Bitnomial Would Deploy Payward’s Planned HIP-3* Futures on Hyperliquid

Payward plans to use Hyperliquid to offer perpetual futures markets for U.S. clients, with Bitnomial set to operate and clear the proposed contracts if regulators approve the arrangement.

Hyperliquid announced Monday, Oct. 26, that Payward, the parent company of Kraken, proposed using its network as infrastructure for the markets. Bitnomial would serve as the HIP-3* deployer, creating, owning and administering the markets and clearing and settling the contracts.

Bitnomial is a CFTC-regulated designated contract market and derivatives clearing organization. NinjaTrader Clearing, a CFTC-registered futures commission merchant, would carry client accounts. Each business would operate within its own CFTC registration, and the proposed roles remain subject to regulatory approval.

The proposal would place market operations and clearing with Bitnomial, while NinjaTrader Clearing would handle client accounts.

HIP-3* would let deployers set up permissioned markets using an onchain allowlist, a list that limits trading to approved participants. Deployers or their sub-deployers would manage the lists. The feature is optional and would leave existing HIP-3 markets unchanged.

An initial HIP-3* version is available on testnet, and its specifications remain preliminary and may change. Support for the optional settings on the network is planned for a future upgrade.