Kraken parent plans regulated Hyperliquid perps

Payward has announced plans to bring on-chain perpetual futures to eligible U.S. clients through Hyperliquid’s HIP-3 infrastructure, using CFTC-regulated Bitnomial to deploy, clear and settle the proposed contracts. Summary Payward plans regulated Hyperliquid perpetual markets for eligible U.S. clients, subject to regulatory approval first. Bitnomial would deploy, administer, clear and settle HIP-3 contracts under its existing CFTC-regulated infrastructure stack. NinjaTrader Clearing would carry client accounts, restricting access to users approved by both entities beforehand. Hyperliquid recorded nearly $237 billion in perpetual trading volume over thirty days, DefiLlama data shows. Payward reported 6.6 million funded accounts at June-end after launching regulated U.S. perpetuals through Bitnomial. Payward, the parent company of Kraken, said on Sept. 16 that Hyperliquid would be the first blockchain protocol used for the initiative. The planned markets remain subject to regulatory approval and are not yet available for U.S. trading. The proposal expands on Payward’s existing U.S. derivatives business. In its second-quarter 2026 financial update, the company said Bitnomial infrastructure already supports regulated U.S. perpetual futures and spot margin products. Payward reported 6.6 million funded accounts at the end of June, up 42% year over year. NEW: Kraken’s parent company Payward confirmed our scoop earlier that it is bringing Hyperliquid’s perps to the US, first starting with a permissioned HIP-3 market pic.twitter.com/vOA7sw3pmn — Muyao (@MuyaoShen) September 16, 2026 You might also like: Payward taps Claude Mythos 5 for crypto security Payward would put regulated markets directly on Hyperliquid The planned structure differs from Payward’s existing U.S. perpetual futures because trades would use Hyperliquid’s public blockchain infrastructure. Under Payward’s proposal, Bitnomial Exchange would act as the HIP-3 deployer. It would create, own and administer the perpetual markets while Bitnomial Clearinghouse handles clearing and settlement. Transactions would use Hyperliquid’s on-chain order book for matching and recording trades. Hyperliquid’s official HIP-3 documentation says builder-deployed markets inherit HyperCore’s order books and margin system. Deployers control contract definitions, oracle prices, leverage limits and settlement procedures for the markets they create. HIP-3 was originally designed as permissionless infrastructure. Hyperliquid recently introduced optional permissioning that lets market deployers restrict participation through on-chain allowlists. As crypto.news reported earlier this month, the feature was designed to support markets where regulatory or institutional requirements limit who can trade. Payward plans to use that model for U.S. customers. Only traders successfully onboarded by NinjaTrader Clearing and included on the required NinjaTrader and Bitnomial allowlists would have access. The arrangement would not give American customers unrestricted access to every market currently available through Hyperliquid. Bitnomial would determine which regulated products it deploys and administers under its exchange rules. Bitnomial provides Payward’s CFTC-regulated stack Federal records confirm that Bitnomial already holds the central registrations needed for Payward’s U.S. derivatives operation. The CFTC designated Bitnomial Exchange as a contract market in 2020.