Hyperliquid Names Payward as First Regulated HIP-3 Market Deployer, With Approval Still Required
Key Facts
Hyperliquid said Payward intends to become the first deployer subject to U.S. Commodity Futures Trading Commission regulation in HIP-3 markets, according to a report published by The Block on October 26, 2026. The announcement does not mean the market has begun operating or received regulatory approval; the planned deployment remains contingent on approval. Payward, Kraken’s parent company, announced on September 16 that it planned to launch on-chain perpetual futures for U.S. customers. It named Hyperliquid as the first protocol it planned to use for that purpose. The October announcement puts that plan on a more specific footing, assigning operational and regulatory roles to Payward affiliates.
Under Payward’s plan, Bitnomial will create, own and operate the market, as well as clear and settle the contracts. NinjaTrader Clearing will carry customer accounts, according to the arrangement announced by the company. This structure separates market operation and contract clearing and settlement from customer accounts. CFTC records list Bitnomial Exchange as a designated contract market, with its designation dated April 17, 2020. That regulatory status puts the company at the center of the proposed framework, but does not resolve approval for this particular market.
Trades will be matched and recorded on Hyperliquid’s order book running on a public blockchain, according to Payward’s statement. But an on-chain order book does not mean trading will be available to every user: the company said only accounts that have completed registration with NinjaTrader and appear on both NinjaTrader’s and Bitnomial’s allowlists will be able to trade. The plan thus combines trade recording on a public network with prior registration procedures at the relevant entities. Regulatory obligations remain with the entities operating the markets, according to Payward’s statement. The contracts will be listed under Bitnomial Exchange rules and remain subject to regulatory approval.
Payward said perpetual futures have traded outside the United States since 2016, and global trading volumes exceeded $85 trillion during 2025, citing a 2026 CoinGecko report. These figures provide context for the scale of activity the company aims to bring into a regulated U.S. framework. In its September statement, it said Hyperliquid had processed more than $200 billion over the preceding 30 days, based on DefiLlama data, and said CoinGecko ranked it the most active on-chain perpetual futures platform in 2025. Payward says innovative activity that had been taking place outside regulatory frameworks is moving toward regulated U.S. markets. The company’s co-CEO added that the United States now has CFTC-regulated perpetual futures and spot margin for retail customers for the first time.
Payward links the proposed expansion to its acquisition of Bitnomial, which closed on May 1, 2026. The company said the deal completed its U.S. infrastructure for CFTC-regulated derivatives and enabled the launch of spot-margin and U.S. perpetual-futures products during the second quarter. In April, Payward announced an agreement to acquire Bitnomial for up to $550 million in cash and stock, saying the target held the three licenses needed to operate a full-service U.S. digital-asset and derivatives trading business. In its second-quarter results, Payward reported adjusted revenue of $508 million, up 17% year over year, while platform transaction volume was $310 billion, down 18% year over year. The figures show two different trends over the same period: adjusted revenue growth and a decline in transaction volume.
The HIP-3* function was available on testnet when The Block report was published, while Payward’s proposed deployment remained subject to regulatory approval. The announced information did not specify a date for the start of actual trading. According to Payward’s statement, the proposed contracts will be listed under Bitnomial Exchange rules if approval is granted. Customer participation remains tied to completing registration with NinjaTrader and meeting the requirement to appear on both allowlists. The next announced step, therefore, is to complete the regulatory process before making the proposed market available.