Hyperliquid has formally co-signed Payward’s plan to bring its perps onshore. In a post Monday (Oct. 26th), it named Kraken’s parent company as its intended first CFTC-regulated deployer on HIP-3*, a permissioned version of Hyperliquid’s builder-deployed markets framework.
The structure itself isn’t new, since Payward unveiled it in September. What’s new is Hyperliquid putting its own name behind it.
What’s the Scoop?
What changed: Until now, the plan came from Payward and press reports. Hyperliquid’s official account has now laid out the same structure itself. It describes itself as a neutral infrastructure layer, with deployers keeping control of, and responsibility for, their own markets. There’s still no regulatory approval, no launch date, and no mainnet date for HIP-3*.
How it’d work: If approved, Payward’s Bitnomial, a CFTC-regulated exchange and clearinghouse, would create, own, and administer the markets and clear and settle the contracts. Trades would match on Hyperliquid’s onchain order book. NinjaTrader Clearing, Payward’s registered futures broker, would carry client accounts, and only allowlisted US accounts could trade.
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What HIP-3* adds: HIP-3 has been live since Oct. 13th, 2025. It lets anyone who stakes 500,000 HYPE deploy their own perp markets on Hyperliquid. HIP-3* adds optional onchain allowlists managed by each deployer, and existing markets stay unchanged. Co-founder Jeff Yan unveiled it on Sept. 3rd, and it’s still in preliminary form on testnet.
The road so far: Bloomberg first reported the talks on Aug. 31st, and Payward confirmed its plan on Sept. 16th. Bitnomial, which Payward bought for up to $550M earlier this year, already powers Kraken’s US perps.
Bankless Take:
So what are we still waiting on? The milestones that matter from here are CFTC sign-off, HIP-3* reaching mainnet, and the first Bitnomial-deployed market going live.
Don’t expect them soon. In September, former senior SEC counsel Ashley Ebersole estimated that approval could take up to a year and may involve both the SEC and the CFTC. Still, Kraken’s parent and Hyperliquid now publicly share a regulated path onshore, and that’s a signal for where crypto perps are headed.