WuBlockchain
Payward, Kraken's parent company, plans to offer onchain perpetual futures to US clients, starting with Hyperliquid's HIP-3 markets, subject to regulatory approval.
The structure is the notable part: the markets would run on Hyperliquid's public blockchain, but Payward's CFTC-regulated Bitnomial entity would handle deployment, clearing and settlement. NinjaTrader Clearing would carry client accounts, with trading restricted to users approved and whitelisted by both entities.
Why it matters
This is one of the clearest attempts yet to bridge US regulated derivatives access with onchain market infrastructure. Rather than building a parallel venue, Payward is plugging a CFTC-regulated clearing stack directly into Hyperliquid's public chain, which could set a template for how US-facing exchanges adopt decentralized execution without stepping outside the regulatory perimeter.
Market impact
For Hyperliquid, onboarding a major US exchange as a HIP-3 deployer is a legitimacy milestone and a potential source of durable volume and fees. For US traders, it opens a compliant path to perpetuals that has largely been off-limits domestically. The plan still needs regulatory sign-off, so execution details and timelines remain the key things to watch.
Source: [Press release | Payward Intends to Bring Onchain Perpetual Futures to US Clients, Starting on Hyperliquid](https://www.payward.com/press-release/payward-hyperliquid-onchain-perpetual-futures)
Frequently asked questions
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What is Payward planning to offer US clients?
Payward, Kraken's parent company, plans to offer onchain perpetual futures to US clients, starting with Hyperliquid's HIP-3 markets, subject to regulatory approval.
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What role does Hyperliquid play in the plan?
The perpetual futures markets would run on Hyperliquid's public blockchain, with Payward starting from a Hyperliquid HIP-3 market.
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How would the markets stay compliant with US rules?
Payward's CFTC-regulated Bitnomial entity would handle deployment, clearing and settlement, and trading would be limited to users approved and whitelisted by both entities.
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Who would carry client accounts for the service?
NinjaTrader Clearing would carry client accounts under the planned arrangement.
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Is the service live yet?
No, the offering is a plan and remains subject to regulatory approval before US clients can trade.
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