Kraken’s parent company Payward announced that it plans to bring Hyperliquid perpetual contracts to the U.S. The rollout won’t be a simple launch—instead, it will use a HIP-3 licensed-market architecture: Bitnomial Exchange, regulated by the CFTC, is responsible for deploying, managing the market, and handling clearing and settlement. During the registration period, the registered futures broker NinjaTrader Clearing will take on clients’ accounts. Users must complete onboarding with NinjaTrader and simultaneously join the whitelists of both NinjaTrader and Bitnomial to participate. The plan is still subject to regulatory approval.

This suggests that Hyperliquid could become the first protocol to be supported by Payward’s open infrastructure access, and also one of the first HIP-3 mechanism, license-based perpetual markets. Even more noteworthy is that the on-chain protocol is attempting to connect with U.S. derivatives users through a pipeline involving licensed exchanges and brokers. If it goes smoothly, it would indicate that the combination of “on-chain liquidity + a traditional compliant account system” is replicable—and more products may be onboarded later.

In the near term, the focus is the approval progress. In the long run, the key question is whether this model can open a compliant perpetual trading entry point for U.S. users.#Hyperliquid #Kraken #加密合规