Payward, the parent company of crypto exchange Kraken, plans to launch onchain perpetual futures — derivative contracts that carry no fixed expiration date — for U.S. clients built on Hyperliquid's HIP-3* infrastructure, according to a company press release. The proposed markets would rely on CFTC-regulated entities Bitnomial and NinjaTrader Clearing and remain subject to regulatory approval. If approved, the arrangement would make Payward the first CFTC-regulated deployer on HIP-3* markets, connecting blockchain-based trading with established derivatives oversight.

Bitnomial and NinjaTrader Would Handle Market Operations

Under the proposed structure, Bitnomial Exchange and Bitnomial Clearinghouse would create, own and administer the markets while clearing and settling contracts. Both entities operate under Commodity Futures Trading Commission oversight, the former as a designated contract market and the latter as a derivatives clearing organization — the CFTC's terms for designated futures trading venues and registered clearing operations.

NinjaTrader Clearing, a CFTC-registered futures commission merchant, would carry client accounts. Access would be limited to clients onboarded by NinjaTrader and listed on both NinjaTrader's and Bitnomial's allowlists. Eligible traders would access the contracts through NinjaTrader, with Bitnomial handling market operations and clearing under CFTC oversight.

Payward executive Jon Pham said U.S. clients would open futures accounts through the registered broker and trade the perpetual contracts on Hyperliquid. The contracts would use the same clearinghouse that supports Payward's existing U.S. crypto perpetual products. That structure would keep trading activity on Hyperliquid's onchain infrastructure while leaving onboarding, account carrying and clearing inside CFTC-regulated firms.

HIP-3* Adds Permissioned Trading Controls

Hyperliquid said HIP-3* adds optional permissioned-market features to its existing HIP-3 framework. Deployers can manage an onchain allowlist themselves or through sub-deployers, while retaining responsibility for their markets. The functionality does not change existing markets, and the initial release is available on testnet. Those permissioned controls are the mechanism that would restrict the proposed U.S. markets to clients onboarded through the registered broker, tying onchain access to the regulated onboarding channel.

Hyperliquid CEO and co-founder Jeff Yan said the partnership would support onchain derivatives built on the protocol's infrastructure. Calvin Leyon, Kraken's Head of Onchain, said the framework could extend across products and markets. Payward also described Hyperliquid as its first planned protocol deployment for U.S. clients.

Perpetual Futures Market Provides the Wider Context

Payward said perpetual futures generated more than $85 trillion in global trading during 2025, citing CoinGecko's 2026 report. Hyperliquid has operated since 2023 and processed more than $200 billion in volume over the past 30 days, according to DefiLlama.

Payward reported 6.6 million funded accounts as of June 30, 2026, across more than 190 countries and territories. Its Proof of Reserves review showed client assets backed above 100%.

The proposed U.S. launch remains subject to regulatory approval.