Payward Aims to Bring Hyperliquid Perpetual Futures to US Traders

Kraken's parent company Payward intends to offer onchain perpetual futures to US customers, with the first markets built on Hyperliquid's HIP-3 framework. They will be the first permissioned markets deployed by builders on the protocol.

The new markets would be deployed and cleared by Bitnomial, a CFTC-regulated exchange that Payward bought in April. Client accounts would be handled by NinjaTrader Clearing, a registered futures broker.

A Regulatory Route, Not a New Rulebook

Over the past 30 days, Hyperliquid's trading volume topped $200 billion. That figure makes it the most active onchain derivatives venue worldwide, though it remains officially closed to US traders.

Several platforms already operate builder-deployed markets on Hyperliquid, with one holding 98% of the open interest. None is a registered US exchange or clearinghouse, a gap that Payward believes its setup will fill.

Kraken's previous attempt to enter Hyperliquid last month was also intended to address that gap. It was based on President Trump's August remarks that the CFTC was developing a compliant pathway for the exchange.

Payward already offers its own crypto perpetual futures to US clients via the same clearing arrangement. The company acquired Bitnomial for $550 million last April, obtaining in-house CFTC infrastructure instead of relying on an external party.

“Payward intends to be the first, holding the keys and carrying the regulatory obligations”
Arjun Sethi, Co-CEO of Payward

Compliance Still an Open Question

The plan still requires regulatory approval, and no launch date has been set. It comes shortly after North Korea-linked wallet activity drew scrutiny to Hyperliquid's compliance record.

How quickly Hyperliquid reaches US traders may depend on whether Bitnomial's structure meets regulatory approval, rather than the prominence of the plan's announcement.