Payward unveils Hyperliquid perpetual futures US via Bitnomial
Kraken’s parent company, Payward, Inc., will launch onchain Hyperliquid perpetual futures US for clients on 2026-09-16, using its CFTC-regulated Bitnomial exchange. , the parent company of cryptocurrency exchange Kraken, announced on 2026-09-16 its intention to introduce onchain Hyperliquid perpetual futures for United States clients.
This significant move will leverage Hyperliquid’s HIP-3 framework and utilize its recently acquired, CFTC-regulated exchange, Bitnomial. The initiative aims to create a fully compliant pathway for a product previously largely inaccessible to US traders.
This development follows public statements from President Trump in August, who advocated for a regulated entry route for Hyperliquid into the US market. Payward’s strategy involves Bitnomial deploying and clearing these new markets, with NinjaTrader Clearing, a registered futures broker, managing client onboarding. This integrated approach seeks to close a notable regulatory gap.
Establishing a regulated Hyperliquid perpetual futures pathway
Payward’s plan centers on creating a structured, compliant environment for onchain perpetual futures. This involves Hyperliquid’s HIP-3 framework, which enables builder-deployed permissioned markets. The integration of Bitnomial provides the necessary regulatory backbone for these complex financial products.
Bitnomial, acquired by Payward for up to $550 million in May 2026, holds a comprehensive suite of Commodity Futures Trading Commission (CFTC) licenses. This includes registrations as a Designated Contract Market (DCM), a Derivatives Clearing Organization (DCO), and a Futures Commission Merchant (FCM). This infrastructure is crucial for navigating stringent US derivatives regulations, reflecting a broader trend in crypto program adoption.
Bitnomial’s Integral Regulatory Function
The acquisition of Bitnomial was a strategic move, granting Payward in-house CFTC infrastructure. Previously, Kraken had relied on third parties for its crypto perpetual futures offerings to US clients. This internal capability allows Payward greater control and oversight over its derivatives operations.
Bitnomial was the first crypto-native exchange to achieve the full complement of CFTC derivatives licenses. Its prior approval to offer margined and physically delivered futures and options contracts on assets like Bitcoin demonstrates its established regulatory standing. The ongoing regulatory developments continue to shape the formalization of digital asset markets.
Navigating the US Regulatory Landscape
The Commodity Futures Trading Commission (CFTC) is the primary federal agency overseeing US derivatives markets, including futures and options. The agency has been increasingly assertive in regulating digital assets deemed commodities, especially in the derivatives sector. This regulatory environment necessitates careful structuring for any new crypto product.
Perpetual futures are legal in the US if they trade on a CFTC-registered exchange and a registered FCM holds customer margin in segregated accounts. This regulatory clarity, established by the CFTC’s approval of the first perpetual futures contract on a US-regulated exchange in May 2026, provides a template for Payward’s current initiative.
Addressing Past Regulatory Challenges
Kraken, through its various entities, has faced regulatory scrutiny in the past. In September 2021, the CFTC fined Payward Ventures, Inc. $1.25 million for offering margined retail commodity transactions without proper registration. The company also reached a $30 million settlement with the SEC in February 2023 regarding its staking service, leading it to cease offering that service in the US.
These incidents highlight how critical compliance is amid crypto fraud charges elsewhere. Arjun Sethi, Co-CEO of Payward, emphasized their commitment, stating, “Payward intends to be the first, holding the keys and carrying the regulatory obligations.” This proactive stance reflects an understanding of the complex regulatory environment.
Hyperliquid’s Dominance and US Market Exclusion
Hyperliquid has emerged as a powerhouse in the decentralized finance (DeFi) space. Over the past 30 days, the protocol processed more than $200 billion in trading volume, establishing itself as the busiest onchain derivatives venue globally. Despite this immense scale, it has remained officially closed to US traders, creating a significant access gap.
Multiple platforms already deploy markets on Hyperliquid using its builder-deployed mechanism. One platform alone holds 98% of the open interest on these markets. However, none of these existing operators are registered US exchanges or clearinghouses, which is precisely the void Payward aims to fill with its compliant framework.
The native token, HYPE, has seen impressive performance, rising 211% year-to-date. This strong market showing underscores the significant demand for Hyperliquid’s offerings. Its current exclusion from the US market represents a substantial untapped opportunity for a regulated entity like Payward to capture.
Broader Implications for Crypto Derivatives
This strategic move by Payward could set a new precedent for the broader crypto derivatives market in the United States. By demonstrating a viable, compliant route for onchain perpetual futures, it may encourage other decentralized protocols to seek similar regulatory integration. This structured approach could help mature the nascent DeFi derivatives sector.
Increased access to regulated crypto perpetual futures for US traders represents a significant step towards mainstream adoption of complex digital asset products. It provides a safer, more regulated alternative to offshore platforms. This also suggests a growing convergence between traditional financial regulations and the innovative capabilities of decentralized finance.
The commitment from Payward, led by Co-CEO Arjun Sethi, to actively hold regulatory obligations distinguishes this initiative. This proactive embrace of responsibility is critical for building trust with regulators and facilitating long-term growth in the US market. It signals a shift towards regulated decentralization.
Challenges and Future Outlook
Despite Payward’s clear intent and robust infrastructure, the plan still requires formal regulatory approval. A specific launch date has not yet been set, underscoring that the path forward is not immediate. The intricate process of securing final approvals can often be time-consuming and subject to ongoing scrutiny.
Furthermore, the timing of this announcement comes shortly after Hyperliquid’s compliance record drew attention due to North Korea-linked wallet activity. This incident could lead to additional regulatory caution. Whether Bitnomial’s comprehensive structure adequately addresses all regulatory concerns will ultimately determine the speed and success of Hyperliquid’s entry into the US market.
The outcome will provide valuable insights into the willingness of US regulators to approve decentralized finance products when integrated with traditional regulatory frameworks. It will also test the efficacy of Payward’s multi-pronged approach involving an acquired regulated entity and a futures commission merchant. As the technological landscape evolves, discussions about new funding opportunities often emerge alongside regulatory considerations.