Payward to become first CFTC-regulated Hyperliquid deployer for U.S. perpetual futures push

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Payward CFTC-regulated Hyperliquid

Highlights

Payward plans to become the first CFTC-regulated deployer of Hyperliquid for U.S. perpetual futures, leveraging Bitnomial as the HIP-3 deployer.
HIP-3 would introduce onchain allowlists, allowing regulated operators to restrict market access and comply with U.S. regulations if approved by authorities.
The proposed structure could enable Hyperliquid perpetual futures in U.S. regulated markets, but key details such as KYC implementation remain unresolved.

HIP-3 rollout and proposed market structure

As reported by The Block, citing Hyperliquid in a post on X on Monday, Bitnomial, Payward's CFTC-regulated designated contract market and derivatives clearing organization, would act as the HIP-3 deployer. If regulators approve the plan, NinjaTrader Clearing, Payward's CFTC-registered futures commission merchant, would carry client accounts.

HIP-3 would allow deployers to restrict access to markets through onchain allowlists, a feature that could let regulated operators use Hyperliquid's infrastructure while meeting applicable requirements. The functionality is already available on testnet, but Payward's planned deployment remains subject to regulatory approval.

Hyperliquid says the protocol serves as a neutral infrastructure layer intended to support broad parts of the financial system. It adds that deployers keep control of, and responsibility for, their own markets.

Regulatory implications for U.S. crypto derivatives

The proposal marks a potential step toward bringing perpetual futures tied to Hyperliquid into the U.S. regulated market, an area that has remained difficult for crypto platforms to enter. A permissioned structure could give operators a way to offer products built on decentralized infrastructure while aligning with U.S. compliance expectations.

Important details remain unresolved, including how permissioning would operate in practice and whether a market deployed by Payward would include built-in know-your-customer checks. Bloomberg previously reported that Payward was exploring a structure to bring Hyperliquid-linked perpetual futures to U.S. traders through Bitnomial.

Our earlier article on Philippine bond-market reforms looked at plans to modernize pricing for peso-denominated government bonds and pursue inclusion in a major emerging-market bond index, steps aimed at improving liquidity and widening the investor base. It also noted that stronger economic gains depend on wider capital-market and governance reforms—such as lowering issuance frictions, improving disclosure and investor protection, and deepening the domestic investor base—rather than market modernization alone.

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