Payward, parent company of the Kraken exchange, plans to become the first entity regulated by the US CFTC to create derivatives markets on Hyperliquid through the HIP-3 mechanism. Bitnomial, a CFTC-licensed subsidiary, will act as the market deployer, while NinjaTrader Clearing will serve as the futures commission merchant. The setup is for now on testnet only, and serving US customers depends on regulatory approval.

What it means: HIP-3 lets third parties create their own perpetual futures markets on the infrastructure of Hyperliquid, one of the largest decentralised derivatives exchanges. The entry of a regulated group tests whether decentralised infrastructure can be combined with the rules of traditional derivatives markets, such as identity checks, margin requirements and clearing through a licensed intermediary. If approved, it would create a hybrid model where the technology is open but customer access runs through regulated firms. The CFTC has lately shown more tolerance for perpetual contracts, but liability questions remain open when code or pricing mechanisms fail. In the European Union crypto derivatives fall under MiFID II rather than MiCA, and retail clients face leverage limits. For Greek retail investors the main point is that leveraged crypto derivatives remain very high risk and should only be used through providers with a European licence that apply investor protection rules. Offers of high leverage through unlicensed apps or social media should be treated as a warning sign rather than an opportunity.

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