Payward, the parent company of Kraken, is moving to launch regulated onchain perpetual futures for US clients by leveraging Hyperliquid’s infrastructure. The proposed framework utilizes Bitnomial as the exchange operator and NinjaTrader Clearing as the clearinghouse, pending approval from the Commodity Futures Trading Commission for the new market architecture.
The initiative centers on Hyperliquid’s newly outlined HIP-3
permissioning protocol, an optional layer designed to restrict market access via deployer-managed allowlists. Under this arrangement, Bitnomial would retain responsibility for contract creation, administration, and settlement. NinjaTrader Clearing would handle the custody of customer accounts, ensuring participants are vetted and approved by both entities before gaining access to the platform.This deployment strategy follows Payward’s acquisition of Bitnomial in May, a move that integrated exchange and clearing capabilities into its US derivatives division. While Hyperliquid acts as the underlying blockchain for order matching and trade recording, the regulated entities maintain control over market rules and compliance. The project remains in the testnet phase, with Hyperliquid noting that the permissioned configuration will be finalized through a future network upgrade. Existing markets on the protocol will remain unaffected by the addition of HIP-3
functionality, as the infrastructure aims to function as a neutral layer capable of supporting diverse financial products.
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