Kraken Parent Payward Plans Regulated Hyperliquid Perps for US Traders
Payward, Kraken's parent company, plans to offer Hyperliquid HIP-3 perpetual futures to eligible U.S. clients through Bitnomial, pending regulatory approval. The offering would use NinjaTrader Clearing to custody accounts and Bitnomial to deploy, administer, clear and settle the markets.
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Regulated Perps Infrastructure
Payward, the parent holding company of exchange Kraken, is planning to bring Hyperliquid perpetual futures to eligible U.S. clients through a regulated framework. The offering would operate under HIP-3, Hyperliquid's governance proposal for permissioned market access. Bitnomial would serve as the deployment and administration layer, handling clearing and settlement of the futures contracts.
Custody and Regulatory Structure
NinjaTrader Clearing would custody approved customer accounts, separating the role of market operator from custodian. The arrangement mirrors conventional derivatives infrastructure where a clearinghouse and a broker-dealer each hold distinct regulatory responsibilities. The proposal is subject to regulatory approval, indicating Payward has not yet received clearance to launch the markets.
Context
Hyperliquid is a decentralized perpetuals exchange that has operated permissionlessly on the Solana blockchain. The HIP-3 proposal suggests a framework for gated access that could allow regulated entities in jurisdictions like the U.S. to offer the underlying contracts under existing derivatives and clearing rules rather than through a decentralized protocol alone. Payward's move signals an attempt to bridge regulated market infrastructure with decentralized exchange design.
Why It Matters
For Traders
If approved, this could offer U.S.-regulated access to Hyperliquid perps within 24-72 hours of announcement, lowering custody and counterparty risk versus current offshore alternatives.
For Investors
Payward's integration of decentralized exchange infrastructure into regulated rails demonstrates a potential regulatory pathway for DeFi protocols seeking U.S. market entry.
For Builders
HIP-3 permissioned access model shows how decentralized exchanges can accommodate regulatory requirements without sacrificing core protocol mechanics.
This article is for information only and is not financial advice. Read the full disclaimer.
