Hyperliquid said on Oct. 26 that it is building an opt-in way for market deployers to limit who can trade, and that Payward, the parent company of Kraken, intends to be the first CFTC-regulated firm to use it. The decentralized perpetuals exchange laid out the plan in a post on X, adding that the setup still needs regulatory approval.
Under the proposed setup, Payward would keep the whole chain in-house. Bitnomial, which is registered with the CFTC as both an exchange and a clearinghouse, would launch and operate the markets and clear and settle trades in them, if regulators sign off. The client accounts would sit with NinjaTrader Clearing, a Payward entity registered with the CFTC as a futures commission merchant.
The feature, which Hyperliquid calls HIP-3*, adds settings to HIP-3, the framework that lets outside builders deploy their own perpetual futures markets on the exchange. Its centerpiece is an onchain allowlist that the deployer, or its sub-deployers, controls. Hyperliquid said using it is optional, that it only adds to HIP-3, and that markets already running will not change.
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Testnet First, No Launch Date
The first version is running on testnet only. Hyperliquid said the specifications there are preliminary and could change based on feedback, and that HIP-3 would support the permissioned-market settings in a future network upgrade. Neither Hyperliquid nor Payward has given a date for live trading or published contract details.
“Hyperliquid is a neutral infrastructure layer with the goal of supporting large parts of the financial system,” the exchange wrote. Under the framework, the post said, each deployer keeps control of its own markets and answers for them.
Payward’s September Plan
Payward first announced its intention on Sept. 16. Its release said trading would be limited to accounts that NinjaTrader had signed up and that sat on allowlists kept by both NinjaTrader and Bitnomial, and that Payward had 6.6 million funded accounts as of June 30.
“Payward intends to be the first, holding the keys and carrying the regulatory obligations,” Co-CEO Arjun Sethi said in the release.
Hyperliquid co-founder Jeff Yan welcomed the news on Oct. 27. “We’re honored that they are building on Hyperliquid to bring the next evolution of perpetual markets to the United States,” he wrote on X.
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