Image Credit: Payward Inc.
Payward, the parent company of Kraken, plans to offer U.S. clients onchain perpetual futures using Hyperliquid infrastructure through its regulated derivatives businesses. The proposed structure would start with permissioned Hyperliquid HIP-3 markets and remains subject to regulatory approval, with no launch date announced.
The plan follows President Donald Trump’s August statement that the CFTC was working on a way to bring Hyperliquid-related trading into the United States in a “fully compliant and legal fashion.” Payward’s proposal provides one possible structure, but it does not mean Hyperliquid’s existing offshore venue itself has received U.S. authorization.
Bitnomial Would Operate the U.S. Markets
Under the proposed setup, Bitnomial Exchange, Payward’s CFTC-regulated designated contract market, would create, own and administer the new perpetual-futures markets. Its affiliated clearinghouse would clear and settle the contracts, while NinjaTrader Clearing, a CFTC-registered futures commission merchant, would carry customer accounts.
Trading would be restricted to customers onboarded through NinjaTrader and included on both NinjaTrader and Bitnomial allowlists. The contracts would use Hyperliquid’s public blockchain and onchain order book for execution infrastructure, while Bitnomial would remain the regulated market operator.
Payward Co-CEO Arjun Sethi said:
“Payward intends to be the first, holding the keys and carrying the regulatory obligations.”
HIP-3 Creates a Permissioned Route
Hyperliquid’s HIP-3 framework allows third-party builders to deploy their own perpetual markets on the network. Payward plans to use the permissioned HIP-3 variant, which allows the market deployer to restrict participation through onchain allowlists.
That structure differs from simply opening Hyperliquid’s existing decentralized trading venue to U.S. customers. Instead, U.S. clients would open regulated futures accounts and trade new contracts operated under Bitnomial’s rules while using Hyperliquid as part of the underlying trading infrastructure.
CFTC Has Approved Some Regulated Perpetual Products
The proposal builds on regulatory changes made earlier in 2026. In May, the CFTC permitted a registered U.S. exchange to list a Bitcoin perpetual futures contract and issued a policy statement saying other perpetual products should generally undergo case-by-case review.
Kraken separately announced in May that it planned to offer CFTC-regulated perpetual futures to eligible U.S. customers through its derivatives infrastructure. Bitnomial has since certified additional crypto perpetual contracts with the CFTC, including products tied to Bitcoin, Dogecoin, Avalanche and Chainlink.
Regulatory Approval Still Required
Payward’s Hyperliquid plan is not yet a live U.S. product. The company says the contracts would be listed under Bitnomial rules only subject to regulatory approval, and it has not provided a launch timetable.
If approved, the arrangement would give eligible U.S. traders access to perpetual futures using Hyperliquid’s blockchain without granting them access to Hyperliquid’s existing unrestricted markets. The proposed structure is designed to keep exchange, clearing and customer-account responsibilities with Payward’s licensed U.S. entities while using Hyperliquid as part of the onchain trading infrastructure.
