Hyperliquid onshore: Payward and Bitnomial's permissioned HIP-3* venue
Quote343 words
Payward will deploy a permissioned HIP-3* market via CFTC-licensed Bitnomial, with NinjaTrader carrying accounts and matching onchain on HyperCore. No mainnet date and approval pending; it is a new allowlisted book without access to existing liquidity, where tradexyz holds ~98% of OI.
Key claims
tradexyz holds $3.9B of $4.0B HIP-3 OI
Bitnomial must stake the same 500k HYPE as other deployers
He expects S3 airdrop soon after the US entry
Hyperliquid is coming onshore to the USA 🇺🇸
@Payward (the @krakenfx parent company) confirmed it publicly today.
Time to raise your targets for $HYPE.
TL;DR on what the announcement means:
@Bitnomial, Payward's CFTC-licensed exchange + clearinghouse, is the HIP-3* deployer. That means it creates, owns and runs the venue, clears the contracts. Ninjatrader, their FCM, carries the accounts (you'll trade from a US futures account), while matching runs onchain on HyperCore
HIP-3* is the permissioned flag specced on 3 sep: Allowlist + deployer proxy powers (approve users, cancel, reduce-only, move collateral inside the venue). Exactly the toolkit a clearinghouse needs, and existing HIP-3 venues will stay untouched. The "Kraken HIP-3 test DEX" spotted on testnet on 19th of Aug now makes sense.
What it is not tho:
Live (kek). Still all subject to final regulatory approval, and no mainnet date for HIP-3* has been announced. The legal hook rn is probs the CFTC's 29 may order treating perps as futures on a DCM, and CME's lawsuit to kill exactly that (CME v. Selig).
It will also not provide US users access to the existing books. Currently, there is HIP-3 venue holding 98% of OI ( @tradexyz at $3.9B of $4.0B today, no US persons allowed). Bitnomial's venue is gonna be a new allowlisted book that needs its own liquidity on day one but could find a strong first-mover position in the US market.
Why it matters?
This is the first registered US exchange + clearinghouse deploying a market on @HyperliquidX, not just a wrapper around it. Interestingly, Payward calls HL the first protocol, not the last. Means that there will likely be more decentralized venues added (Lighter? Variational?). Assuming the rules don't change, it also means that Bitnomial has to put down the same 500k HYPE stake as every other deployer, and at least half of every fee flowing to the assistance fund.
Major catalyst, and somehow I'm pretty sure that once Hyperliquid has successfully entered the US market, S3 airdrop is very close (will elaborate in a separate post).
NFA tho.
Hyperliquid.
QUOTING @Payward
Payward 🤝 @HyperliquidX We're building permissioned Hyperliquid HIP-3* markets for US clients. t.co/D9WwRgVaK0
Payward 🤝 @HyperliquidX We're building permissioned Hyperliquid HIP-3* markets for US clients. t.co/D9WwRgVaK0
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What came next · since 16 Sep 2026
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