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HYPE Payward 计划为 Hyperliquid 在美国推出 HIP-3 永续合约市场
加密货币交易所 Kraken 的母公司 Payward 近日公布了其引入 Hyperliquid 的 HIP-3 构建者部署永续市场的计划，旨在面向美国市场。该提案勾勒出一个针对特定美国交易者的许可制产品框架，为美国市场参与者开辟了一条进入加密永续期货的新路径。
Payward 瞄准 Hyperliquid 的美国市场准入
据数字资产管理者 Grayscale 分享的数据，全天候运行的永续合约交易所 Hyperliquid 在 2026 年第二季度的平均未平仓合约价值约为 90 亿美元。这一指标凸显了 Hyperliquid 平台上持仓规模的庞大，而该平台此前主要通过离岸模式运营，限制了美国用户的访问权限。
新的战略旨在通过 Payward 建立面向美国的运营架构。该平台将为选定的美国客户提供访问 HIP-3 永续市场的权限。HIP-3 系统允许每个市场的创建者指定交易参数，例如预言机机制、杠杆限制和结算机制。
总部位于美国的 Payward 负责监管其子公司 Kraken 的衍生品基础设施，后者是全球最大的受监管加密货币交易所之一。
术语解析：HIP-3 (Hyperliquid Improvement Proposal 3) refers to a feature on the Hyperliquid protocol that allows independent developers to launch customized perpetual derivatives markets with control over market design, risk parameters and settlement rules.
Currently, the final release date and full approval from jurisdictions across the United States have not yet been confirmed. Market access will depend on regulatory registrations, compliance processes and further market design details.
How the HIP-3 structure changes market access
The HIP-3 market provides significant flexibility, allowing individual deployers to create and operate perpetual contracts with independent order books, margin regimes, and risk control measures. Hyperliquid is designed to leverage its on-chain infrastructure and HyperCore transaction stack to seamlessly connect to these licensing markets through unified APIs.
For U.S. traders, this licensed channel will support qualification checks and additional controls before the contract is opened, with operator Payward responsible for customer onboarding, compliance management and information disclosure. Such an arrangement could limit the number of available U.S. markets during the initial rollover phase.
Payward's proposed partnership would subject customer relations, compliance oversight and user interfaces to U.S. regulations rather than direct offshore access. Collateral processing, clearing procedures and account restrictions will also be consistent with this U.S. -oriented architecture.
According to current specifications, HIP-3 deployers need to pledge 500,000 HYPE tokens on the Hyperliquid main network with a lock-up period of at least 183 days. If the deployer's activities introduce risks or violate the agreement, the verifier has the right to deduct its pledged tokens. The first three assets on each HIP-3 market can be launched without participating in an auction; additional listings will be conducted through the shared Dutch auction system.
This structure brings operational and regulatory considerations, including customer identification, state restrictions, information disclosure, and oversight of leveraged trading. Specific details about qualifying jurisdictions or client entry have not yet been finalized.
Regulatory obstacles and next steps
The proposed U.S. market entry represents a distribution model rather than an eventual product release. This cooperation leverages Hyperliquid's technical strength and Payward's regulatory status to introduce perpetual contracts in a manner consistent with U.S. law.
尽管平均未平仓合约值凸显了市场需求，但 HIP-3 合约在美国的可获得性和范围最终将取决于监管批准以及 Payward 如何实施合规检查。
随着 Payward 努力完善必要的基础设施和许可证，预计将有更多公告发布。初始用户访问可能有限，潜在扩张将取决于监管结果。Hyperliquid 继续将 HIP-3 场所与其主交易所区分开来，为美国交易者提供一条受控且许可制的永续期货路径。
