Kraken parent company Payward is planning to bring regulated on-chain perpetual futures to eligible U.S. customers through Hyperliquid’s HIP-3 infrastructure.
The proposed setup would combine Hyperliquid’s blockchain-based trading technology with Bitnomial’s regulated derivatives framework.
Bitnomial would be responsible for creating and administering the markets, while its clearinghouse would handle clearing and settlement. NinjaTrader Clearing would manage customer accounts and access requirements.
The planned products are still subject to regulatory approval and are not yet available to U.S. traders.
Payward plans to bring perpetual futures directly on-chain
Payward said Hyperliquid will be the first blockchain protocol used in its planned U.S. on-chain derivatives initiative.
The new structure would differ from Kraken’s existing perpetual futures offering because trades would be executed using Hyperliquid’s public blockchain infrastructure.
Under the proposal, Bitnomial Exchange would act as the HIP-3 deployer.
That means Bitnomial would create, own, and administer the perpetual markets, while Bitnomial Clearinghouse would handle settlement and clearing.
Trades would be matched and recorded using Hyperliquid’s on-chain order book.
This creates a hybrid model where blockchain infrastructure handles market execution while regulated companies remain responsible for compliance and customer controls.
Hyperliquid HIP-3 supports custom perpetual markets
HIP-3 allows independent market operators to build perpetual futures markets using Hyperliquid’s core trading infrastructure.
Market deployers can determine important parameters such as contract specifications, oracle pricing, leverage limits, and settlement procedures.
HIP-3 was originally built as permissionless infrastructure.
However, Hyperliquid later added optional permissioned markets that allow deployers to restrict participation through on-chain allowlists.
This feature makes HIP-3 more suitable for regulated or institutional markets where access cannot be completely open.
Payward intends to use that permissioned model for U.S. customers.
U.S. traders would need approval to access the markets
Eligible U.S. customers would not automatically gain access to Hyperliquid’s full ecosystem.
A trader would first need an approved futures account through NinjaTrader Clearing.
The account would also need permission to trade the relevant Bitnomial contract.
Finally, the associated blockchain address would have to be placed on the HIP-3 market’s approved allowlist.
This means Bitnomial would control which regulated markets are available to American users.
Customers would therefore receive access only to specific products rather than every perpetual market available on Hyperliquid.
Bitnomial provides the regulated derivatives framework
Bitnomial plays a central role in the proposed structure.
Bitnomial Exchange is registered with the Commodity Futures Trading Commission as a designated contract market.
Its clearinghouse is separately registered as a derivatives clearing organization.
That allows the company to operate and clear regulated derivatives products.
NinjaTrader Clearing would handle the customer-account side of the arrangement.
It is registered with the CFTC as a futures commission merchant and is also a member of the National Futures Association.
Together, Bitnomial and NinjaTrader would provide the regulated framework surrounding Hyperliquid’s blockchain execution layer.
Kraken already offers regulated U.S. perpetual futures
Payward’s latest plan builds on an existing U.S. derivatives operation.
Kraken began offering perpetual futures to eligible American customers through Bitnomial in June.
The existing setup brings perpetual contracts to Kraken Pro alongside spot trading, margin products, and traditional futures.
The Hyperliquid initiative would reuse parts of this regulated infrastructure while moving the execution of certain contracts on-chain.
Payward reported around 6.6 million funded accounts at the end of June, up 42% from the previous year.
Hyperliquid perpetual trading volume continues to grow
The proposal arrives as Hyperliquid continues to see strong trading activity.
DefiLlama data cited in the source showed roughly $237 billion in perpetual futures trading volume over the latest 30-day period.
Seven-day volume stood at approximately $45.5 billion.
Cumulative perpetual trading volume had exceeded $5.3 trillion.
This growth has helped establish Hyperliquid as a major venue in the decentralized perpetual futures market.
HIP-3 markets are expanding beyond cryptocurrencies
HIP-3 has also been used for markets linked to assets outside crypto.
Builder-deployed markets have included products tied to equities, commodities, and other financial instruments.
According to Hyperliquid documentation, deployers currently need to meet a 500,000 HYPE staking requirement before launching a mainnet perpetual DEX.
TradeXYZ became one of the largest HIP-3 operators during the second quarter.
Independent research cited in the source estimated that the platform handled around $202.36 billion in quarterly trading volume and represented about 95.1% of HIP-3 activity.
Those figures were based on independent analysis and were not audited financial results.
Permissioned HIP-3 markets could appeal to institutions
One of the biggest differences between traditional decentralized exchanges and Payward’s proposed system is the use of permissioned access.
Public blockchain platforms typically allow anyone with a compatible wallet to participate.
Regulated derivatives markets, however, usually require identity checks, account approval, and other compliance procedures.
HIP-3’s allowlist system provides a way to keep trade execution on-chain while limiting participation to approved users.
That structure could make the technology more practical for regulated financial companies and institutional traders.
Payward aims to combine blockchain with traditional compliance
The proposed model preserves several elements of traditional financial regulation.
Customer onboarding would remain controlled by regulated firms.
Market eligibility would also be restricted.
Clearing, settlement, and regulatory responsibilities would continue to sit with established financial entities.
At the same time, Hyperliquid would provide the public blockchain and order-book infrastructure used to execute trades.
Payward executives have described the approach as a way to connect public blockchain technology with regulated U.S. derivatives markets.
Earlier tests hinted at a Kraken-Hyperliquid partnership
The latest announcement follows earlier signs that Payward and Hyperliquid were exploring a regulated market structure.
A Hyperliquid testnet update introduced deployer-controlled allowlists, giving market operators more control over who could trade.
Earlier testing also included a deployment named “Kraken HIP-3 test DEX.”
That test reportedly whitelisted 10 wallets and explored compliance-related features.
Kraken had not confirmed ownership of the test deployment at the time.
The new Payward announcement now provides a clearer picture of how the company intends to use Hyperliquid’s infrastructure.
Regulatory approval is still required
The biggest remaining hurdle is regulatory clearance.
Payward has not announced a launch date for the proposed Hyperliquid perpetual markets.
The company has said the contracts will remain subject to regulatory approval and would operate under Bitnomial Exchange rules.
Bitnomial Exchange, Bitnomial Clearinghouse, and NinjaTrader Clearing already hold relevant regulatory registrations.
However, those registrations do not automatically approve the specific HIP-3 arrangement.
Final approval for the new market structure is still required before customers can begin trading.
Bitnomial already supports crypto derivatives
Bitnomial already offers several regulated crypto-related products.
Existing market records include perpetual contracts linked to assets such as XRP, Stellar, Cardano, Tezos, and Litecoin.
The exchange also operates a HYPE/USD spot product.
However, that spot contract is separate from Payward’s planned Hyperliquid HIP-3 perpetual markets.
The existing product should therefore not be confused with the newly announced initiative.
Hyperliquid could be the first of several integrations
Payward said Hyperliquid would be the first blockchain protocol used for its planned regulated on-chain perpetual markets.
The company also indicated that similar infrastructure could eventually support other partners and products.
No other blockchain protocols have been confirmed so far.
Payward has also not provided a timeline for expanding the initiative beyond Hyperliquid.
What the Kraken and Hyperliquid plan means
The proposal represents an attempt to connect decentralized trading technology with regulated U.S. financial infrastructure.
Hyperliquid would provide the on-chain trading layer.
Bitnomial would oversee market creation, clearing, settlement, and regulatory obligations.
NinjaTrader Clearing would manage customer accounts and eligibility.
For U.S. traders, the system would remain permissioned rather than providing open access to the full Hyperliquid ecosystem.
The initiative could become an important example of how public blockchain infrastructure can be used inside regulated derivatives markets.
For now, however, the launch depends on regulatory approval, and no official launch date has been announced.
