Payward, the parent company of cryptocurrency exchange Kraken, has unveiled plans to introduce Hyperliquid’s HIP-3 builder-deployed perpetual markets in the United States. The proposal outlines a permissioned product framework aimed at select American traders, establishing a new route into crypto perpetual futures for US-based market participants.
Payward targets Hyperliquid US market entry
Hyperliquid, a 24/7 perpetual futures exchange, reported an average open interest of approximately $9 billion during the second quarter of 2026, according to figures shared by digital asset manager Grayscale. This metric highlights the scale of positions held across Hyperliquid’s platform, which until now has largely operated via an offshore model that restricts access for US-based users.
The new approach aims to establish a US-facing operational structure through Payward. The platform would provide selected American customers with access to HIP-3 perpetual markets, a system that enables each market’s creator to specify trading parameters, such as oracles, leverage limits, and settlement mechanisms.
Payward, based in the United States, oversees derivatives infrastructure for its subsidiary Kraken, one of the largest regulated cryptocurrency exchanges globally.
Mini dictionary: HIP-3, or Hyperliquid Improvement Proposal 3, refers to a protocol on Hyperliquid that allows independent builders to launch customized perpetual derivative markets with control over market design, risk parameters, and settlement rules.
A final launch date and full approval across all US jurisdictions have not been confirmed. Access will depend on regulatory registrations, compliance processes, and further market design specifics.
How the HIP-3 structure changes market access
HIP-3 markets offer significant flexibility by allowing individual deployers to create and operate perpetual contracts with independent order books, margining, and risk controls. Hyperliquid’s design uses its onchain infrastructure and the HyperCore trading stack, enabling seamless connections to these permissioned markets via a unified API.
For American traders, the permissioned route would support eligibility checks and added controls before contracts become accessible, with the operator—Payward—responsible for onboarding, compliance, and disclosures. This arrangement is likely to limit the initial number of available US markets during rollout.
Payward’s proposed partnership would make the customer relationship, compliance oversight, and interface subject to US regulation rather than direct offshore access. Collateral handling, liquidation procedures, and account restrictions would also adhere to the US-facing structure.
Under current specifications, HIP-3 deployers are required to stake 500,000 HYPE tokens on Hyperliquid’s mainnet for a period of at least 183 days. This stake can be slashed by validators if a deployer’s activities introduce risks or violate protocols. Only the first three assets on each HIP-3 market can be launched without auction participation; additional listings go through a shared Dutch auction system.
| Platform | US Market Access | Open Interest (Q2 2026) | Approval Required |
|---|---|---|---|
| Hyperliquid offshore | Not permitted | $9 billion | No US registration |
| Hyperliquid US (planned) | Permissioned via Payward | To be determined | Pending US compliance |
This structure presents operational and regulatory considerations, including customer verification, state-wise restrictions, disclosures, and oversight of leveraged trading. Specifics regarding eligible jurisdictions or customer onboarding have not yet been finalized.
Regulatory hurdles and next steps
The proposed US entry represents a distribution model rather than a finalized product launch. The partnership leverages Hyperliquid’s technology and Payward’s regulatory position to introduce perpetuals in compliance with US laws.
While the average open interest underscores demand, the availability and scope of HIP-3 contracts in the United States will ultimately depend on regulatory approvals and how Payward implements compliance checks.
Further announcements are expected as Payward works to secure the necessary infrastructure and licensing. Initial user access is likely to be limited, with potential expansion pending regulatory outcomes. Hyperliquid continues to distinguish HIP-3 venues as separate from its main exchange, offering US traders a permissioned and controlled pathway for perpetual futures.
