At a glance
- For a plan that has not been approved, the plumbing is specific: Bitnomial, which Payward describes as its CFTC-regulated exchange and clearinghouse, would serve as the HIP-3 deployer, creating, owning and administering the market and clearing and settling the contracts, while NinjaTrader Clearing, Payward's CFTC-registered futures commission merchant, would carry customer accounts.
- Anyone with a wallet can reach Hyperliquid's order book, so the scarce object in this design is a registered futures account wrapped around a permissioned market; the dual allowlist does the regulatory work a compliance footnote cannot.
- In August the reported route to Hyperliquid's US perps ran through Bitnomial, and the open question was whether the CFTC would bless a permissionless venue carrying a regulated exchange's brand; the White House had already backed the CFTC's move to onshore Hyperliquid.
Payward, Kraken's parent, plans to offer US clients perpetual futures that would be matched and recorded on Hyperliquid, but only for accounts onboarded by NinjaTrader and included on both NinjaTrader's and Bitnomial's allowlists; the proposal covers new permissioned markets, and any listing remains subject to regulatory approval.
For a plan that has not been approved, the plumbing is specific: Bitnomial, which Payward describes as its CFTC-regulated exchange and clearinghouse, would serve as the HIP-3 deployer, creating, owning and administering the market and clearing and settling the contracts, while NinjaTrader Clearing, Payward's CFTC-registered futures commission merchant, would carry customer accounts. Payward names the registers behind the roles: Bitnomial Exchange as a CFTC-regulated designated contract market, Bitnomial Clearinghouse as a CFTC-registered derivatives clearing organization, and NinjaTrader Clearing as a CFTC-registered FCM and NFA member. The order book, meanwhile, matches and records trades on Hyperliquid's public blockchain, leaving onboarding with the broker, regulatory obligations with the named entities, and the trade record on a chain.
Anyone with a wallet can reach Hyperliquid's order book, so the scarce object in this design is a registered futures account wrapped around a permissioned market; the dual allowlist does the regulatory work a compliance footnote cannot. On a HIP-3 venue the deployer defines the contract specifications, sets the oracle price and the leverage limits, and holds its own margining and order-book settings, so risk parameters stay inside the regulated perimeter while the matching happens on a public chain. This publication has argued that freeze switches, not ledgers, are the product in tokenized settlement; Payward's plan is the same claim in a derivatives key, with the allowlist as the control point and the chain as the audit trail.
In August the reported route to Hyperliquid's US perps ran through Bitnomial, and the open question was whether the CFTC would bless a permissionless venue carrying a regulated exchange's brand; the White House had already backed the CFTC's move to onshore Hyperliquid. Payward has now confirmed the project on its verified X account and named the entities doing the regulatory work.
The contract itself is the least interesting part. Payward says the same clearinghouse already supports the crypto perpetual contracts it offers US customers, so what changes is where trades are matched and recorded and who is permitted to send them. Kraken spent this week wrapping familiar instruments in regulated-looking packaging, SPYx and QQQx as collateral, and the perp plan is the same instinct pointed at a venue whose order book it does not operate.
Approval is the gate, and the follow-on question is how far the template travels: Payward identifies Hyperliquid as the first protocol on which it plans to deploy markets for US clients, the company's word, and one that reads like the first entry in a list.
Reported by the Adoption desk from The Defiant — Institutional. Published . Corrections