Payward, the parent company of crypto exchange Kraken, has disclosed plans to bring onchain perpetual futures trading to U.S. customers through Hyperliquid infrastructure. The proposal, announced Sept. 16, would mark a potential expansion of the blockchain-based derivatives platform's reach into regulated U.S. markets.
Under the plan, Payward's Commodity Futures Trading Commission-regulated Bitnomial exchange would create and administer the markets. Bitnomial's clearinghouse would handle clearing and settlement, while Ninjatrader Clearing would carry customer accounts. Access would be restricted to customers onboarded by Ninjatrader and included on allowlists maintained by both Ninjatrader and Bitnomial. The arrangement remains subject to regulatory approval.
The proposal would initially focus on Hyperliquid's HIP-3 markets, described as the protocol's first builder-deployed permissioned perpetual markets, which are currently live on testnet. Perpetual futures are contracts that track an asset's price without a fixed expiration date.
In a Sept. 21 analysis, Grayscale Head of Research Zach Pandl identified the proposal as a potential source of trading activity and protocol fees for Hyperliquid. Grayscale noted that a regulated U.S. venue could strengthen Hyperliquid's growth if it operates on the protocol's infrastructure and generates fees for it.
Potential Benefits and Conditions
According to Grayscale, a U.S. market could expand Hyperliquid's trader base and potentially increase fee revenue. The firm emphasized that additional trading activity would benefit Hyperliquid's fee-based token purchase mechanism only if the proposed markets generate fees for the protocol.
Grayscale summarized its view: "A regulated U.S. path could expand Hyperliquid's market, validate its infrastructure, increase fee revenue, and potentially bolster the value of HYPE, the protocol's native token."
Hyperliquid currently supports markets tied to crypto assets, equities, and commodities. During the second quarter, the protocol averaged approximately $9 billion in open interest, up 54% from a year earlier, according to Grayscale. Other exchanges have already integrated Hyperliquid's infrastructure; crypto exchange VALR, for example, integrated the protocol for over 200 perpetual markets.
Payward acquired Bitnomial in April as part of its U.S. derivatives expansion and has since begun offering eligible U.S. customers perpetual futures through the subsidiary. The proposed Hyperliquid arrangement would represent a potential expansion of that infrastructure.
