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Payward, the parent company of Kraken, has said it intends to become the first Commodities Futures Trading Commission (CFTC)-regulated deployer on Hyperliquid‘s HIP-3* markets, using the network as infrastructure to offer perpetual futures to U.S. clients. Hyperliquid announced the plan in a post on X dated October 26, 2026, and the arrangement remains subject to regulatory approval, Ambcrypto reported.
The disclosure puts a regulated exchange, clearinghouse and brokerage operation on top of a protocol usually associated with open-access trading. Ambcrypto noted that the announcement landed while the HYPE token was already under pressure, with a drop below $75 flagged as a warning of a trend shift.
Also read: Payward to buy EU-licensed Saldo Bank in 2027 deal
Key facts
- Payward wants to be the first CFTC-regulated deployer on HIP-3* markets, using Hyperliquid as the infrastructure layer for perpetual futures aimed at U.S. clients.
- Bitnomial, Payward’s CFTC-regulated designated contract market and derivatives clearing organization, would create, own and administer the markets and handle clearing and settlement, per Ambcrypto.
- NinjaTrader Clearing, a CFTC-registered futures commission merchant, would maintain customer accounts, News.bitcoin and Blockonomi reported; no launch date, contract lineup or final trading specifications have been announced.
- HIP-3* adds optional onchain allowlists managed by the deployer so that permissioned markets can restrict who trades; Hyperliquid said the feature is strictly additive and existing markets remain unchanged, with an initial version live on testnet and specifications subject to revision.
- HYPE fell to a local low of $74.5, with its 100-day moving average at $75.61 and the bullish structure’s anchor at $75.17, according to Ambcrypto.
A regulated structure split between two units
Under the proposal, each part of the operation would sit inside its own CFTC registration. Bitnomial would act as deployer and clearinghouse, while NinjaTrader Clearing would carry client accounts, as Blockonomi detailed. Payward partly revealed the move in mid-September, according to News.bitcoin, and the company acquired Bitnomial in May 2026 in a transaction valued at up to $550 million.
Hyperliquid framed its own position as neutral infrastructure. The plan would not open the DEX’s existing markets to American traders; instead it would establish separately administered, permissioned markets operating under U.S. derivatives rules, News.bitcoin reported. Kraken’s official X account responded to the announcement with enthusiasm, writing that it was excited for what was ahead.
Also read: Phantom and Hyperliquid Urge CFTC to Modernize Rules for Onchain Derivatives
HYPE tests the $75 floor
The token’s price action has turned bearish in recent weeks. Ambcrypto reported HYPE was up 0.63% over the prior 24 hours, a gain broadly in line with Bitcoin and the wider altcoin market. Prices had slipped to a local low of $74.5, leaving both the 100-day moving average at $75.61 and the bullish structure’s anchor at $75.17 under pressure. A daily session close below either level would warn of a bearish trend shift.
Selling pressure has not been overwhelming. The on-balance volume indicator stayed near yearly highs even as trading volume shrank in recent weeks, which Ambcrypto described as the one saving grace for a token that has shown bearish momentum since September. On the 4-hour chart, the $74 to $76 area has held as a demand zone, but HYPE traded below its 50- and 100-period moving averages for most of October, keeping a bearish continuation likely.
The outlets also diverge on the price picture. News.bitcoin reported HYPE jumped about 2.2% after the post and traded just under $79, down roughly 20% from a peak of $97.96 set in September. Ambcrypto’s account focused on the $75 support test rather than that rebound.
Why it matters
If approved, the arrangement would pair regulated intermediaries at the entrance with markets settled on public blockchain infrastructure, a structure distinct from both fully permissionless DeFi venues and conventional U.S. futures exchanges. For Hyperliquid, a CFTC-regulated deployment would mark a step toward institutional use; for Payward, it extends a derivatives business already built around Bitnomial and NinjaTrader. Retail U.S. traders would not gain access to existing Hyperliquid markets, only to separately permissioned ones.
What to watch
Approval from regulators is the gating item for the Payward plan, and Hyperliquid’s testnet release of HIP-3* will be revised based on feedback. On the chart, a daily close below $75.17 or a reclaim of the 4-hour 100-period moving average on steady demand are the next signals. This article is not financial advice, and crypto markets are volatile and uncertain.
Reported by ambcrypto.com.
Sources: AMBCrypto, News.bitcoin, Blockonomi