Kraken Parent Payward Plans Onchain Perpetual Futures for U.S. Clients

Payward, the parent company of Kraken, plans to offer onchain perpetual futures to U.S. clients through Hyperliquid’s HIP-3 markets, subject to regulatory approval, according to Wu Blockchain.

The proposed service would bring perpetual futures trading onto Hyperliquid’s public blockchain while using regulated infrastructure for deployment, clearing and settlement. Access would be restricted to users approved and whitelisted by the entities involved.

Trading to Start With Hyperliquid HIP-3 Markets

Payward plans to begin offering the products through Hyperliquid’s HIP-3 markets. The proposed perpetual futures would operate directly on Hyperliquid’s public blockchain rather than through a conventional offchain trading infrastructure.

The plan remains conditional on regulatory approval, meaning the service has not yet been cleared for U.S. clients. The arrangement outlined by Wu Blockchain involves several companies taking different roles in the proposed trading structure.

Payward would provide the service to eligible U.S. clients, while Bitnomial, described as Payward’s CFTC-regulated entity, would handle deployment, clearing and settlement.

Bitnomial to Handle Clearing and Settlement

Under the proposed structure, Bitnomial would be responsible for deploying the markets as well as managing clearing and settlement functions.

NinjaTrader Clearing would hold client accounts. This creates a separation between the blockchain-based trading venue and the entities responsible for regulated market infrastructure and custody of client accounts.

Trading access would also be restricted. Users would need to be approved and whitelisted by both entities before they could participate in the markets.

The arrangement therefore combines Hyperliquid’s public blockchain infrastructure with regulated entities responsible for key parts of the U.S. trading framework.

U.S. Access Depends on Regulatory Approval

Perpetual futures are derivatives that allow traders to maintain positions without a fixed expiration date. In this case, however, the key development is the proposed availability of onchain perpetual futures to U.S. clients through a structure involving a CFTC-regulated entity.

The regulatory condition remains central to the plan. Payward intends to offer the products only after obtaining the necessary approval, and access would be limited to users that satisfy the approval and whitelisting requirements.

No launch date for U.S. clients was provided in the information shared by Wu Blockchain. The initial focus is on Hyperliquid’s HIP-3 markets, with Bitnomial assigned responsibility for deployment, clearing and settlement and NinjaTrader Clearing carrying client accounts.

The proposal therefore remains at the stage of a planned offering pending regulatory approval.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.