Payward (Kraken's parent) to offer Hyperliquid perpetual futures to US clients through a CFTC-regulated venue, marking the first legal path for US traders to access DeFi-native derivatives.
DeFi & Yields ·
Payward, parent company of Kraken, announced plans to bring onchain perpetual futures to US clients via its regulated infrastructure, beginning with Hyperliquid's HIP-3 markets. The move marks the first instance of a registered US exchange or clearinghouse deploying markets on Hyperliquid's protocol. HYPE token gained approximately 4% intraday following the announcement.
The arrangement will route US client accounts through NinjaTrader Clearing, Payward's CFTC-registered futures commission merchant, while Bitnomial—Payward's CFTC-regulated exchange and clearinghouse—will deploy, own and administer the markets on Hyperliquid's public blockchain. Trading would be restricted to accounts onboarded and allowlisted by both entities. This structure separates regulatory obligations from market innovation, allowing US participants access to onchain perpetuals that have been available globally since 2016 and generated more than $85 trillion in volume during 2025 alone.
The framework remains contingent on regulatory approval and successful implementation. Questions persist around adoption rates among US traders accustomed to traditional venues, settlement mechanics under live conditions, and whether Payward's model proves replicable across other protocols and products as officials suggested.