Key Highlights
- Payward, the entity behind Kraken, intends to introduce blockchain-based perpetual futures on Hyperliquid for American traders
- Trading would take place through Bitnomial Exchange, a CFTC-regulated platform, marking Hyperliquid’s first regulated US marketplace
- Traders will need approved futures accounts through both NinjaTrader Clearing and Bitnomial to access these markets
- HYPE token experienced a 4%+ price increase while Binance futures open interest climbed 7% after the announcement
- Implementation depends on receiving regulatory clearance, with no confirmed timeline for deployment
On Wednesday, [[LINK_START_0]]Payward[[LINK_END_0]]—the company that operates the Kraken cryptocurrency platform—revealed its strategy to provide American customers with access to blockchain-native perpetual futures trading on Hyperliquid. The disclosure triggered an immediate price surge of over 4% for the HYPE token in just a few hours.
The initiative would begin with Hyperliquid HIP-3 infrastructure, a framework enabling authorized third parties to establish and operate their own controlled perpetual futures trading venues. Bitnomial, the CFTC-supervised exchange owned by Payward, would be responsible for market creation and oversight. Client account management would fall under NinjaTrader Clearing’s jurisdiction.
American traders interested in participating must establish futures trading accounts through Payward’s licensed brokerage operation and receive authorization from both NinjaTrader Clearing and Bitnomial. Access will be restricted exclusively to pre-approved, allowlisted accounts.
Perpetual futures contracts are financial instruments enabling traders to speculate on cryptocurrency price movements without direct asset ownership. Unlike traditional futures, these contracts have indefinite duration, with traders settling periodic funding payments to maintain their market positions.
An Industry Dominated by Offshore Platforms
Since their introduction in 2016, perpetual futures trading has predominantly occurred beyond the reach of US regulatory frameworks. Data from CoinGecko indicates that in 2025 alone, global perpetual futures trading volume exceeded $85 trillion.
Hyperliquid’s decentralized platform presently accounts for approximately 9% of global perpetual futures open interest. This partnership could provide crucial support as Hyperliquid works to rebound from declining revenues. Platform revenue dropped 43% during Q3 2025 before stabilizing around $202 million in Q2 2026, based on DefiLlama analytics.
According to Payward co-CEO Arjun Sethi, the firm aims to become the inaugural entity accepting full regulatory responsibility on Hyperliquid. President Donald Trump previously indicated that regulatory authorities were pursuing efforts to bring Hyperliquid under domestic supervision, a statement that propelled HYPE to all-time peaks approaching $89 in early September.
Trading Activity and Market Response
HYPE trading volumes increased by nearly 30% within 24 hours of the announcement. Aggregate HYPE futures open interest reached $2.92 billion, representing approximately a 2.5% gain over a four-hour period.
Binance recorded a 7% spike in open interest, while OKX and Bybit showed more modest increases. These metrics suggest growing optimistic positioning among derivatives market participants. Market observers believe HYPE could test the $100 threshold in the coming weeks.
Payward completed its $550 million acquisition of Bitnomial in May, followed by the $1.5 billion purchase of NinjaTrader Clearing in 2025. It’s important to note that this arrangement does not grant US traders access to Hyperliquid’s current perpetual markets.
Details regarding fee structures, anticipated trading volumes, and launch timing remain undisclosed. The entire project awaits mandatory regulatory authorization before operational commencement.
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