Hyperliquid Unveils HIP-3 Upgrade as Kraken Parent Eyes Regulated US Futures

Key Insights Kraken parent Payward plans CFTC-regulated U.S. perpetual futures on Hyperliquid. Bitnomial would operate and clear futures markets, with NinjaTrader handling accounts. Hyperliquid’s HIP-3 adds optional allowlists, with the upgrade still on testnet. Hyperliquid has detailed a planned HIP-3 upgrade as Kraken parent Payward pursues CFTC-regulated perpetual futures for U.S. customers. Hyperliquid shared on X that Payward would use its blockchain infrastructure while regulated affiliates operate the derivatives markets. Bitnomial would administer trading and clearing, while NinjaTrader Clearing would handle customer accounts. The arrangement remains subject to regulatory approval, and the new functionality currently operates on a testnet. The proposal separates infrastructure from responsibilities held by market operators. Payward intends to become the first CFTC-regulated deployer using this framework. However, U.S.

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