Payward, the parent company of Kraken, is working on a regulatory pathway to offer Hyperliquid perpetual futures to eligible clients in the United States, according to Grayscale Research. The plan would use the clearing and trading infrastructure of Bitnomial, a CFTC-regulated entity owned by Payward, allowing on-chain derivatives trading without Hyperliquid itself having to operate directly as a U.S. exchange.
Grayscale's Head of Research, Zach Pandl, said the structure would build a strategic bridge between DeFi and U.S. institutional frameworks. The report notes that Hyperliquid averaged nearly $9 billion in open interest during Q2 2026, reinforcing its position as a leading venue for perpetual derivatives. If the initiative receives formal clearance from the CFTC, the integration could channel substantial institutional liquidity into the Hyperliquid ecosystem and support value capture for the native HYPE token.
The move comes amid growing U.S. demand for crypto derivatives and increasing regulatory clarity around digital assets. Payward's plan would rely on NinjaTrader Clearing for custody, while Bitnomial would provide the regulated trading and clearing infrastructure. Should regulators approve the pathway, the arrangement could set a historic precedent for institutional adoption of decentralized perpetual contracts across North America.
