TREE NEWS update: Payward, parent of Kraken, said it will build a HIP-3-based custom perpetual futures market on Hyperliquid’s mainnet through its CFTC-regulated exchange Bitnomial and futures broker NinjaTrader Clearing, opening trading to eligible US users once products are approved. Only accounts cleared by NinjaTrader and whitelisted by both entities can trade, and the offering covers Bitnomial-deployed HIP-3 markets rather than Hyperliquid’s existing perpetuals.
Payward Taps Hyperliquid for Regulated US Perpetuals via Bitnomial
AI take
The significance here is structural rather than product-level: a CFTC-regulated venue is using Hyperliquid's builder framework to create a permissioned market, not to resell the existing one. That carves a compliance-gated perimeter around a public chain, with NinjaTrader's clearing and dual whitelisting as the gatekeepers. It matters for US institutions that want on-chain perpetual exposure without touching unregulated rails. The open question is whether this walled HIP-3 model attracts real flow or stays a niche alongside Hyperliquid's broader liquidity.
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