Payward Plans Regulated U.S. Futures on Hyperliquid

Payward plans to offer CFTC-regulated perpetual futures markets to eligible U.S. clients through Hyperliquid, a proposal that would make the Kraken parent the first regulated operator on the platform’s HIP-3 infrastructure if regulators approve it. Hyperliquid said in an October 26 post that Bitnomial would create, own and administer the proposed markets, including handling clearing and settlement. NinjaTrader Clearing would carry customer accounts. The arrangement would combine Hyperliquid’s trading infrastructure with Payward’s regulated derivatives businesses, but the markets have not launched and require regulatory approval. Payward announced the broader initiative on September 16, naming Hyperliquid as the first protocol it planned to use for U.S. onchain perpetual futures. The planned product would be a separately administered set of contracts for eligible customers, rather than unrestricted access to Hyperliquid’s existing markets. The proposal depends in part on HIP-3 permissioning, which Hyperliquid says would let deployers use onchain allowlists to limit who can access particular markets. The permissioning is optional, and existing markets would remain unchanged,...