Payward to Introduce Regulated U.S. On‑Chain Perpetual Futures via Hyperliquid

Payward, the holding company behind the Kraken exchange, disclosed its intention to bring regulated on‑chain perpetual futures to U.S. traders. The launch will rely on Hyperliquid’s HIP‑3 permissioned markets and will operate under a framework that involves several CFTC‑registered entities.

Regulatory Structure

Under the proposed model, Bitnomial Exchange – a CFTC‑registered contract market – will act as the market deployer and administrator. Bitnomial’s clearinghouse, acquired by Payward earlier in the year, will clear and settle the contracts. Client accounts will be held by Ninjatrader Clearing, a futures commission merchant also registered with the CFTC.

Access and Compliance

U.S. customers will need to open a futures account with Payward’s registered broker. Trading will be limited to participants approved on allowlists maintained by both Bitnomial and Ninjatrader. All trades will be executed on Hyperliquid’s public blockchain, using its on‑chain order book for matching and record‑keeping.

Market Context

Global crypto perpetual futures volume reached $85 trillion in 2025, yet U.S. traders have lacked a regulated on‑chain option. Hyperliquid, launched in 2023, has reported over $200 billion in trading volume in the most recent 30‑day period.

Future Plans

Payward indicated that Hyperliquid is the first protocol it will deploy for U.S. clients, with additional products slated for later rollout pending regulatory clearance.