TL;DR
- Payward plans to bring regulated perpetual futures on Hyperliquid to eligible U.S. clients, pending regulatory approval.Â
- The structure keeps trading on Hyperliquid’s public blockchain but adds identity checks and permissioned access.
- The first contracts, leverage, fees and launch date have not yet been disclosed.
Payward, the parent company of Kraken, plans to bring regulated perpetual futures to U.S. clients through Hyperliquid, connecting the protocol’s onchain trading infrastructure with Payward’s CFTC-regulated derivatives stack. The proposal remains subject to regulatory approval and could give eligible traders a new route into crypto derivatives.
The deployment would start with Hyperliquid’s HIP-3 framework, which lets third parties launch permissioned perpetual markets. Payward says regulated entities would handle customer and clearing responsibilities, while Hyperliquid’s public blockchain would match and record trades. No launch date or initial asset list has been announced.
Payward Brings Regulated Perps To Hyperliquid
Bitnomial Exchange would create, own and administer the markets under its rules, while Bitnomial Clearinghouse would clear and settle the contracts. NinjaTrader Clearing would carry customer accounts, with eligible users completing onboarding before receiving access. Accounts would also need to be approved through the relevant allowlisting process before trading.
That structure keeps execution on public blockchain infrastructure without making the U.S. product open to unrestricted access. Customers would still complete identity, compliance and risk procedures before receiving permission to trade, creating a bridge between permissionless blockchain technology and the requirements of regulated derivatives markets.
The plan reflects Payward’s effort to combine regulated infrastructure with crypto-native markets. In May, the company completed its acquisition of Bitnomial, giving Payward an integrated U.S. derivatives structure covering an exchange, clearinghouse and futures commission merchant. Payward’s existing U.S. perpetual products already use this infrastructure.
Hyperliquid Infrastructure Meets U.S. Market Access
For Hyperliquid, the plan would connect its onchain order book with a regulated U.S. distribution channel. HIP-3 supports builder-deployed markets, allowing third parties to create perpetual contracts while applying specific controls over who can participate.
The announcement does not mean U.S. customers will automatically receive access to HYPE perpetuals. Payward has not disclosed the initial contracts, maximum leverage, collateral requirements, funding methodology or trading and clearing fees. Those details will determine how the new markets compare with existing derivatives venues once the full specifications become available.
