Kraken’s Payward to Bring CFTC-Compliant Hyperliquid Perpetuals to US Market

Key Highlights

• Kraken’s parent firm Payward has announced intentions to introduce onchain perpetual futures trading on Hyperliquid for American customers
• Trading would be facilitated through CFTC-regulated Bitnomial Exchange, positioning it as Hyperliquid’s inaugural regulated US platform
• American traders will need to maintain futures accounts with both NinjaTrader Clearing and Bitnomial for eligibility
• HYPE token experienced a 4%+ price increase while Binance futures open interest climbed 7% after the announcement
• Implementation depends on obtaining regulatory clearance with no confirmed launch timeline yet established

Payward, which operates as the holding company for Kraken crypto exchange, revealed plans Wednesday to provide American customers with access to onchain perpetual futures trading on the Hyperliquid blockchain. Market response was immediate, with HYPE token valuations climbing over 4% in the hours following the disclosure.

Implementation would commence with Hyperliquid HIP-3 markets, a framework enabling external entities to establish and operate permissioned perpetual futures venues. Bitnomial, operating as Payward’s CFTC-regulated trading platform, would oversee market creation and management duties. Client account administration would fall under NinjaTrader Clearing’s purview.

American participants would be required to establish futures accounts through Payward’s registered brokerage entity and secure authorization from both NinjaTrader Clearing and Bitnomial. Trading access would be restricted exclusively to allowlisted accounts meeting qualification standards.

Perpetual futures contracts represent derivative instruments enabling traders to speculate on digital asset price movements without direct ownership. Unlike traditional futures, these contracts lack expiration dates, with traders paying regular funding rates to maintain their positions.

Bringing Offshore Trading Onshore

Since their introduction in 2016, perpetual futures trading has predominantly occurred outside US regulatory frameworks. Throughout 2025 alone, global perpetual futures trading volume exceeded $85 trillion, based on CoinGecko statistics.

Hyperliquid’s decentralized platform currently accounts for approximately 9% of global perpetual futures open interest. This partnership could provide crucial momentum for Hyperliquid following a revenue decline. Platform revenue dropped 43% during Q3 2025 before rebounding to roughly $202 million in Q2 2026, according to DefiLlama metrics.

Arjun Sethi, Payward’s co-CEO, stated the firm aims to become the inaugural entity fulfilling regulatory responsibilities on Hyperliquid. President Donald Trump previously indicated regulators were pursuing pathways to bring Hyperliquid under US jurisdiction, a statement that propelled HYPE to all-time peaks near $89 during early September.

Trading Activity Surges

HYPE trading volumes increased nearly 30% over 24 hours post-announcement. Aggregate HYPE futures open interest reached $2.92 billion, representing approximately 2.5% growth within four hours.

Binance recorded a 7% surge in open interest, accompanied by modest increases on OKX and Bybit platforms. These metrics suggest strengthening bullish positioning among derivatives market participants. Market observers project HYPE could potentially touch $100 in coming weeks.

Payward completed its Bitnomial acquisition in May for $550 million and secured NinjaTrader Clearing through a $1.5 billion purchase in 2025. This arrangement specifically excludes American access to Hyperliquid’s current perpetual trading markets.

Details regarding fee structures, anticipated trading volumes, or specific launch dates remain undisclosed. The initiative awaits necessary regulatory approvals before operational commencement.

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