Will Americans get access to Hyperliquid? Bet it’s not the one you know.
Payward (in case you didn’t know, it’s Kraken’s owner) revealed its plan back on September 16. On October 26, Hyperliquid only spelled out how HIP-3* works—the version for regulated users:
- markets are created and run by Bitnomial, Payward’s CFTC-regulated exchange
- accounts are at NinjaTrader Clearing, and access is allowlist-only
- the contracts are new. Americans won’t be allowed into existing markets
So, a KYC gate on top of a public order book. The operator is regulated, not the chain.
I find it a little funny: the whole appeal of Hyperliquid is that you can just get in and trade, but for the US they’re turning it into another broker with a questionnaire. For $HYPE
what’s interesting is something else—whether this brings in new trading volume.
There’s no regulatory approval yet, and the asterisk version is still on testnet.
According to Payward, one HIP-3 venue accounts for 98% of open interest, so there’s room for a competitor.
Want to see if it even gets approved? Follow along.
#Hyperliquid #Kraken
Payward (in case you didn’t know, it’s Kraken’s owner) revealed its plan back on September 16. On October 26, Hyperliquid only spelled out how HIP-3* works—the version for regulated users:
- markets are created and run by Bitnomial, Payward’s CFTC-regulated exchange
- accounts are at NinjaTrader Clearing, and access is allowlist-only
- the contracts are new. Americans won’t be allowed into existing markets
So, a KYC gate on top of a public order book. The operator is regulated, not the chain.
I find it a little funny: the whole appeal of Hyperliquid is that you can just get in and trade, but for the US they’re turning it into another broker with a questionnaire. For $HYPE
what’s interesting is something else—whether this brings in new trading volume.
There’s no regulatory approval yet, and the asterisk version is still on testnet.
According to Payward, one HIP-3 venue accounts for 98% of open interest, so there’s room for a competitor.
Want to see if it even gets approved? Follow along.
#Hyperliquid #Kraken
