Key facts
- Kraken's parent company, Payward, will offer onchain perpetual futures to US clients.
- The markets will initially launch on Hyperliquid, using its HIP-3 builder-deployed permissioned markets.
- Bitnomial, a CFTC-regulated exchange owned by Payward, will create, administer, and settle the contracts.
- Payward's NinjaTrader Clearing will handle client accounts.
- Only allowlisted accounts onboarded via Payward's registered broker will be able to trade.
- The announcement caused the HYPE token price to jump over 3%.
Payward, the parent company of cryptocurrency exchange Kraken, announced on Wednesday its intention to launch onchain perpetual futures markets for US clients, beginning with Hyperliquid's HIP-3 markets. This move signifies an expansion into regulated derivatives trading for US customers.
Bitnomial, a US-based exchange and clearinghouse regulated by the Commodity Futures Trading Commission (CFTC) and owned by Payward, will be responsible for creating, administering, and settling these perpetual futures contracts. Client accounts will be managed by Payward's NinjaTrader Clearing. Trading will be restricted to allowlisted accounts onboarded through Payward's registered broker.
Arjun Sethi, Co-CEO of Payward, emphasized the company's commitment to regulatory compliance and client service, stating, "Payward intends to be the first, holding the keys and carrying the regulatory obligations. Our open rails serve clients in more than 190 countries and territories and enable the next protocol, region and product." He added, "We already list our own US perpetuals and intend to deploy on Hyperliquid as well, putting clients first, not ourselves."
Previous reports indicated that Payward and Hyperliquid Labs were in discussions to bring selected crypto perpetual futures to US traders, with Payward outlining the structure to the CFTC. Regulatory review is a critical requirement for the planned launch. Earlier comments from President Donald Trump regarding regulators working to bring Hyperliquid onshore had previously driven the HYPE token to record highs.
The announcement led to a sharp increase in the price of Hyperliquid's HYPE token, which jumped over 3% within hours. Trading volume for HYPE also saw a nearly 30% increase in the past 24 hours. Data from CoinGlass indicated significant buying activity in the derivatives market, with HYPE futures open interest rising by almost 2.50% to $2.92 billion in the last four hours. Open interest on major exchanges like Binance, OKX, and Bybit also climbed, signaling bullish sentiment among derivatives traders.