Hyperliquid’s push toward the U.S. market is gaining momentum. Payward, the parent company of Kraken, plans to bring regulated onchain perpetual futures to U.S. clients through Hyperliquid’s infrastructure.
The development could become an important milestone for Hyperliquid and its native token, HYPE. But there is one crucial detail: regulatory approval and the official launch are still pending. 👇
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Payward intends to become the first CFTC-regulated firm to deploy permissioned perpetual futures markets on Hyperliquid.
The proposed structure involves three key components:
• Bitnomial: Payward’s regulated exchange and clearinghouse would create and administer the markets, then clear and settle trades.
• NinjaTrader Clearing: The registered futures broker would carry customer accounts.
• Hyperliquid: Its onchain infrastructure would provide the order book where trades are matched and recorded.
Eligible U.S. customers would need to complete the required onboarding and satisfy access controls maintained by the relevant entities.
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Hyperliquid’s proposed HIP-3* functionality introduces optional onchain allowlists, allowing market operators to restrict trading to approved accounts.
This could help regulated firms offer products through Hyperliquid while maintaining control over who can access their markets.
Importantly, the permissioning feature is still being tested on testnet, and its specifications remain preliminary. Existing markets are expected to remain unchanged.
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Potential catalysts for Hyperliquid:
• Greater market access: A successful launch could connect Hyperliquid with eligible U.S. traders who currently lack access to these proposed markets.
• Institutional credibility: Participation by Kraken’s parent company and regulated derivatives entities could strengthen confidence in Hyperliquid’s infrastructure.
• Trading activity: If the new markets attract meaningful volume, they could create additional economic activity around the ecosystem.
• Long-term token implications: Increased activity could benefit HYPE if it translates into stronger protocol economics and sustained demand. However, that outcome is not guaranteed.
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The proposed markets are not live yet. Regulatory approval is still required, and HIP-3* remains on testnet.
There is no confirmed launch date. Implementation could change, face delays, or fail to receive the necessary approvals.
The initial market reaction has also been relatively modest: Stocktwits reported that HYPE gained approximately 0.6% over the preceding 24 hours, despite the news.
A major partnership announcement does not automatically translate into a sustained price rally.
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This development is about more than a short-term HYPE price move. It highlights a potential path for decentralized trading infrastructure to connect with regulated financial markets.
If Payward’s plan succeeds, Hyperliquid could gain a new route into the U.S. market. The next milestones to watch are regulatory approval, the progression of HIP-3* toward mainnet, and confirmation of an actual market launch.
What do you think? Could regulated U.S. access become a major long-term catalyst for HYPE, or is the market getting ahead of itself?
