Kraken Parent Payward Eyes First CFTC-Regulated Hyperliquid Futures Market
Key Takeaways
Payward plans the first CFTC-regulated HIP-3* deployment on Hyperliquid for eligible U.S. clients.Hyperliquid’s HIP-3* upgrade introduces optional permissioned markets without changing existing markets.Kraken’s parent would use Bitnomial and NinjaTrader for regulated exchange, clearing, and brokerage operations.
Kraken Parent Payward Plans Historic U.S. Futures Push on Hyperliquid
Wall Street-style regulatory oversight is heading toward one of decentralized finance’s most prominent trading networks. Payward, Kraken’s parent company, wants to become the first CFTC-regulated market operator on Hyperliquid, bringing perpetual futures to eligible U.S. traders through a permissioned version of the protocol.
The arrangement would place a regulated exchange, clearinghouse, and brokerage operation atop blockchain infrastructure traditionally associated with open-access trading. There’s one considerable hurdle, however. The markets cannot launch without regulatory approval, and Hyperliquid must first introduce the necessary permissioning functionality. Payward partly revealed this move in mid-September.
Kraken’s Regulated Futures Ambitions Meet Hyperliquid
Hyperliquid announced the proposal on X, explaining that Payward intends to use its regulated derivatives businesses to administer the markets. “Payward will use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for U.S. clients,” Hyperliquid’s social media account stated.
Under the arrangement, Bitnomial would create, own, and administer the markets while handling clearing and settlement through its regulated entities. NinjaTrader Clearing, a CFTC-registered futures commission merchant, would maintain customer accounts. Kraken’s official X account responded enthusiastically, writing, “Excited for what’s ahead.”
Payward acquired Bitnomial in May 2026 in a transaction valued at up to $550 million, expanding its regulated derivatives infrastructure.
A Permissioned Gateway to Onchain Trading
The technical centerpiece is HIP-3*, an upcoming enhancement to the perps decentralized exchange Hyperliquid‘s existing HIP-3 framework, which allows independent operators to launch perpetual futures markets. Unlike conventional permissionless trading, HIP-3* would introduce optional onchain allowlists, enabling regulated operators to determine which participants can access particular markets.
“Existing markets remain unchanged,” Hyperliquid clarified, emphasizing that the new functionality is optional. The initial implementation is available on testnet, with specifications subject to revision.
Hyperliquid’s native coin HYPE jumped around 2.2% higher following the DEX platform’s social media post, but at a recent price just under $79 per coin, it remains down about 20% from a peak price of $97.96 set in September.
Regulatory Approval Remains the Deciding Factor
The proposal does not grant American traders unrestricted access to Hyperliquid’s existing markets. Instead, it would establish separately administered, permissioned markets operating under U.S. derivatives regulations. No launch date, contract lineup, or final trading specifications have been announced.
The intriguing distinction is that traders would encounter regulated intermediaries at the entrance while their markets operate on public blockchain infrastructure.
