Payward to Be First CFTC-Regulated Deployer on Hyperliquid

Hyperliquid said on Oct. 26, 2026 in an official post that Payward, the parent company of Kraken, intends to become the first CFTC-regulated deployer of HIP-3* markets on Hyperliquid. Payward would use Hyperliquid as the infrastructure layer to launch perpetual futures for US clients, subject to regulatory approval.

Details

Under the structure described in the post, Bitnomial, Payward's CFTC-regulated designated contract market (DCM) and derivatives clearing organization (DCO), would act as deployer: creating, owning and administering the markets and clearing and settling the contracts. If approved, NinjaTrader Clearing, Payward's CFTC-registered futures commission merchant (FCM), would carry client accounts. Payward outlined the plan in a press release.

HIP-3* is a set of optional deployer features planned for a future network upgrade. Its core is an onchain allowlist managed by the deployer or its sub-deployers. It is strictly additive to HIP-3, and existing markets remain unchanged. The first release is on testnet, with preliminary specifications that may change based on feedback.

Hyperliquid described itself as a "neutral infrastructure layer" aiming to support large parts of the financial system, and said deployers are independent operators who keep control and responsibility over their own markets.

What it means for the market

For Hyperliquid, the plan points to a route to US clients, who have had little access to onchain perpetuals because of regulation. For Payward, it is a way to use decentralized infrastructure inside a regulated perimeter. No launch date was given: approvals are pending and HIP-3* is testnet-only for now.

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