News
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Kraken Finds the Compliant Route Trump Promised for Hyperliquid in the US
Kraken's parent company Payward plans to offer onchain perpetual futures to US clients using Hyperliquid's HIP-3 framework. Bitnomial, a CFTC-regulated exchange acquired by Payward, will deploy and clear these markets, while NinjaTrader Clearing will handle client accounts.
Published:
Updated:
What happened
Kraken's parent company Payward plans to offer onchain perpetual futures to US clients using Hyperliquid's HIP-3 framework. Bitnomial, a CFTC-regulated exchange acquired by Payward, will deploy and clear these markets, while NinjaTrader Clearing will handle client accounts.
Confirmed
Global impact / market context
This gives US traders access to Hyperliquid-style perpetual futures through a regulated route, meaning trades are checked by an official watchdog. It could increase Hyperliquid's trading volume and revenue, since Hyperliquid already processed over $200 billion in trades recently.
Analyst inference
The move follows Hyperliquid's strong recent activity, with more than $200 billion in trading volume over the past 30 days. By using existing regulations rather than new rules, Kraken aims to offer crypto derivatives without waiting for new laws, potentially attracting more mainstream investors.
Analyst inference
What to watch
- Watch whether Bitnomial successfully deploys and clears the new perpetual futures markets for US clients, as Payward has announced this plan but final execution has not been confirmed yet. Confirmed
- Observe if Hyperliquid's HIP-3 framework becomes a standard for other exchanges to follow, since this is the first builder-deployed permissioned markets setup under that protocol. Proposed
- Expect potential changes in Hyperliquid's trading volume and trading fees, known as revenue from trades, as US clients gain access to these products through a regulated pathway. Analyst inference
Affected assets
- HYPE — Hyperliquid