Hyperliquid HIP-3* targets US perps as Payward seeks CFTC first

Hyperliquid has set out HIP-3*, an optional permissioning layer for its perpetual futures framework, as Kraken parent Payward aims to become the first CFTC-regulated deployer on the network for US customers, Cryptobriefing reported. Under the proposal, Bitnomial would create, own and administer the markets and handle clearing and settlement, while NinjaTrader Clearing, Payward’s CFTC-registered futures commission merchant, would carry customer accounts.

The arrangement, announced by Hyperliquid in an Oct. 26 post on X, builds on a Sept. 16 agreement between Payward and Hyperliquid to explore regulated perpetual futures for US clients. It remains subject to regulatory approval.

Key facts

• Payward intends to be the first CFTC-regulated deployer on HIP-3* markets, using Hyperliquid as the infrastructure layer for perpetual futures offered to US clients.
• HIP-3* adds onchain allowlists controlled by individual deployers or their designated operators, letting market operators decide which accounts can access their contracts.
• The initial HIP-3* implementation is available on testnet, with specifications subject to change before a future network upgrade.
• HYPE briefly rose above $80 after the announcement before easing to about $79.65 at the time of Cryptobriefing’s report, following a weekend selloff that took it near $74 on Saturday.
• News.bitcoin reported that Payward completed its acquisition of Bitnomial in May 2026 in a transaction valued at up to $550 million.

How the permissioned markets would work

Hyperliquid’s existing HIP-3 framework lets independent builders launch perpetual futures tied to cryptocurrencies, equities, commodities and other assets. HIP-3* is described as strictly additive: existing markets stay unchanged, and deployers choose whether to use permissioned access. Operators keep control of, and responsibility for, their own markets rather than leaving compliance with Hyperliquid across the whole network.

For the proposed US offering, Crypto.news reported that customers would need to complete onboarding with NinjaTrader and appear on both NinjaTrader’s and Bitnomial’s allowlists, with a futures account at the registered broker providing access to the contracts. Contracts would be listed under Bitnomial Exchange’s rules.

The project said the added configuration is meant to let deployers run markets consistently with requirements that apply to them, describing itself as “a neutral infrastructure layer with the goal of supporting large parts of the financial system,” according to Crypto.news. Earlier permissioned-market testing was described on Sept. 3 by co-founder Jeffrey Yan, who outlined deployer-managed participant lists with sub-deployers able to handle access decisions.

Two accounts of the market reaction

The reports differ slightly on HYPE’s move. Cryptobriefing put the token at roughly $79.65 after briefly topping $80; News.bitcoin said HYPE gained about 2.2% but was just under $79 and remained about 20% below a September peak of $97.96. Bitcoin fell below $79,000 over the weekend before recovering above $80,000 on Monday morning, Cryptobriefing reported. News.bitcoin also reported that Kraken’s official X account responded to the announcement, writing that it was excited for what was ahead.

Why it matters

Hyperliquid has grown into one of the largest decentralized derivatives platforms but has operated without direct access to the US market because of regulatory restrictions. The Payward structure offers a route in without making the blockchain itself a regulated exchange: regulated intermediaries sit at the entrance while markets run on public infrastructure. That keeps existing permissionless HIP-3 deployments untouched, which matters for builders who rely on open access. Crypto.news reported that Bitnomial received designated contract market status in April 2020, and that Payward completed the Bitnomial acquisition in May, with co-CEO Arjun Sethi saying the rollout would start with spot margin on Kraken, followed by perpetuals and options.

What to watch

Regulatory approval is the deciding factor, and no launch date, contract lineup or final trading specifications have been announced. Watch whether HIP-3* moves from testnet to a network upgrade, and how the CFTC handles a separate Oct. 20 submission from Hyperliquid Policy Center seeking permission for futures and perpetual contracts tied to GPU rental prices and AI inference costs, signed by CEO Jake Chervinsky and senior counsel Brad Bourque.

Disclaimer: This article is for information only and is not investment, financial or trading advice. Cryptocurrency prices are highly volatile. Always do your own research.

Sources: Crypto Briefing, News.bitcoin, Crypto.news