Kraken Parent Payward Eyes Hyperliquid for U.S. Perpetual Futures

• Payward plans to deploy U.S. perpetual futures markets on Hyperliquid’s HIP-3.
• Bitnomial would handle market administration, clearing and contract settlement.
• The proposed markets require regulatory approval before U.S. clients can trade.

Payward, Kraken’s parent company, plans to offer onchain perpetual futures to eligible U.S. clients through Hyperliquid, subject to regulatory approval. 

The proposed markets would execute and record trades on Hyperliquid’s public blockchain, while Payward’s regulated entities would oversee clearing, settlement, and customer accounts. The model would bring Hyperliquid-based perpetuals to approved U.S. traders within a regulated market structure. 

Payward Targets Hyperliquid for U.S. Perpetuals

Payward announced plans on Sept. 16 to deploy perpetual futures markets on Hyperliquid’s HIP-3 infrastructure. The proposed markets would operate on Hyperliquid’s public blockchain, where orders are matched and trades are recorded onchain.

However, the planned offering would not provide unrestricted access to Hyperliquid’s existing markets. Payward intends to use HIP-3’s permissioned market structure for approved U.S. customers.

Under the proposal, Bitnomial Exchange would create, own and administer the markets. Its clearinghouse would also clear and settle the resulting contracts. Meanwhile, NinjaTrader Clearing would carry customer accounts and handle the futures brokerage relationship.

Only customers approved through the required onboarding process would gain access to these markets. Their accounts would also need approval from both NinjaTrader and Bitnomial before trading.

Arjun Sethi, Payward’s co-CEO, said the company intends to be the first registered U.S. exchange and clearinghouse operator to deploy a market on Hyperliquid. He added that Payward would hold the keys while carrying the regulatory obligations.

Payward 🤝 @HyperliquidX

We're building permissioned Hyperliquid HIP-3* markets for US clients. pic.twitter.com/D9WwRgVaK0

— Payward (@Payward) September 16, 2026

Bitnomial Would Handle the Regulatory Structure

The proposed arrangement connects Hyperliquid’s onchain infrastructure with Payward’s existing U.S. derivatives framework. Bitnomial Exchange is a CFTC-regulated designated contract market, while Bitnomial Clearinghouse is a registered derivatives clearing organization.

NinjaTrader Clearing operates as a CFTC-registered futures commission merchant and NFA member. As a result, the regulated entities would retain responsibility for market administration, customer accounts, clearing and settlement.

Payward said the proposed markets would be listed under Bitnomial Exchange rules. The company also stressed that regulatory approval remains necessary before U.S. clients can access the contracts.

The plan builds on Payward’s existing U.S. perpetual futures business. Kraken already offers regulated perpetual contracts to eligible American customers through its Bitnomial infrastructure.

Payward reported 6.6 million funded accounts as of June 30, 2026. The company also said its independently reviewed proof of reserves showed client assets backed above 100%.

Hyperliquid Brings Growing Perpetual Futures Activity

Hyperliquid has become a major venue for onchain perpetual futures as decentralized derivatives activity expands. CoinGecko reported that perpetual DEXs processed $6.38 trillion during 2025, compared with $1.50 trillion in 2024.

The research also found that the top 12 perpetual DEXs averaged $611.57 billion in monthly trading volume during the first months of 2026. Hyperliquid accounted for most of the sector’s activity, according to CoinGecko’s analysis.

Payward said the Hyperliquid deployment could serve as a foundation for additional products and partnerships. The company has described its broader approach as using open financial infrastructure to connect different protocols with regulated markets.

Still, the proposed Hyperliquid markets are not yet available to U.S. traders. Their launch depends on regulatory approval and the completion of the required market and customer arrangements. The final contracts, launch timing, and eligible customer base have not yet been announced. Payward has not provided a specific date for when trading could begin.