licensed U.S. firm would run markets on a public onchain order book while carrying the regulatory obligations itself. That template, regulated front end plus neutral protocol, could matter for any DeFi project hoping to reach U.S. users. This is not investment advice.
FAQ
What did Hyperliquid announce?
On Oct. 26, 2026, it said it intends to make Payward the first CFTC-regulated deployer on its HIP-3 markets.
Who would run the markets?
Payward's Bitnomial would create, administer, clear and settle the contracts; NinjaTrader Clearing would carry client accounts.
Is it live?
No. HIP-3 permissioning is on testnet and Payward's deployment is subject to regulatory approval.
What is HIP-3?
Hyperliquid's framework for builder-deployed perpetual markets; the upgrade lets deployers restrict access through onchain allowlists.
Sources
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