Payward Plans Regulated Hyperliquid Perpetual Futures for U.S. Clients

Payward said Sept. 16 that it plans to deploy onchain perpetual futures for U.S. clients, beginning with permissioned markets built under Hyperliquid’s HIP-3 framework.

The proposed products would use a distinct U.S. market structure. They would not make Hyperliquid’s existing perpetual markets available in the country; access would depend on regulated exchange, clearing and account arrangements.

The plan remains subject to regulatory approval and does not yet open the products to U.S. customers, according to Payward.

Bitnomial and NinjaTrader market structure

Bitnomial Exchange would create and administer the HIP-3 permissioned markets under CFTC-regulated rules, Payward said. Bitnomial Clearinghouse would clear and settle the contracts, and NinjaTrader Clearing would carry client accounts.

Access would require clients to have futures accounts and approval from both NinjaTrader Clearing and Bitnomial, CoinDesk reported.

The proposal describes an onchain perpetual-futures deployment, not participation by U.S. clients in Hyperliquid’s existing markets. Those roles and requirements would form the proposed exchange, clearing and customer-account structure.

Launch timing and commercial terms

No launch date, fee schedule, expected trading volume or revenue-sharing arrangement with Hyperliquid has been disclosed. CoinDesk reported the omissions.

Payward’s proposed structure would use permissioned Hyperliquid HIP-3 markets administered by Bitnomial Exchange, cleared and settled by Bitnomial Clearinghouse, with client accounts carried by NinjaTrader Clearing.

The offering remains subject to regulatory approval, and individual U.S. clients would need approval from both NinjaTrader Clearing and Bitnomial. Payward said the plans remain subject to that approval, leaving timing and availability unresolved.

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