Overview
- Payward disclosed on Sept. 16 that it intends to offer permissioned perpetual futures to eligible U.S. clients using Hyperliquid’s HIP‑3* infrastructure, with the rollout explicitly subject to regulatory approval.
- The proposal splits work so Bitnomial Exchange would deploy and administer the markets and Bitnomial Clearinghouse would clear and settle contracts while NinjaTrader Clearing would open and carry client accounts; Hyperliquid’s on‑chain order book would match and record trades.
- Hyperliquid’s HIP‑3* adds deployer‑controlled on‑chain allowlists that make permissioned markets possible, but the feature is currently testnet‑only and does not itself satisfy registration or surveillance requirements.
- Payward has not disclosed basic contract terms such as which assets will be listed, leverage limits, accepted collateral, margin rules, funding mechanics, fees or any launch timetable.
- Hyperliquid already handles large perpetual volumes, so regulators’ response will determine whether this structure becomes a replicable on‑ramp for bringing major offshore on‑chain markets into a limited U.S. regulated framework and how readily U.S. traders can access those venues after onboarding and allowlisting.