Payward plans to launch perpetual futures on Hyperliquid for U.S. clients

• Kraken’s parent company plans to bring Hyperliquid onchain perpetual futures to the US market.
• The first markets will be launched using the approved HIP-3 version.
• CFTC-regulated platform Bitnomial will handle clearing and settlement.

Payward, the parent company of crypto exchange Kraken, announced plans to launch onchain perpetual futures for US clients. The company intends to roll out the first markets on Hyperliquid’s HIP-3 infrastructure. The launch will require regulatory approval.

Trades will take place on the public Hyperliquid blockchain, where an onchain order book will be responsible for matching and recording transactions. Bitnomial, regulated by the US Commodity Futures Trading Commission (CFTC), will serve as the HIP-3 operator — the company will create and administer markets, as well as provide clearing and settlement.

Client accounts will be serviced by NinjaTrader Clearing, a CFTC-registered futures commission merchant. Access will be limited to users who have registered with NinjaTrader and have been added to the allowlists of both platforms.

“We already offer our own perpetual futures in the US, and we also intend to deploy them on Hyperliquid, putting clients’ interests — not our own — first,” said Payward co-CEO Arjun Sethi.

Payward noted that Hyperliquid will be the first protocol on which the company plans to implement this model for US clients. Going forward, similar infrastructure could be used for other products as well. According to the company, citing DefiLlama, Hyperliquid’s trading volume over the past 30 days exceeded $200 billion.

In early September Bloomberg wrote about talks between Hyperliquid Labs and Payward. At the time, sources said the companies were considering launching perpetual crypto futures via Bitnomial’s regulated infrastructure.

Payward agreed to acquire Bitnomial in April 2026 for up to $550 million. The company said the platform would help expand its lineup of regulated derivatives for the US market, including perpetual futures and options.

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