Payward, the parent company of Kraken, plans to offer U.S. clients regulated perpetual futures through Hyperliquid's HIP-3 framework. Hyperliquid has released a testnet of the permissioning feature the plan needs, but the offering still awaits regulatory approval.
Payward plans to introduce CFTC-regulated perpetual futures markets for U.S. clients through Hyperliquid's HIP-3 infrastructure. The company wants to offer a regulated access layer, because the standard Hyperliquid interface restricts direct access for U.S. residents.
Bitnomial and NinjaTrader take the regulated roles
Bitnomial would oversee deployment, listing, clearing and settlement of the contracts, while NinjaTrader Clearing would manage client accounts. Payward acquired Bitnomial in May 2026, according to Crypto Briefing.
Trading would stay gated. Only accounts onboarded by NinjaTrader and included on both NinjaTrader's and Bitnomial's allowlists could trade, The Defiant reported. Hyperliquid's onchain order book would match and record the trades, while Payward's entities would hold the regulatory obligations.
Hyperliquid tests the allowlist feature
Hyperliquid has released a testnet version of HIP-3*, an optional permissioning feature. It would let market deployers or their sub-deployers manage an onchain allowlist that controls which accounts can participate in an opted-in deployment.
Existing markets are unaffected. In its Oct. 26 statement, Hyperliquid said: "Existing markets remain unchanged."
Production support is planned for a future network upgrade, and Hyperliquid said the testnet specifications are preliminary and could change with feedback.
Approval is the open question
Crypto Briefing's coverage says regulatory approval remains a critical factor in the final implementation. Payward has not disclosed a launch date or which specific markets it will offer.
Sources: Crypto Briefing, Crypto Briefing, The Defiant
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