Payward, the parent company of Kraken, plans to bring on-chain perpetual futures on Hyperliquid to eligible US traders through its CFTC-regulated subsidiary Bitnomial. The proposed markets would operate on Hyperliquid’s public blockchain but use a permissioned structure to meet US regulatory requirements. Bitnomial Exchange would create and administer the contracts, while Bitnomial Clearinghouse would clear and settle them.
Payward has not announced a launch date, and the plan remains subject to regulatory approval. The proposed service would give eligible US customers access to selected Hyperliquid-based perpetual contracts through a regulated futures framework.
Payward 🤝 @HyperliquidX
We’re building permissioned Hyperliquid HIP-3* markets for US clients. pic.twitter.com/D9WwRgVaK0
— Payward (@Payward) September 16, 2026
The plan connects two very different parts of the crypto market. Hyperliquid is known for its on-chain trading infrastructure, while Payward is seeking to bring that technology into a regulated US market structure.
Under the proposed arrangement, trades would be matched and recorded on Hyperliquid’s public blockchain. Bitnomial would act as the deployer under Hyperliquid’s HIP-3 framework, while its exchange and clearinghouse would handle the regulatory and post-trade responsibilities.
Customer accounts would be carried by NinjaTrader Clearing, a CFTC-registered futures commission merchant owned by Payward. Only customers who have completed the required onboarding and are included on the relevant allowlists would be able to trade.
This means the proposed service would not open Hyperliquid’s existing retail platform to US users. Instead, access would be limited to selected perpetual futures products offered through the regulated Bitnomial structure.
Jon Pham, Payward’s head of US derivatives, said a US customer would open a futures account with Payward’s registered broker and trade the proposed contracts on Hyperliquid, with clearing handled through the same clearinghouse supporting Payward’s existing US crypto perpetual products.
Payward co-CEO Arjun Sethi said the company intends to combine Hyperliquid’s on-chain technology with its own regulatory infrastructure. Kraken’s head of on-chain, Calvin Leyon, described the model as a way to connect the protocol with Payward’s existing compliance and market infrastructure.
The arrangement would use HIP-3, an optional extension of Hyperliquid’s perpetuals framework that allows deployers to maintain on-chain allowlists. Existing permissionless HIP-3 markets would not be changed by the proposed US structure.
There are still several unanswered questions. Payward has not disclosed which contracts would be offered first, the leverage limits, margin requirements or the number of markets that could launch. It has also not explained how the 500,000 HYPE staking requirement for HIP-3 deployers would apply to a CFTC-regulated participant.
The proposal follows Payward’s acquisition of Bitnomial. The company completed the acquisition on May 1, 2026, for up to $550 million. Bitnomial gave Payward an integrated US regulatory structure covering exchange, clearing and brokerage services.
Payward already offers CFTC-regulated perpetual futures to eligible US customers through Bitnomial. Those products began trading in June, meaning the Hyperliquid initiative would add another venue and technology layer rather than replace the company’s existing offering.
The proposed launch also comes as US regulators continue working on rules for crypto derivatives and other digital-asset products. Payward has not said when regulatory approval could be completed.
For now, the announcement is a plan rather than a live trading service. Any US Hyperliquid perpetuals offered through this structure will depend on regulatory clearance, product filings and customer eligibility. The proposal nevertheless shows how on-chain trading infrastructure could be combined with a traditional regulated market structure for US users.
Stay informed with the latest trends in Web3, blockchain innovation, and cybersecurity updates at 3verseTV
You need to login in order to Like
Leave a comment