Payward is aiming to bridge the gap between decentralized finance and strict US regulation by bringing Hyperliquid’s popular perpetual futures to American crypto traders.
Payward, the parent company behind major crypto exchange Kraken, has announced plans to offer US clients access to onchain perpetual futures powered by Hyperliquid. The initiative aims to combine high-performance decentralized trading infrastructure with fully regulated US clearing, settlement, and brokerage services. However, the launch remains subject to regulatory approval.
Inside the Architecture: How Onchain Trading Meets US Regulation
Perpetual futures, derivatives that allow traders to speculate on crypto asset prices with leverage and no expiration date, have traditionally operated outside the US due to stringent regulatory hurdles. Payward’s proposed structure creates a hybrid bridge between DeFi tech and traditional US financial infrastructure.
Sponsored
Trades will be matched and settled using Hyperliquid’s public blockchain infrastructure and its HIP-3 framework, which allows external teams to deploy custom perpetual markets.
Crypto derivatives exchange Bitnomial will deploy, administer, clear, and settle the contracts under its institutional rules.
Futures broker NinjaTrader Clearing will carry and manage customer accounts. To participate, US traders will need to complete onboarding through NinjaTrader and pass approval checks on both NinjaTrader’s and Bitnomial’s allowlists.
Unlocking the $85 Trillion Market: Why It Matters for US Retail
Payward cited more than $85 trillion in global perpetual futures trading volume in 2025, highlighting the scale of a market where US traders face restrictions on access to some offshore platforms.
Pending regulatory approval, the proposed model would allow eligible US customers to trade on Hyperliquid’s onchain infrastructure through regulated US entities responsible for exchange operations, clearing and customer accounts. The arrangement could offer an alternative to offshore platforms, though its availability and scope will depend on regulatory approval and implementation.
Payward said Hyperliquid would be the first protocol in its planned rollout, with potential expansion to additional decentralized finance protocols and financial products.
On the Flipside
- The proposed contracts must receive the necessary regulatory approvals before trading can begin.
- The launch date and account onboarding procedures remain subject to further announcements and regulatory clearance.
Why This Matters
The launch of Hyperliquid perps could give US traders access to onchain perpetual futures through regulated infrastructure, testing whether decentralized derivatives can operate within the US regulatory framework.
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