In its latest report, Grayscale Research revealed that Payward, the parent company of the Kraken exchange, is designing a regulatory pathway to offer Hyperliquid perpetual futures to eligible clients in the United States. Grayscale’s Head of Research, Zach Pandl, stated that the plan envisions leveraging the clearing and trading infrastructure of Bitnomial—a CFTC-regulated entity owned by Payward—which would enable trading these on-chain derivatives without requiring the decentralized platform to operate directly as an exchange on U.S. soil.
This initiative builds a strategic bridge between DeFi and U.S. institutional frameworks. Hyperliquid averaged nearly $9 billion in open interest during Q2 2026, cementing its position as a frontrunner in perpetual derivatives trading. Integration under the regulated umbrella of Bitnomial and custody via NinjaTrader Clearing could unlock massive institutional liquidity for the ecosystem while driving the burn rate and value capture of the native HYPE token.
The next hurdle in materializing this initiative lies in obtaining formal clearance from U.S. regulators. Should it secure the green light from the CFTC, Payward would set a historic precedent for the institutional adoption of decentralized perpetual contracts across North America.
Source: https://www.grayscale.com/the-stack/hyperliquid-coming-onshore-via-kraken
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