Overview
- Payward disclosed a concrete structure on Sept. 16 that would deploy onchain perpetual futures on Hyperliquid using the new HIP-3* permissioning to restrict U.S. access to allowlisted accounts.
- Under the plan Bitnomial Exchange would deploy and administer the HIP-3* markets and clear and settle trades while NinjaTrader Clearing would onboard and carry eligible customer accounts.
- HIP-3* permissioning is currently testnet‑labelled and key contract details such as assets, leverage, margin and fees have not been published, so a launch date and final technical terms remain unresolved.
- The announcement moved market metrics immediately, with HYPE token prices and futures open interest rising in the hours after Payward’s disclosure, signaling trader interest but not guaranteeing liquidity for a U.S. product.
- If approved, the deal would reuse Payward’s recently acquired regulated stack and could create a template for onchain U.S. derivatives, but success depends on regulator sign‑off, HIP-3* mainnet finalization and whether the markets attract sufficient trading activity.