Key Highlights
- Kraken’s parent entity Payward is preparing to introduce blockchain-based perpetual futures on Hyperliquid targeting American traders
- Trading will be facilitated through Bitnomial Exchange under CFTC oversight, establishing the initial regulated American platform on Hyperliquid
- Participation requires traders to maintain futures accounts through both NinjaTrader Clearing and Bitnomial
- HYPE token climbed more than 4% while Binance futures open interest increased 7% after the announcement
- Implementation awaits regulatory clearance with no confirmed timeline for deployment
Payward, which operates as the parent entity behind cryptocurrency platform Kraken, revealed plans Wednesday to provide American customers with access to blockchain-based perpetual futures trading on the Hyperliquid network. The disclosure triggered a surge exceeding 4% in HYPE token valuations within several hours.
Initial implementation would focus on Hyperliquid HIP-3 infrastructure, enabling external entities to establish and operate permissioned perpetual futures platforms. Through Bitnomial, Payward’s CFTC-regulated trading venue, the company would oversee market creation and management. Client account administration would fall under NinjaTrader Clearing’s purview.
American participants must establish futures trading accounts through Payward’s registered brokerage and secure approval from both NinjaTrader Clearing and Bitnomial. Access will be restricted exclusively to pre-approved, allowlisted accounts.
Perpetual futures represent derivative instruments enabling traders to speculate on cryptocurrency price movements without direct asset ownership. Unlike traditional futures, these contracts have no expiration dates, with traders paying recurring funding rates to maintain open positions.
An Industry Operating Beyond US Borders
Since their introduction in 2016, perpetual futures contracts have predominantly operated outside American regulatory frameworks. Throughout 2025 alone, global perpetual futures trading volume exceeded $85 trillion, based on figures from CoinGecko.
The Hyperliquid decentralized platform presently accounts for approximately 9% of global perpetual futures open interest. This partnership could assist Hyperliquid in reversing recent revenue challenges. Platform revenues declined 43% during Q3 2025 before rebounding to roughly $202 million by Q2 2026, according to DefiLlama analytics.
Payward’s co-CEO Arjun Sethi stated the firm aims to become the first entity bearing regulatory responsibilities on Hyperliquid. President Donald Trump previously indicated that regulatory bodies were pursuing efforts to bring Hyperliquid under US jurisdiction, which propelled HYPE to all-time peaks approaching $89 in early September.
Trading Activity Responds
HYPE trading volumes increased nearly 30% across a 24-hour period after the announcement. Aggregate HYPE futures open interest reached $2.92 billion, climbing approximately 2.5% within a four-hour window.
Binance recorded a 7% surge in open interest, with OKX and Bybit showing more modest increases. These metrics suggest growing optimistic positioning among derivatives market participants. Market observers speculate HYPE could achieve the $100 milestone shortly.
Payward completed its acquisition of Bitnomial in May for $550 million and purchased NinjaTrader Clearing for $1.5 billion during 2025. The arrangement will not grant US clients access to Hyperliquid’s current perpetual futures offerings.
Details regarding fee structures, projected trading volumes, or specific launch dates remain undisclosed. The initiative requires regulatory authorization before commencing operations.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
