Hyperliquid HIP-3 Plan Targets CFTC-Regulated US Perpetuals

Payward, Kraken’s parent company, plans to offer perpetual futures to US customers through a CFTC-regulated Hyperliquid HIP-3 deployment. The proposal is subject to regulatory approval and is not live; no production launch date has been announced. A test deployment was reported on Hyperliquid’s testnet, with the initial implementation still being tested as of October 26. Under the proposed arrangement, Payward subsidiary Bitnomial would create and administer the markets and handle clearing and settlement. NinjaTrader Clearing would carry customer accounts as a futures commission merchant. HIP-3’s optional on-chain allowlists could restrict access after identity checks, but these controls do not themselves constitute regulatory approval. Existing HIP-3 markets would remain unchanged. The plan combines Hyperliquid’s on-chain trading infrastructure with regulated market and account services. It contrasts with Lighter’s separate plan to seek CFTC designated contract market and derivatives clearing organization status in November 2026. The proposed US launch could offer a route for regulated on-chain derivatives, but its near-term impact on Hyperliquid remains uncertain until approvals and a live launch are confirmed.