Payward, the parent company of major crypto exchange Kraken, has revealed plans to introduce onchain perpetual futures products to US clients, leveraging technology from Hyperliquid. The initiative seeks to blend decentralized finance (DeFi) infrastructure with comprehensive US regulatory compliance, though its rollout is pending approval from relevant authorities.
Integrating DeFi Innovation with US Oversight
Perpetual futures—derivative contracts that allow for leveraged trading without a set expiration—have faced limited availability in the US because of complex regulatory requirements. By integrating Hyperliquid’s decentralized trading infrastructure with established US brokerage, clearing, and settlement services, Payward aims to offer these products under a regulated framework.
Payward stated that trades would be matched and settled using Hyperliquid’s public blockchain and its HIP-3 framework, a system which enables outside teams to launch their own custom perpetual futures markets.
Bitnomial, a Chicago-based crypto derivatives exchange, will be responsible for administering, clearing, and settling the contracts according to its institutional rules.
NinjaTrader Clearing, an established US futures broker, will handle customer accounts. To access these products, US traders must complete onboarding through NinjaTrader and gain approval from both NinjaTrader’s and Bitnomial’s allowlists.
Mini dictionary: Hyperliquid — a decentralized protocol enabling high-speed, onchain derivatives trading. It facilitates perpetual futures markets and provides public blockchain infrastructure for transparent settlement.
Market Potential and Regulatory Hurdles
Payward highlighted that global perpetual futures trading volume is projected to reach over $85 trillion in 2025. Despite this scale, many US traders face challenges accessing such products on offshore platforms due to domestic regulations.
The proposed model would allow eligible US investors to trade on Hyperliquid’s onchain platform via regulated US entities, which would oversee the exchange, clearing, and management of customer accounts. The structure is designed to offer an alternative to offshore options, provided it secures regulatory clearance.
| Entity/Platform | Role | Jurisdiction |
|---|---|---|
| Hyperliquid | Onchain protocol, trade matching/settlement | Global |
| Bitnomial | Contract administration, clearing, settlement | US |
| NinjaTrader Clearing | Broker, customer account management | US |
Payward stated that Hyperliquid is expected to be the first protocol in its planned US rollout, with potential to expand to other DeFi protocols and financial products in the future.
All contracts associated with the new initiative must receive necessary regulatory approvals before any trading activity can commence. The official launch date and specific onboarding procedures for clients will be announced once regulatory clearance is secured.
Payward expects Hyperliquid-powered perpetual futures to offer US traders onchain access under a regulated structure, which could test whether decentralized derivatives can operate within the existing US framework.
