Kraken's parent Payward plans to be Hyperliquid's first CFTC-regulated HIP-3 market deployer, with Bitnomial running the markets for US clients, subject to regulatory approval

Hyperliquid, the onchain derivatives exchange, said on Monday that Kraken's parent company Payward plans to become its first CFTC-regulated HIP-3 market deployer, according to crypto.news. The markets would offer perpetual futures to US customers through Bitnomial and need regulatory approval before they launch.

The structure splits the work. Bitnomial would create, own and administer the markets and handle clearing and settlement. NinjaTrader Clearing, Payward's CFTC-registered futures commission merchant, would hold customer accounts. To trade, customers would have to finish onboarding with NinjaTrader and appear on both firms' allowlists. Payward first floated the idea on September 16, The Defiant reported.

Hyperliquid said the permissioning feature is optional and existing HIP-3 markets are unchanged. An initial release is on testnet with preliminary specifications, and support for the optional deployer setup would arrive in a future network upgrade. Payward completed its Bitnomial acquisition in May, crypto.news reported.

The announcement adds a regulated, US-facing lane to a protocol that has mostly served traders outside the United States. The open questions are which regulators sign off and when the upgrade ships.