Onchain perpetuals have traded worldwide for years, but no registered US exchange or clearinghouse has deployed a market on Hyperliquid. Payward intends to change that, starting with Hyperliquid HIP-3 builder-deployed markets for US clients.

Bitnomial, Payward's CFTC-regulated exchange and clearinghouse, would act as the HIP-3 deployer: it would create, own and administer the markets and clear and settle the contracts. NinjaTrader Clearing, a CFTC-registered futures commission merchant, would carry client accounts, and only allowlisted accounts could trade.

Hyperliquid handled more than $200 billion of volume in the past 30 days, while perpetuals saw over $85 trillion in global trading in 2025.

The contracts would be listed under Bitnomial Exchange rules and remain subject to regulatory approval. Payward says Hyperliquid is the first protocol it plans to deploy on for US clients, with more products to follow.