Kraken parent Payward plans to launch on-chain perpetual contracts for U.S. customers, with the initial markets to be built under Hyperliquid's HIP-3 framework. The structure would give U.S. traders a regulated route to Hyperliquid-linked derivatives if it receives regulatory approval.
HIP-3 allows builders to deploy licensed markets and is the first such market model introduced by Hyperliquid. Under Payward's plan, CFTC-regulated clearinghouse Bitnomial would handle deployment and clearing for the new markets, while registered futures commission merchant NinjaTrader Clearing would open and connect customer trading accounts.
Payward acquired Bitnomial for $550 million in April last year, giving the Kraken parent an existing CFTC-regulated infrastructure base for the proposed offering.
Hyperliquid Tops $200 Billion in 30-Day Volume
Hyperliquid processed more than $200 billion in trading volume over the past 30 days, making it one of the most active venues in the on-chain derivatives market. The platform, however, has not formally opened its services to U.S. traders.
Several builder-deployed markets already operate on Hyperliquid. One accounts for 98% of the platform's open interest, but none of these venues is registered in the United States as an exchange or clearinghouse.
Payward intends to address that gap through Bitnomial's trading and clearing structure. Rather than connecting U.S. customers directly to an unregistered on-chain derivatives platform, the proposed arrangement would place market deployment, clearing and customer access with regulated entities. Payward said the plan advances its earlier effort to bring Hyperliquid-related products into the U.S. market.
Payward already offers its own crypto perpetual contracts to U.S. customers through the same clearing arrangement. Co-Chief Executive Arjun Sethi said the company plans to become the first participant to control the relevant infrastructure while taking on the associated regulatory responsibilities.
Launch Timing Depends on Regulatory Review
The plan still requires regulatory approval, and Payward has not provided a launch date. The speed of any U.S. rollout will depend on whether the structure proposed by Bitnomial meets regulators' requirements for trading, clearing, customer protection and market operations.
The review comes as Hyperliquid's compliance record faces additional scrutiny. Wallet activity linked to North Korea recently prompted discussion of the platform's transaction monitoring and compliance controls. Payward has outlined the roles of the exchange, clearinghouse and customer-access provider, but it remains unclear whether regulators will approve the structure and which products and customers would ultimately be permitted to participate.
For market participants, the central issue is not simply the addition of another trading access point. It is whether on-chain perpetual contracts can enter a regulated customer framework through a U.S.-registered exchange and clearinghouse. The outcome will depend on the approval process, product design and the specific regulatory obligations assigned to Bitnomial.