Payward plans to bring onchain perps to US clients through Hyperliquid HIP-3*

Payward, Kraken’s parent company, plans to offer US clients onchain perpetual futures through Hyperliquid HIP-3* and its regulated derivatives infrastructure, the company said Wednesday.

HIP-3*, introduced by Hyperliquid’s co-founder Jeffrey Yan earlier this month, is a new optional feature set that would enable permissioned markets through deployer-controlled onchain allowlists.

The functionality would extend the existing HIP-3 framework with access-control capabilities without affecting markets already deployed under HIP-3.

The proposed offering would combine Hyperliquid’s onchain trading infrastructure with Payward’s existing regulated exchange, clearing and brokerage framework and would require regulatory approval, Payward stated.

Hyperliquid’s onchain order book would match and record the trades, while Bitnomial Exchange, a CFTC-regulated designated contract market operated by Payward, would deploy and administer the HIP-3* markets and handle clearing and settlement, the company noted.

NinjaTrader Clearing, a CFTC-registered futures commission merchant and NFA member, would hold the client accounts. Trading would be limited to accounts onboarded by NinjaTrader and placed on both firms’ allowlists, it added.

Payward, which has operated financial rails for clients in more than 190 countries and territories, said the move would make it the first US exchange or clearinghouse to deploy a market on Hyperliquid, where multiple venues already operate builder-deployed perpetuals.

Perpetual futures have been available outside the US since 2016 and generated more than $85 trillion in global volume in 2025, according to CoinGecko. Hyperliquid was the top onchain perpetuals venue that year, and Payward plans to use it as its first US venue for onchain perpetuals.