Kraken Brings Hyperliquid Perps to the U.S. via Bitnomial
Payward wants to bring onchain perpetual futures through Hyperliquid under Bitnomial’s CFTC rules. The rollout starts with HIP-3 markets and still needs regulatory approval.
Key Takeaways
- Payward wants U.S. customers to trade onchain perpetual futures on Hyperliquid through Bitnomial, if regulators approve.
- The setup uses HIP-3 markets and requires futures accounts at NinjaTrader Clearing and Bitnomial.
- Payward has not yet disclosed a launch date, fee schedule, volumes, or economic terms with Hyperliquid.
Payward, the parent company of crypto exchange Kraken, wants to give U.S. customers access to onchain perpetual futures on Hyperliquid. The plan starts with HIP-3 markets and, if regulators approve, is meant to be offered under Bitnomial Exchange’s rules, Payward’s CFTC-regulated contract market.
How the Setup Works
According to Payward, customers would be able to trade new perpetual futures contracts on Hyperliquid’s public blockchain, without existing order books opening directly to American users. That requires futures accounts at Payward’s broker NinjaTrader Clearing and at Bitnomial, plus approval from both parties.
The setup stands out because perpetual futures have for years been traded mostly outside the U.S. regulated market. Payward says it wants to bring a popular offshore and onchain trading product into a regulated U.S. structure, while trade matching and administration stay on Hyperliquid.
Why Hyperliquid Matters
Hyperliquid is one of the best-known DeFi platforms for perpetuals. According to recent market data, the exchange handles a large share of onchain perp volume, showing how much this segment has grown outside traditional exchanges.
For Hyperliquid, the proposed rollout could carry extra weight because it would be tied to a CFTC-regulated operator. That could matter for European crypto readers, because it shows how DeFi derivatives and regulated infrastructure are increasingly being brought together in one setup. The recent talks about onchain derivatives rules also show that regulators have been looking at these kinds of markets for a while.
No Launch Date Yet
Payward did not disclose a fee schedule, expected volumes, economic terms with Hyperliquid, or a launch date. A Kraken spokesperson declined to speculate about possible revenue from the plan and also did not comment on expected trading volumes.
Bitnomial came under Payward’s ownership in May 2026 for $550 million (€477 million). In 2025, the company also bought NinjaTrader Clearing for $1.5 billion (€1.3 billion), further expanding its U.S. derivatives setup.
