Payward Plans Regulated U.S. Hyperliquid Perpetual Futures

Payward, the parent company of Kraken, plans to launch regulated Hyperliquid perpetual futures markets for eligible U.S. clients, subject to approval from regulators. The proposed Hyperliquid perpetual futures would use the blockchain’s HIP-3 infrastructure for onchain order matching and trade records, rather than giving U.S. users direct access to Hyperliquid’s existing decentralised perpetuals. Bitnomial Exchange would create and administer the markets under its rules. Bitnomial Clearinghouse would clear and settle the contracts, while NinjaTrader Clearing would hold customer accounts and provide the futures brokerage relationship. Customers would need approval from both NinjaTrader and Bitnomial before trading. Payward co-CEO Arjun Sethi said the company aims to become the first registered U.S. exchange and clearinghouse operator to deploy a market on Hyperliquid. The structure would combine Hyperliquid’s public blockchain with regulated market supervision and build on Kraken’s existing U.S. perpetual futures business through Bitnomial. The markets are not yet available. The launch date, contract specifications, eligible customer base, fees, expected volume and revenue-sharing terms remain undisclosed. The proposal follows strong growth in onchain derivatives. CoinGecko reported that perpetual DEXs processed $6.38 trillion in volume in 2025, up from $1.50 trillion in 2024, with Hyperliquid accounting for most of the sector’s activity. Earlier estimates put global perpetual futures volume above $8.5 trillion in 2025, while Hyperliquid represented about 9% of global open perpetual positions. For traders, the plan could create a regulated route for U.S. institutions to access Hyperliquid perpetual futures. However, regulatory approval, compliance costs and customer demand remain key risks. Until the markets launch, the direct trading impact on HYPE is likely to remain limited.