Kraken parent plans regulated Hyperliquid perps for US traders

Kraken’s parent company, Payward, plans to bring onchain perpetual futures to US traders through Hyperliquid.

For one thing, the idea could offer a regulated way to reach a market, which so far has developed largely outside the US. This would be available, though, only to suitable customers, and the launch still needs regulatory approval.

Kraken parent turns to Hyperliquid

Payward’s announcement suggested that it would begin with markets formed under Hyperliquid’s HIP-3.

Perpetual futures contracts are a way to gamble and to gain or lose cash from them if an asset’s market price changes, but never owning the said asset. They do not set to expire like normal future assets in traditional markets.

Payward proposed having trades transacted on the Hyperliquid public blockchain, through which the network itself would match and record trades.

The regulated end of the business would fall to two Payward-owned companies. Bitnomial would serve as the marketplace, completing trades and settling contracts, and NinjaTrader Clearing as the custodian for customer accounts.

The company said Hyperliquid would be the first protocol used, and more products and partners were coming.

Onchain does not mean open to everyone

Such markets, while using a public blockchain, would also remain closed access.

US clients wishing to open futures accounts via Paywards broker will require the account approval from NinjaTrader and Bitnomial.

This setup differs from the traditional approach where users connect a wallet to a single platform; instead, here, Payward would carry out checks and hold regulatory responsibility.

This allows US traders to have the transparency associated with blockchain-based markets while keeping access within a controlled system.

However, the product is not live yet. Payward has confirmed that the contracts would comply with Bitnomial’s regulations, pending approval from the authorities, but has neither announced the date of its launch nor the charges or specific crypto-assets that the contracts would follow.

Final Summary

• Payward proposes putting the controlled perpetual-futures markets for US clients on Hyperliquid.
• There would be limits to verified accounts, and it would still need regulator approval.