📰 Hyperliquid’s route into the U.S. finally gets laid bare—but this isn’t a “full opening.” It’s more like they first set up a compliant zone.
Kraken’s parent company, Payward, will deploy a custom perpetual contract market based on HIP-3 on Hyperliquid’s mainnet through its subsidiaries Bitnomial and NinjaTrader Clearing. Trading still happens on the Hyperliquid chain. Orders are matched and recorded via the on-chain order book; for U.S. users’ accounts, clearing, and compliance, it’s handled by Payward’s regulated entities.
🔥 Honestly, this arrangement is pretty interesting. Bitnomial handles market creation, management, clearing, and settlement, while NinjaTrader Clearing handles U.S. customer accounts. In other words: Hyperliquid provides the on-chain trading infrastructure, and Payward brings in the broker, regulation, and U.S. users.
But the limitations are clear too. U.S. users can’t directly access Hyperliquid’s permissionless trading like users in other regions. They must first be approved by NinjaTrader, and be added to the whitelist of both NinjaTrader and Bitnomial. The currently disclosed scope only covers the HIP-3 market deployed by Bitnomial—not the entirety of Hyperliquid’s existing perpetual contract offerings on the mainnet.
💡 More importantly, on that day the U.S. Congress still couldn’t advance the CLARITY Act, with the procedural vote resulting in 49 to 50. The full legal rulebook hasn’t yet been finalized, but the SEC and CFTC are already gradually carving out executable compliance paths for on-chain trading and perpetual contracts through interpretations, guidance, and No-Action Letters.
So rather than saying Hyperliquid has entered the U.S., it’s more accurate to say it has finally found a route it can try to enter. How far it can go next depends on regulatory approvals, the range of tradable assets, and what kind of crypto derivatives market the U.S. ultimately allows. Do you think this “on-chain trading + regulated accounts” model can really take off in the U.S.?
#Hyperliquid #HIP3 #加密监管 #perpetual contracts
Kraken’s parent company, Payward, will deploy a custom perpetual contract market based on HIP-3 on Hyperliquid’s mainnet through its subsidiaries Bitnomial and NinjaTrader Clearing. Trading still happens on the Hyperliquid chain. Orders are matched and recorded via the on-chain order book; for U.S. users’ accounts, clearing, and compliance, it’s handled by Payward’s regulated entities.
🔥 Honestly, this arrangement is pretty interesting. Bitnomial handles market creation, management, clearing, and settlement, while NinjaTrader Clearing handles U.S. customer accounts. In other words: Hyperliquid provides the on-chain trading infrastructure, and Payward brings in the broker, regulation, and U.S. users.
But the limitations are clear too. U.S. users can’t directly access Hyperliquid’s permissionless trading like users in other regions. They must first be approved by NinjaTrader, and be added to the whitelist of both NinjaTrader and Bitnomial. The currently disclosed scope only covers the HIP-3 market deployed by Bitnomial—not the entirety of Hyperliquid’s existing perpetual contract offerings on the mainnet.
💡 More importantly, on that day the U.S. Congress still couldn’t advance the CLARITY Act, with the procedural vote resulting in 49 to 50. The full legal rulebook hasn’t yet been finalized, but the SEC and CFTC are already gradually carving out executable compliance paths for on-chain trading and perpetual contracts through interpretations, guidance, and No-Action Letters.
So rather than saying Hyperliquid has entered the U.S., it’s more accurate to say it has finally found a route it can try to enter. How far it can go next depends on regulatory approvals, the range of tradable assets, and what kind of crypto derivatives market the U.S. ultimately allows. Do you think this “on-chain trading + regulated accounts” model can really take off in the U.S.?
#Hyperliquid #HIP3 #加密监管 #perpetual contracts
