Payward seeks first CFTC HIP-3* US perps path

Payward, the parent company of Kraken, has announced its intention to be the first CFTC-regulated deployer on HIP-3* markets, according to a Hyperliquid post on X [1]. Per that primary, Payward would use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US clients [1]. The move is an intention, subject to regulatory approval, and HIP-3* itself is still at a testnet stage with preliminary specifications [1]. That is not live US trading today, and it is a separate path from other regulated US crypto-perp launches that sit on different exchange and clearing rails [1].

How the HIP-3* path is built

Subject to regulatory approval, Bitnomial, described as Payward's CFTC-regulated designated contract market and derivatives clearing organization, would act as the HIP-3* deployer: creating, owning, and administering the markets and clearing and settling the contracts [1]. If approved, NinjaTrader Clearing, Payward's CFTC-registered futures commission merchant, would carry client accounts [1]. Hyperliquid frames itself as a neutral infrastructure layer; HIP-3* deployers are independent operators who use that onchain layer for their own markets while retaining control and responsibility over the deployment [1].

HIP-3*, as Hyperliquid defines it in the same post, is a set of optional deployer functionality for permissioned markets that a future network upgrade would add to HIP-3 [1]. At its core, HIP-3* activation involves an onchain allowlist managed by the deployer or its sub-deployers [1]. The post says the functionality is strictly additive to HIP-3, that its use is optional and up to the deployer, and that existing markets remain unchanged [1]. The initial release is available on testnet, where specifications are preliminary and subject to change based on feedback [1].

What's on the record

The public record named in the Hyperliquid note is the intention itself plus the named entities and roles: Payward as the intending CFTC-regulated HIP-3* deployer path, Hyperliquid as the infrastructure layer for US-client perpetual futures markets, Bitnomial as the prospective DCM/DCO deployer, and NinjaTrader Clearing as the prospective FCM that would carry accounts if approval comes [1]. Hyperliquid also states a broader goal of supporting large parts of the financial system and says HIP-3* gives deployers additional functionality to operate deployments consistent with the requirements applicable to them [1].

The post does not publish volumes, open interest, a go-live date, an eligibility matrix, a fee schedule, a token or contract list, or a regulator order approving the arrangement [1]. Those absences are part of the record as much as the intention language is.

The objection

This is a company-ecosystem intention announcement routed through Hyperliquid's own channel, not a claim that US clients can trade HIP-3* perps on Hyperliquid rails today, and not a claim that CFTC approval has already landed [1]. "Subject to regulatory approval" and "if approved" appear in the Bitnomial and NinjaTrader Clearing sentences for a reason [1]. HIP-3* is optional, additive, and still preliminary on testnet; existing HIP-3 markets are explicitly left unchanged [1]. Until a filing, approval notice, or product page names live contract specs, eligibility screens, and disclosed activity, the checkable record is the deployer-and-FCM map plus the allowlist design, not a live market.

The tell

In Le Coin's view, the tell is whether Bitnomial, if approved as the HIP-3* deployer, opens permissioned markets under an onchain allowlist with disclosed contract, clearing, and settlement rules that match today's intention map [1]. A second tell is whether NinjaTrader Clearing carries checkable client accounts into those markets under the same CFTC stack, and whether testnet HIP-3* specifications harden into a production release that can be verified independently of announcement language [1]. Neither is settled by today's post.

Sources

1. Hyperliquid (@HyperliquidX) on X, note_tweet status 2114772826435866711, Oct. 26, 2026, 1:35 p.m. ET (created_at 2026-10-26T17:35:07.000Z), https://x.com/HyperliquidX/status/2114772826435866711 ; Payward (Kraken parent) intention to be first CFTC-regulated HIP-3* deployer; Hyperliquid as infrastructure layer for US-client perpetual futures; subject to regulatory approval, Bitnomial (Payward CFTC DCM/DCO) would create, own, administer markets and clear/settle; if approved, NinjaTrader Clearing (Payward CFTC FCM) would carry client accounts; HIP-3* = optional additive permissioned-market allowlist for future network upgrade; existing markets unchanged; testnet specs preliminary; Hyperliquid neutral infrastructure; deployers independent; accessed Oct. 27, 2026, 1:29 p.m. ET.

Holding the Corner.

Not financial advice.