Payward's Hyperliquid Deal: A Regulated Gateway for DeFi in the US

Payward's proposed deployment of perpetual futures on Hyperliquid's HIP-3 infrastructure marks a new approach to DeFi in the US. Unlike importing decentralized exchanges, this model tests whether DeFi infrastructure can underlie conventional regulated derivatives markets.

The plan involves using Bitnomial Exchange and NinjaTrader Clearing as interfaces between customers and Hyperliquid's public blockchain. Payward owns these regulated entities, but they would control contracts, clearing, and customer relationships. Only onboarded accounts with required permissions would be able to trade.

The structure is designed to separate infrastructure from market operations. Hyperliquid provides the onchain order book and protocol infrastructure, while Bitnomial administers contracts and clears trades through its clearinghouse. NinjaTrader Clearing manages client access.

Payward's acquisition of Bitnomial for up to $550 million has provided a US derivatives stack with an FCM, DCM, and DCO. By using Hyperliquid's HIP-3 framework, the company can integrate regulated businesses as interfaces between external protocols and US customers. This approach allows for a new form of vertical integration.

The proposal remains subject to regulatory approval. If successful, it would demonstrate that regulated companies can use blockchain-based execution infrastructure while retaining control over products and access.