Overview
- Payward announced plans to become the first CFTC‑regulated deployer on Hyperliquid’s new HIP‑3* permissioned framework and to offer on‑chain perpetual futures to U.S. customers.
- Under the proposal Bitnomial, acquired by Payward in May 2026, would create, list, clear and settle the contracts while NinjaTrader Clearing would hold customer accounts and act as the futures commission merchant.
- Hyperliquid published HIP‑3* and put an initial implementation on testnet on Oct. 26, 2026, adding on‑chain allowlists so regulated operators can gate who may trade even though order matching remains public onchain.
- The rollout is conditional on regulatory approvals and Payward has not given a launch date or a list of contracts, leaving timing, permitted participants, and final technical terms unresolved.
- Key risks include the 500,000 HYPE staking economics that tie deployer exposure to the HYPE token, the platform’s existing volume concentration with one builder, and the prospect that U.S. flow could change liquidity and clearing risk profiles.