HYPE Gains 4.8% on Payward’s Planned US Perpetuals Market
HYPE, Hyperliquid’s native token, rose 4.8% after Payward, Kraken’s parent company, announced plans for a regulated US perpetuals market on Hyperliquid. The proposed deployment would use the platform’s HIP-3 infrastructure, which is still in testnet, making Payward the first CFTC-regulated entity to build on it. Bitnomial is expected to create the markets, while NinjaTrader Clearing would handle customer accounts. The launch remains subject to regulatory review.
The news could strengthen sentiment around HYPE by signalling institutional interest in Hyperliquid and regulated on-chain derivatives. However, approval and deployment are not yet guaranteed. Traders will be watching regulatory decisions and progress on HIP-3. A prediction market cited in the article put the odds of Hyperliquid reaching $100 by 31 December 2026 at 23%.
Bullish
The immediate market signal is positive: HYPE gained 4.8% as news of Payward’s planned US perpetuals market pointed to potential institutional participation and a regulated route to trading derivatives on Hyperliquid. Such partnership and market-expansion announcements have often supported short-term token sentiment by raising expectations for platform activity, liquidity and visibility.
The bullish case is conditional, however. HIP-3 is still in testnet, and the launch requires regulatory review. Delays, changes to the proposed structure or a lack of follow-through could reverse sentiment, particularly if the initial price move is driven mainly by speculation. Traders may therefore see elevated volatility around regulatory updates and deployment milestones. Over the longer term, a successful launch could help attract users and deepen activity on Hyperliquid, but the article offers no evidence yet of realized trading volumes or revenue. The 23% prediction-market probability of HYPE reaching $100 by the end of 2026 also indicates that this outcome is far from assured.