Payward, the parent company of Kraken, plans to launch onchain perpetual futures for US clients through Hyperliquid’s HIP-3 markets. The move could connect regulated US derivatives infrastructure with one of crypto’s largest onchain trading venues.
Regulated Access to Hyperliquid
Payward plans to use Bitnomial Exchange and Clearinghouse to create, manage, clear, and settle the contracts. Additionally, NinjaTrader Clearing will carry eligible client accounts and enforce access requirements.
Only clients who complete onboarding and meet both firms’ allowlists can trade the new contracts. Hence, Payward can bring Hyperliquid-based perpetuals into a regulated US framework.
The contracts will trade on Hyperliquid’s public blockchain, which records transactions through an onchain order book. However, Payward will retain responsibility for the regulated market infrastructure.
Growing Onchain Derivatives Market
Hyperliquid has emerged as a major venue for onchain perpetual trading since launching in 2023. DefiLlama data shows the platform processed more than $200 billion during the past 30 days.
Moreover, CoinGecko ranked Hyperliquid as the most active onchain perpetuals venue in 2025. Global perpetual futures trading exceeded $85 trillion during 2025, highlighting the market’s enormous scale.
Significantly, Payward reported 6.6 million funded accounts as of June 30, 2026. Its independently reviewed reserves also showed client assets above 100% backing.
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