Kraken Parent Company Aims to Launch Onchain Perpetual Futures for U.S. Clients
Payward, the parent company of cryptocurrency exchange Kraken, is charting a new course, aiming to be the first U.S.-registered exchange or clearinghouse to operate as a deployer on Hyperliquid’s HIP-3 framework. This innovative system allows external developers to establish their own perpetual futures markets.
Onchain Perpetual Markets for U.S. Clients
Payward announced its ambitious plan on September 16, 2026, stating its intention to launch onchain perpetual futures markets specifically designed for U.S. clients. The initial phase involves deploying Hyperliquid’s HIP-3 permissioned perpetual markets. Bitnomial, a company acquired by Payward in May 2026, will serve as the HIP-3 deployer, taking on the responsibilities of market administration and clearing.
Regulatory Framework and Access
NinjaTrader Clearing is slated to function as the futures commission merchant, acting as the regulated intermediary responsible for holding client accounts and funds for futures trading. Access to these markets will be strictly controlled, with only accounts that have been allowlisted by these regulated entities permitted to trade on the infrastructure. The trades themselves are designed to be executed on Hyperliquid’s public blockchain order book, with matching occurring onchain, while compliance checks will be managed at the point of entry.
The successful rollout of this initiative is contingent upon regulatory approvals. Payward has not yet disclosed a specific launch date or the exact markets that will be offered. Co-CEO Arjun Sethi emphasized that the move is intended to provide U.S. clients with access to onchain perpetuals while ensuring the firm adheres to its regulatory obligations.
Understanding Perpetual Futures
Perpetual futures, often referred to as “perps,” are derivative contracts that do not have an expiration date. Traders utilize them to speculate on price movements, frequently employing leverage, without the need to own the underlying asset.
Hyperliquid’s HIP-3 Framework
HIP-3 has been operational on Hyperliquid’s mainnet since October 13, 2025. It empowers third-party developers to create their own perpetual markets, provided they stake a minimum of 500,000 HYPE tokens. As of around October 20, 2026, HIP-3 markets constituted approximately 26.7% of Hyperliquid’s total trading volume, which reached $64.7 billion over the preceding 30 days. Open interest for HIP-3 markets stood at $3.92 billion. Notably, one builder, trade.xyz, accounted for roughly 97-98% of the volume and open interest within HIP-3 markets.
Strategic Acquisition and Market Focus
The acquisition of Bitnomial in May 2026 is a pivotal element enabling this strategy. By possessing a registered entity capable of acting as a deployer and clearinghouse, Payward aims to integrate a decentralized trading venue within the U.S. regulatory framework. Payward has also indicated its intention to serve clients in over 190 countries and territories, though the HIP-3 plan is specifically targeting the U.S. market, where access to offshore perpetuals has faced restrictions.
Compliance and Risk Mitigation
This strategy involves layering U.S. compliance measures atop Hyperliquid’s existing infrastructure. The objective, according to research findings, is to create a trading environment for U.S. investors that shields them from the risks associated with current offshore markets. The allowlist model ensures that U.S. users will trade on a public order book alongside other participants, but only after completing a regulated onboarding process.
The requirement to stake 500,000 HYPE tokens links the deployer’s economic interests to a volatile token, introducing a level of market exposure not typically seen with traditional clearinghouses.
Key Developments to Monitor
Crucial aspects to observe moving forward include regulatory approval for the Bitnomial deployment, the specific markets that will be launched first, and whether increased U.S. trading volume will significantly alter the current concentration within HIP-3 markets.
