Payward, the parent company of Kraken, has announced a strategic plan to launch the first CFTC-regulated HIP-3* deployer on Hyperliquid’s decentralized trading platform, pending regulatory approval. If approved, this structure would cater to US investors seeking access to perpetual futures markets via a fully regulated framework.
Regulatory structure aims for US market compliance
The proposal involves several regulated entities within the Payward group. Bitnomial, a CFTC-regulated exchange and derivatives clearing organization, would assume the central role as deployer, taking charge of market creation, ownership, and administration. In tandem, NinjaTrader Clearing, an entity registered with the CFTC as a futures commission merchant, is set to manage client accounts.
Each component of the structure operates under its own CFTC registration status, separating the oversight of market operations and client accounts across independent regulated subsidiaries. Implementation remains entirely contingent upon final regulatory consent, with no live markets available yet under this framework.
Payward has communicated its intent to use Hyperliquid’s infrastructure to support perpetual futures contracts for US customers, though the final details and timeline will depend on obtaining necessary approvals. Until formal authorization, this plan stands as a demonstrated intention from Payward to expand regulated crypto market offerings in the United States.
Payward intends to become the first CFTC-regulated HIP-3* deployer on Hyperliquid, using its infrastructure layer to enable perpetual futures markets for US clients. This initiative, if approved, would rely on Bitnomial for deployment and clearing, and on NinjaTrader Clearing for client account management, with all entities operating under separate CFTC registrations.
HIP-3* unlocks new options for permissioned markets
Hyperliquid’s HIP-3* proposal introduces a suite of additional capabilities for market deployers, most notably the ability to enable onchain allowlists for controlling access to specific markets. Under this system, deployers or their delegates can manage allowlists to determine which participants may access a permissioned market, without affecting the accessibility of existing open markets.
The feature is strictly additive and not mandatory for all markets. HIP-3* functionality offers deployers the flexibility to operate in compliance with various regulatory requirements while leaving the established market structure unchanged for broader users. The initial version of HIP-3* is currently available on testnet, with specifications subject to further updates as feedback from stakeholders is collected.
Hyperliquid describes itself as a neutral infrastructure provider aiming to support diverse segments of the global financial system. Under the HIP-3* structure, deployers—including those with CFTC regulation—retain full operational responsibility and autonomy over their respective deployments.
HIP-3* introduces onchain allowlists managed by deployers, enabling permissioned access to specific markets while preserving openness for existing markets. The new functions are optional and expand the toolkit available to regulated operators.
Market monitoring and emerging trends in token activity
With developments like HIP-3* providing more tools for regulatory compliance, industry observers emphasize the need to monitor not just regulatory approvals but also how emerging platforms adapt to evolving digital asset trends. In the rapidly shifting meme token segment, tracking price moves alongside investor timing and token selection has become increasingly important.
Recent data from Fomo App highlights this trend; for example, a single trade in “Niu Lai” transformed a $99 investment into approximately $370,000, illustrating the fast pace and high stakes within meme token activity. Fomo App integrates discovery and trading features, social feeds, investor rankings, and real-time trade notifications, enabling users to follow both tokens and investor activity from a single interface.
As markets grow more complex, the ability to adapt to regulatory standards and monitor technical indicators becomes essential for deployers and investors alike—especially as new toolsets like HIP-3* and platforms like Fomo App shape the evolving landscape.
