Introduction
Payward, the parent company of Kraken, is taking strides to implement regulated on-chain perpetual futures for select U.S. clients using Hyperliquid’s innovative HIP-3 infrastructure. This initiative will utilize Bitnomial, a CFTC-regulated exchange, for the creation, clearing, and settling of these contracts, as announced on September 16.
Regulatory Considerations
Although this development marks a significant expansion of Payward’s existing derivatives services in the U.S., the proposed markets are still pending confirmation from regulatory bodies and cannot currently be accessed by American traders. Previously, Bitnomial’s framework already enabled regulated perpetual futures and spot margin products, as noted in Payward’s financial update for the second quarter of 2026, which reported a 42% increase in funded accounts year-over-year, reaching 6.6 million by late June.
Integration with Blockchain Technology
The core difference between these proposed futures and Payward’s current offerings lies in the fact that trades would be integrated with Hyperliquid’s blockchain technology. This structure positions Bitnomial Exchange as the overseer of the new perpetual markets, which it would regulate and operate, while Bitnomial Clearinghouse is tasked with managing clearing and settlement processes. Hyperliquid’s unique public on-chain order book would be employed for trade execution and record-keeping.
Market Access and Compliance
Notably, Hyperliquid’s HIP-3 markets were initially developed to be open-access, but more recently, a permissioning feature has been added, allowing market creators to set participation limits via on-chain allowlists. As previously reported by crypto.news, this capability is intended to accommodate markets that must comply with certain regulatory or institutional trading restrictions. Payward intends to adopt this model for U.S. client access, permitting only those traders approved by NinjaTrader Clearing and included on both Bitnomial and NinjaTrader allowlists.
Nevertheless, this arrangement will not grant unrestricted access to all existing markets on Hyperliquid for U.S. clients, as Bitnomial will ultimately determine which regulated products are available under its exchange policies. According to federal documentation, Bitnomial has obtained the necessary certifications for operating derivatives in the U.S. The CFTC officially recognized Bitnomial Exchange as a designated contract market in 2020, and it continues to be registered as such, with Bitnomial Clearinghouse recognized as a derivatives clearing organization capable of clearing various derivatives products including futures and swaps.
Role of NinjaTrader Clearing
NinjaTrader Clearing, a CFTC-approved futures commission merchant and member of the National Futures Association, will play a key role in the new trading setup by ensuring regulatory compliance. Earlier this year, Payward acquired Bitnomial for a transaction valued at up to $550 million, enhancing Kraken’s infrastructure for domestic derivatives.
Current Offerings and Future Plans
Since June, Kraken has been offering perpetual futures to eligible customers via Bitnomial, extending its offerings to include these products alongside traditional futures and margin trading on Kraken Pro. Payward’s recent announcement suggested enhanced infrastructure, facilitating market execution on Hyperliquid while retaining traditional regulatory account controls. U.S. customers will need to establish a futures account with NinjaTrader Clearing and receive approval to trade on Bitnomial’s designated markets, relying on a permissioned access list to connect with Hyperliquid’s infrastructure.
Payward executives, including U.S. derivatives head Jon Pham, reaffirmed that this model employs the same clearinghouse system that currently supports Payward’s existing futures offerings. Co-CEO Arjun Sethi emphasized Bitnomial’s pivotal role in the regulatory landscape for these new markets, illustrating the vision of merging blockchain trading frameworks with regulated U.S. entities.
Conclusion
This initiative is a continuation of discussions initiated earlier in August about developing a regulated route for U.S. trade through Bitnomial, backed by a recent upgrade providing technical support for the operational framework. Earlier tests were conducted under a deployment dubbed the “Kraken HIP-3 test DEX,” which experimented with compliance and access controls.
Currently, Payward has not disclosed a timeline for the launch of these Hyperliquid markets, which are still subject to regulatory review and will operate under the governance of Bitnomial Exchange rules. Presently, Bitnomial lists various regulated crypto perpetual contracts, including those linked to assets like XRP and Litecoin, while the proposed Hyperliquid infrastructure is designed to safeguard traditional regulatory measures despite operating on a public blockchain.
The market context is acute; as per CoinGecko, centralized perpetual exchanges recorded an astonishing $85.3 trillion in volume for 2025, significantly overshadowing decentralized platforms that generated $6.38 trillion. The average trading volume among the top DEXs reached around $611.57 billion monthly, indicating robust interest and activity within this market segment. Payward is eager to introduce similar regulated infrastructure for other partners in the future, as highlighted in their latest communication.
