Kraken unit seeks U.S. onchain perpetuals via Hyperliquid

Payward, the parent company of crypto exchange Kraken, plans to offer onchain perpetual futures to U.S. clients by deploying markets built on Hyperliquid’s HIP-3 builder-deployed framework. Trades would be cleared through Bitnomial, the CFTC-regulated exchange Payward purchased last April, while NinjaTrader Clearing would onboard client accounts. The proposal requires regulatory approval and has no set launch date.

Under the proposal, Bitnomial would operate and clear the new permissioned HIP-3 markets on Hyperliquid. Payward acquired Bitnomial for $550 million, giving the company an in-house CFTC-regulated exchange and clearing capability that would replace reliance on a third-party clearing partner.

Hyperliquid is the most active onchain derivatives protocol by recent volume, processing more than $200 billion in trading over the past 30 days, but it remains closed to U.S. traders. Multiple external teams already run builder-deployed markets on the protocol; one of those markets holds roughly 98% of Hyperliquid’s open interest. None of those market operators is a registered U.S. exchange or clearinghouse.

Payward has already listed its own crypto perpetual futures for U.S. clients using the same clearing arrangement it proposes for Hyperliquid markets. Arjun Sethi, co-CEO of Payward Compliance, described the company’s aim as wanting to be the first to operate the markets while assuming the related regulatory responsibilities.

Regulatory approval is the key outstanding item. How quickly U.S. traders could gain access depends on whether Bitnomial’s structure and the permissioned HIP-3 design meet CFTC and other regulator requirements. Payward has not provided a timetable for launch.

Hyperliquid has recently faced scrutiny after blockchain activity linked to wallets associated with North Korea was identified on the protocol. That compliance attention is likely to be a factor regulators consider when reviewing proposals to bring permissioned onchain derivatives to U.S. customers.

HIP-3 is Hyperliquid’s framework for builder-deployed permissioned markets, which lets external teams create markets that operate on the protocol. Hyperliquid’s native token, HYPE, has traded higher this year and was up roughly 211% year-to-date, reflecting elevated trading interest on the platform.