Hyperliquid Enters US Through Payward’s Regulated HIP-3 Market

Payward, the parent company of Kraken, plans to launch permissioned Hyperliquid perpetual futures markets for eligible US traders through a regulated framework. Its CFTC-regulated subsidiary Bitnomial would deploy and administer selected HIP-3 markets on the Hyperliquid mainnet, while Bitnomial Clearinghouse would handle clearing and settlement. Registered futures broker NinjaTrader Clearing would manage customer accounts. Trading would use Hyperliquid’s on-chain order book, but US users would need approval from both NinjaTrader and Bitnomial. The products still require regulatory approval and would initially cover only selected HIP-3 markets, with details on assets, leverage, launch timing and eligibility yet to be disclosed. The plan builds on Kraken’s existing US perpetual futures operations through Bitnomial. The initiative could give Hyperliquid a regulated route into the US as demand for on-chain derivatives grows. However, it would not provide US users with unrestricted access to Hyperliquid’s offshore platform. The stalled CLARITY Act also highlights the continued reliance on agency guidance and existing licenses. For traders, the partnership is a positive institutional signal for Hyperliquid, but its short-term impact on US access, liquidity and token prices is likely to remain limited.