If approved by regulators, Payward's CFTC-registered futures commission merchant, NinjaTrader Clearing, would carry client accounts for Hyperliquid's HIP-3* markets

How governments worldwide set rules for digital assets through legislation, agency rulemaking, licensing regimes and court fights.

Futures, options, and perpetual swaps tied to digital-asset prices, letting traders hedge or lever positions and often dwarfing spot volumes.