Payward, the parent company of crypto exchange Kraken, announced plans to launch onchain perpetual futures for U.S. clients. The proposed rollout, which requires regulatory approval, would make Hyperliquid the first protocol on which Payward plans to implement this model for U.S. customers.

Trading and settlement structure

Payward intends to launch the first markets using Hyperliquid’s HIP-3 infrastructure. Trades will take place on the public Hyperliquid blockchain, with an onchain order book matching and recording transactions.

Bitnomial, a platform regulated by the U.S. Commodity Futures Trading Commission, will serve as the HIP-3 operator. It will create and administer the markets and provide clearing and settlement.

NinjaTrader Clearing, a CFTC-registered futures commission merchant, will service client accounts. Access will be limited to users who have registered with NinjaTrader and have been added to both platforms’ allowlists.

“We already offer our own perpetual futures in the US, and we also intend to deploy them on Hyperliquid, putting clients’ interests — not our own — first,” said Payward co-CEO Arjun Sethi.

Payward said similar infrastructure could later be used for other products. The company also said, citing DefiLlama, that Hyperliquid’s trading volume exceeded $200 billion over the past 30 days.

Earlier talks and Bitnomial deal

Bloomberg reported in early September that Hyperliquid Labs and Payward were in talks. Sources cited by Bloomberg said at the time that the companies were considering launching perpetual crypto futures through Bitnomial’s regulated infrastructure.

Payward agreed in April 2026 to acquire Bitnomial for up to $550 million. Payward said the platform would help expand its lineup of regulated derivatives for the U.S. market, including perpetual futures and options.

Source: Incrypted