Kraken HIP-3 is the short name for a plan that just got real. On October 26, Hyperliquid named Payward, Kraken’s parent company, as its intended first CFTC-regulated deployer on HIP-3*. In plain terms, Payward wants to run US-regulated perp markets that match trades on Hyperliquid’s onchain order book. However, there is still no regulatory approval, no launch date and no HIP-3* mainnet.
We first covered this story in August, when Bloomberg broke the talks. That first chapter lives in our Hyperliquid Bitnomial deal post. Since then, the plan has gone from rumor to press release to an official co-sign. Today’s news is that last step.
What Hyperliquid Announced on October 26
Until now, the plan came from Payward and press reports. Monday changed that. Hyperliquid’s official X account laid out the same structure in its own words. It also described itself as a neutral infrastructure layer. In that setup, deployers keep control of their markets and carry the responsibility for them.
The core facts fit in five lines:
- Payward wants to be the first CFTC-regulated deployer on HIP-3*.
- Bitnomial, Payward’s regulated exchange and clearinghouse, would deploy the markets.
- Trades would match on Hyperliquid’s onchain order book.
- Only allowlisted US accounts could trade.
- No approval, launch date or market list exists yet.
So this is a formal handshake, not a product launch.
What Is HIP-3*, and Why the Asterisk Matters
HIP-3 has been live on Hyperliquid since October 13, 2025. It lets any team that stakes 500,000 HYPE deploy its own perp markets. The deployer picks the assets, sets the oracles and configures leverage. Meanwhile, Hyperliquid’s engine handles matching, margin and settlement.
Today’s biggest example is Trade.xyz. It holds the vast majority of HIP-3 open interest with stock, index and commodity perps. We track its potential airdrop on our Trade.xyz listing. For how it stacks up against trading on Hyperliquid directly, see our Hyperliquid vs Trade.xyz comparison.
HIP-3* adds one optional feature: onchain allowlists. With it, a deployer can restrict who trades its markets. That sounds small. Yet it is exactly what a regulated firm needs. A US exchange cannot let any anonymous wallet in, and an allowlist solves that.
Co-founder Jeff Yan unveiled HIP-3* on September 3. Importantly, existing HIP-3 markets stay unchanged. Permissionless deployers keep working as before. For now, the feature still sits on testnet in preliminary form.
How the Kraken HIP-3 Setup Would Work
Payward splits the job across three regulated entities. Each one covers a piece that a normal Hyperliquid trade skips:
- Bitnomial Exchange, a CFTC-designated contract market, would create, own and run the markets.
- Bitnomial Clearinghouse, a registered derivatives clearing organization, would clear and settle the contracts.
- NinjaTrader Clearing, a registered futures broker and NFA member, would hold the client accounts.
A US trader would first open a futures account with NinjaTrader. After onboarding, that account needs a spot on both the NinjaTrader and Bitnomial allowlists. Only then could the trader reach these markets.
One detail gets lost in most headlines. US clients would trade new Payward contracts on Hyperliquid’s chain. They would not get access to the existing Hyperliquid order books. In other words, the DEX stays geoblocked for Americans, as our guide on whether Hyperliquid is legal in the US explains.
Payward bought Bitnomial earlier this year for up to $550 million. Bitnomial already powers Kraken’s US perps. Furthermore, Payward calls Hyperliquid the first protocol in a wider multi-protocol strategy.
Check out Kraken backed prop firm: Breakout.
What Kraken Already Offers for HYPE
Kraken isn’t new to HYPE. Spot trading has run there since January. You can also stake HYPE on Kraken, with bonded rewards around 2% APY. On top of that, Kraken Pro lists HYPE perps in the EU and most other regions. US clients, by contrast, get CME-listed HYPE futures through Kraken Derivatives US.
So the new piece is not HYPE exposure. Rather, it’s the venue. For the first time, a US-regulated firm wants its trades to settle on Hyperliquid’s own chain.
For the full side-by-side, see our Hyperliquid vs Kraken comparison. Our Kraken review also covers fees, custody and staking.
When Will It Launch?
Nobody knows yet. That’s the honest answer. Three milestones still have to land first:
- CFTC sign-off on the Bitnomial deployment.
- HIP-3* reaching Hyperliquid mainnet.
- The first Bitnomial-deployed market going live.
Back in September, former senior SEC counsel Ashley Ebersole estimated approval could take up to a year. That same estimate flagged that both the SEC and the CFTC might get involved. My read: a 2027 launch is the realistic base case.
What This Means for HYPE
US volume settling onchain means fees. Hyperliquid sends most of its fee revenue into HYPE buybacks through the Assistance Fund. Since HIP-3 deployers share fees with the protocol, regulated US volume would feed that same machine.
There is a staking angle too. HIP-3 normally requires 500,000 HYPE staked per deployer. Still, the October post does not spell out separate terms for Payward’s markets.
HYPE trades in the high $70s today, roughly 20% below its September 23 all-time high near $98. Personally, I don’t treat this headline as a quick pump trigger. Instead, I see it as a slow structural win. The US is the one big market Hyperliquid has never touched, and this is the first official door.
What This Means for Airdrop Farmers
Season 3 points go to wallets that trade on Hyperliquid directly. A NinjaTrader futures account is a different animal. Nobody has said regulated US trades will earn points, so don’t count on it.
For everyone outside the US, nothing changes. The Hyperliquid Season 3 airdrop is still open. Our list of the best DEX airdrops covers the venues worth farming alongside it.
Want volume without picking a direction? Our delta neutral farming guide walks through the setup. And if you’re still choosing where to trade, start with our Hyperliquid review and our ranking of the best perp DEXes.
Keep This Content Free
Following a deal from Bloomberg rumor to official co-sign takes months of watching. We do that so you don’t have to. AirdropAlert has never put a post behind a paywall, and we won’t start now.
If this breakdown helped, open your account through our links. Trade onchain via our Hyperliquid referral link. For centralized exchanges, use OKX or Bybit. It costs you nothing extra and keeps this site running.
Final Words
Kraken HIP-3 is not live, and it won’t be soon. Still, Monday marks a real shift. Hyperliquid put its own name behind a regulated US path, and Payward brings a full CFTC stack to walk it. Next, watch for three things: CFTC approval, HIP-3* on mainnet and the first Bitnomial market. Until then, US traders wait, and everyone else keeps farming.
FAQ
Is Kraken integrating Hyperliquid?
Not directly. Kraken’s parent, Payward, plans to deploy its own regulated perp markets on Hyperliquid through Bitnomial. Trades would match on Hyperliquid’s order book, but US users would trade Payward contracts, not existing Hyperliquid markets.
What is HIP-3?*
HIP-3* is an optional upgrade to Hyperliquid’s HIP-3 framework. It adds onchain allowlists, so a deployer can restrict who trades its markets. Existing HIP-3 markets stay unchanged.
When will Kraken’s Hyperliquid perps launch?
No date exists. The plan needs CFTC approval, HIP-3* on mainnet and a first live Bitnomial market. One former SEC counsel estimated approval alone could take up to a year.
Can US users trade on Hyperliquid now?
No. Hyperliquid still geoblocks US users. Under the Payward plan, Americans would trade through a regulated NinjaTrader futures account, not by connecting a wallet.
Will US trades through Payward earn Hyperliquid Season 3 points?
Nobody has said so. Points go to wallets trading on Hyperliquid directly, so a regulated futures account likely won’t qualify.
Does Payward need to stake HYPE?
HIP-3 normally requires 500,000 HYPE staked per deployer. The October 26 post did not state separate terms for Payward.
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