Kraken parent Payward to be first CFTC-regulated deployer on HIP-3* markets

Updated Fact-checked November 4, 2026 4 sources
Short answer

Hyperliquid said on 26 October 2026 that Payward, the parent company of Kraken, intends to be the first CFTC-regulated deployer on HIP-3* markets, a new optional version of builder-deployed perps with an onchain allowlist so only approved accounts can trade. HIP-3* is on testnet only, and Payward's listings need regulatory approval.

Primary source Partnership

This was announced, not launched. Nothing described as pending below is live yet.

What was announced

HIP-3 lets outside teams deploy their own perp markets on Hyperliquid. HIP-3* adds an onchain allowlist, so a deployer can restrict trading to accounts it has approved. Hyperliquid released it on testnet on 26 October and says the specification is preliminary and may change. HIP-3* is optional; existing HIP-3 markets are unchanged.

Payward first set out its plan on 16 September. Bitnomial, its CFTC-regulated exchange and clearinghouse, would create, own and run the markets and clear the contracts. NinjaTrader Clearing, a CFTC-registered futures commission merchant, would hold client accounts. Only accounts onboarded by NinjaTrader and on both NinjaTrader’s and Bitnomial’s allowlists could trade, using Hyperliquid’s onchain order book.

What is not live yet

No HIP-3* market is on mainnet, and Payward says its listings are subject to regulatory approval, with no launch date. Hyperliquid’s own terms still restrict US persons and Ontario. Nothing about this lets anyone in the US trade on Hyperliquid today.

What it means for traders

Nothing changes for current Hyperliquid users. For context, this is one of two announced routes to US-regulated Hyperliquid perps; the other is ICE’s agreement with trade.xyz. The HIP-3 data page tracks every live deployer.

In this story

How we verify: every entry is checked against a primary source (the project's or regulator's own announcement, docs or filing), Hyperliquid's public API, or at least two independent reputable outlets before it is published. Hyperliquid's terms restrict access from the United States, Ontario and other places; nothing here says otherwise. All news

Sources

  1. Hyperliquid on X: Payward intends to be the first CFTC-regulated deployer on HIP-3* markets; initial release on testnet (2026-10-26)
  2. Payward press release: Payward Intends to Bring Onchain Perpetual Futures to US Clients, Starting on Hyperliquid (2026-09-16)
  3. The Block: Hyperliquid says Kraken parent Payward to be first CFTC-regulated HIP-3 deployer (2026-10-26)
  4. Hyperliquid Terms of Use (restricted persons: United States, Ontario)