Kraken Parent Payward Plans Hyperliquid HIP-3 Perpetual Futures for U.S. Traders

Kraken parent Payward plans to bring Hyperliquid HIP-3 perpetual futures markets to U.S. traders through a regulated derivatives structure.

Payward, the parent company of cryptocurrency exchange Kraken, plans to bring onchain perpetual futures markets built on Hyperliquid to U.S. traders through a regulated derivatives structure.

The company said it intends to begin with Hyperliquid HIP-3 markets, which are builder-deployed permissioned perpetual futures markets. Cointelegraph reported the development in a post on X. The proposed offering remains subject to regulatory approval.

Payward Targets Hyperliquid’s HIP-3 Markets

Under the proposed structure, Payward would use Hyperliquid's public blockchain for the trading infrastructure while placing the markets within its U.S. regulated derivatives operations.

Bitnomial Exchange, a Payward subsidiary and Commodity Futures Trading Commission-regulated designated contract market, would create, own and administer the markets. Bitnomial Clearinghouse would handle clearing and settlement, while NinjaTrader Clearing would carry customer accounts.

U.S. customers would therefore not simply gain unrestricted access to Hyperliquid's existing perpetual futures markets. Instead, eligible traders would use newly deployed markets operated under the proposed regulated framework.

Payward has not announced a launch date, fee schedule or projected trading volume for the proposed products. The company also has not disclosed the economic terms of any arrangement with Hyperliquid.

Hyperliquid Trading Infrastructure

HIP-3 allows builders to deploy and administer their own perpetual futures markets on Hyperliquid. The proposed Payward deployment would use that framework while maintaining customer access and derivatives oversight through regulated U.S. entities.

Trade matching and records would remain on Hyperliquid's public blockchain, according to details of the proposed structure. The arrangement would therefore combine onchain market infrastructure with regulated exchange, clearing and brokerage operations.

Jon Pham, Payward's head of U.S. derivatives, said the planned structure would allow a U.S. client to open a futures account through Payward's registered broker and trade new perpetual futures contracts on Hyperliquid, with the positions cleared through the same clearinghouse supporting Payward's existing regulated crypto perpetual products.

Regulatory Approval Remains Required

The plan comes as perpetual futures continue to represent a large segment of global cryptocurrency derivatives trading. According to CoinDesk, more than $85 trillion in perpetual futures changed hands worldwide in 2025, while Hyperliquid's decentralized exchange accounts for roughly 9% of global open perpetual positions.

Payward has been expanding its regulated U.S. derivatives infrastructure. The company acquired Bitnomial for $550 million in May, while it acquired NinjaTrader Clearing for $1.5 billion in 2025, giving the group exchange, clearing and brokerage capabilities for its derivatives operations.

The proposed Hyperliquid markets would remain distinct from the exchange's existing unrestricted perpetual markets and would be available only through the proposed U.S. framework if regulators approve the plan.

For now, Payward has identified Hyperliquid HIP-3 as the starting point for its planned onchain perpetual futures offering, with the timing of any U.S. launch dependent on regulatory approval.

writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
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