Payward, Kraken’s parent company, plans to launch perpetual futures markets on Hyperliquid for US traders, subject to regulatory approval. Announced on October 26, the proposed arrangement would put Bitnomial, Payward’s regulated derivatives subsidiary, in charge of creating, managing, clearing and settling contracts.
NinjaTrader Clearing, Payward’s registered futures commission merchant, would handle customer accounts.
HIP-3 Upgrade Supports Restricted Markets
Hyperliquid’s HIP-3 upgrade would allow market operators to restrict access through an onchain allowlist of approved participants. The feature could help operators control participation in markets subject to regulatory requirements.
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The upgrade is currently available on testnet, where its specifications may change following feedback. It is optional, and existing markets would remain unaffected.
Kraken Expands US Derivatives Offering
Kraken began offering perpetual futures to eligible US clients through Bitnomial in June. The proposed Hyperliquid arrangement would expand its US derivatives offering using blockchain-based trading infrastructure.
In 2021, the Commodity Futures Trading Commission fined Kraken $1.25 million over illegally offered margined retail cryptocurrency transactions and registration failures. The agency also acknowledged Kraken’s cooperation.
Separately, the Hyperliquid Policy Center urged the Securities and Exchange Commission on October 19 to clarify proposed rules affecting crypto projects. Its requests covered token giveaways, trading, buybacks, project development and state registration requirements.
Related: Hyperliquid Price Analysis: Can Falling Open Interest Trigger a HYPE Short Squeeze?
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