Hyperliquid operates as an impartial infrastructure foundation designed to support substantial segments of the broader financial ecosystem. In an upcoming network upgrade, the HIP-3 framework will introduce optional settings that allow for the creation of permissioned markets. This supplementary suite of capabilities is collectively known as HIP-3 Star. At its most fundamental level, activating this feature involves utilizing an onchain allowlist that is directly managed by the deployer or their designated sub-deployers.
These new features are entirely optional and serve as a strict addition to the existing framework. Because the choice to use them rests completely with the deployer, all current markets will remain unaffected. By offering these extra tools, the network empowers independent operators to manage their deployments in full compliance with their specific regulatory obligations. Just like with the standard version, those deploying on these upgraded markets maintain total control and responsibility over their operations, simply relying on Hyperliquid for their onchain architecture. A preliminary version of this update is currently live on the testnet, though the early specifications remain subject to modification as user feedback is gathered.
Embracing these upcoming capabilities, Kraken's parent organization, Payward, recently shared its goal to become the first CFTC-regulated deployer utilizing these enhanced markets. Payward intends to leverage the Hyperliquid infrastructure to introduce perpetual futures trading tailored specifically for US clients. Assuming the necessary regulatory approvals are secured, Bitnomial, which serves as Payward's CFTC-regulated DCM and DCO, will take on the deployer responsibilities. In this position, Bitnomial would be responsible for creating, owning, and overseeing the markets, in addition to handling the clearing and settlement of all contracts. Furthermore, pending the same regulatory green light, Payward's CFTC-registered FCM, NinjaTrader Clearing, would be tasked with carrying all client accounts.