Kraken parent Payward plans to establish regulated perpetual futures markets for U.S. investors on Hyperliquid infrastructure, pending regulatory approval.
According to The Block, Hyperliquid aims to make Payward the first CFTC-regulated market creator on HIP-3 markets. The plan marks a new step in efforts to offer perpetual futures contracts in the U.S. through a regulated structure.
Bitnomial, part of Payward, will establish the markets. Alongside Bitnomial, a derivatives market and clearing organization regulated by the U.S. Commodity Futures Trading Commission (CFTC), customer accounts will be carried by Payward-affiliated NinjaTrader Clearing.
Access rules on Hyperliquid could change
The HIP-3 upgrade will allow market creators to restrict access through onchain allowlists. This will enable regulated operators to determine who can participate in their markets while using Hyperliquid infrastructure.
This feature is currently available on the testnet. Regulatory approval is required before Payward’s planned markets can go live. It is not yet clear how access controls will work in practice or whether the system will include built-in identity verification controls.
Infrastructure for plan announced in September takes shape
In its plan announced on September 16, Payward said Bitnomial would handle market creation, clearing, and settlement. In August, it was also reported that the company was working on a structure to bring Hyperliquid-linked perpetual futures to U.S. users.
The latest announcement outlines how the plan could be built on HIP-3 and how access could be restricted. Hyperliquid said it aims to be neutral infrastructure serving different parts of the financial system, with each market creator retaining control and responsibility over its own market.
Not investment advice.