Payward plans to bring US-regulated perpetual futures to Hyperliquid’s on-chain order book. The markets would use Hyperliquid’s infrastructure, but access, clearing and administration would stay with Payward’s regulated Bitnomial and NinjaTrader entities.
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Kraken's parent company plans to begin with Hyperliquid’s HIP-3 framework, but the access would not resemble the protocol’s usual permissionless model: US customers would need regulated futures accounts and approval from Payward-controlled intermediaries.
Under the proposed structure, Hyperliquid would provide the blockchain and on-chain order book. Bitnomial Exchange would create, own and administer the markets as the HIP-3 deployer, while Bitnomial Clearinghouse would process settlements.
NinjaTrader Clearing would open and maintain customer accounts. Only accounts onboarded by NinjaTrader and included on both NinjaTrader’s and Bitnomial’s allowlists could trade.
Public Infrastructure with Permissioned Access
HIP-3 normally allows third-party deployers to establish and operate perpetual markets on Hyperliquid.
Its technical framework gives the deployer responsibility for contract specifications, price oracles, leverage limits and market settlement. Deployers can also set open-interest limits and halt trading.
Payward’s proposed version would place those controls with regulated companies. Bitnomial Exchange is a Commodity Futures Trading Commission-designated contract market, while Bitnomial Clearinghouse is registered as a derivatives clearing organisation.
NinjaTrader Clearing is a CFTC-registered futures commission merchant and an NFA member. The arrangement does not make Hyperliquid itself a regulated US exchange.
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The Payward entities would carry the regulatory obligations, with the protocol serving as the execution and blockchain-recording layer.
Payward completed its acquisition of Bitnomial in May, adding the exchange, clearinghouse and brokerage registrations to its US derivatives structure.
The group subsequently introduced regulated perpetual futures for American customers through Kraken Derivatives US. Those existing products are listed on Bitnomial and accessed through Kraken Pro.
The current offering already includes perpetual contracts on Bitcoin, Ether, Solana, XRP and other crypto assets. The proposed Hyperliquid deployment therefore changes the trading infrastructure rather than introducing Payward’s first US perpetuals.
Launch Still Requires Approval
Payward described Hyperliquid as the first protocol in a planned multi-protocol strategy. The company said no registered US exchange or clearinghouse has previously deployed a market on Hyperliquid, though that remains Payward’s own claim.
The project is still subject to regulatory approval. Payward has not disclosed which underlying assets it would offer, when trading could begin, or whether the markets would connect to existing Hyperliquid liquidity.
Contract leverage, collateral, margin requirements, funding mechanics and position limits also remain unspecified. Any products that proceed would be listed under Bitnomial Exchange rules, rather than being offered directly through Hyperliquid’s unrestricted interface.
