Hyperliquid has outlined plans to introduce permissioned perpetual futures markets through its HIP-3* framework, with Kraken parent Payward intending to become the first CFTC regulated deployer to offer the products to US customers.
Payward, the parent company of Kraken, announced its intention to be the first CFTC-regulated deployer on HIP-3* markets. Payward will use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US clients. Subject to regulatory approval, Bitnomial,…
— Hyperliquid (@HyperliquidX) October 26, 2026
Under the proposed arrangement, Payward would use Hyperliquid as the underlying blockchain infrastructure, while its CFTC regulated exchange and clearinghouse Bitnomial would create, administer, clear and settle the perpetual futures contracts.
NinjaTrader Clearing, Payward’s registered futures commission merchant, would manage customer accounts. The proposed offering remains subject to regulatory approval.
The announcement briefly pushed Hyperliquid’s native token HYPE above $80 before it retreated to approximately $79.65 at press time.
The rebound followed a broader weekend crypto selloff that sent HYPE near $74 on Saturday. Bitcoin also fell below $79,000 during the weekend before recovering above $80,000 on Monday morning.
Hyperliquid introduces permissioned markets through HIP-3*
The new framework expands Hyperliquid’s existing HIP-3 infrastructure, which allows independent builders to deploy perpetual futures markets tied to cryptocurrencies, equities, commodities and other assets.
HIP-3* introduces optional permissioned markets through onchain allowlists controlled by individual deployers or their designated operators.
The feature allows market operators to determine which accounts can access their contracts, making it possible to deploy markets that operate within specific regulatory requirements.
Unlike the existing permissionless HIP-3 markets, these deployments can restrict access to approved participants while using Hyperliquid’s underlying blockchain and order book infrastructure.
Hyperliquid said the new functionality is strictly additive, meaning existing HIP-3 markets will remain unchanged and deployers can choose whether to use permissioned access.
The initial implementation is available on testnet, with specifications subject to changes before a future network upgrade.
The framework is designed to allow independent operators to deploy regulated financial products while retaining responsibility for their own markets, rather than requiring Hyperliquid to manage compliance across the entire network.
Payward plans regulated US perpetual futures on Hyperliquid
The announcement builds on a September 16 agreement between Payward and Hyperliquid to explore bringing regulated perpetual futures to US customers.
The latest development further outlines how the companies intend to implement that arrangement through HIP-3*, with Bitnomial acting as the regulated market operator.
The proposal comes as Hyperliquid seeks to overcome regulatory restrictions that have prevented US residents from accessing its existing perpetual futures markets.
Despite becoming one of the largest decentralized derivatives platforms, Hyperliquid has operated without direct access to the US market, limiting its ability to serve American traders.
The proposed Payward structure could provide a route into that market by allowing regulated operators to offer perpetual futures using Hyperliquid’s infrastructure without requiring the blockchain itself to become a regulated exchange.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.