Kraken Parent Payward Unveils On-Chain Perpetual Futures for US Clients

Payward, the parent company of crypto exchange Kraken, has confirmed plans to deploy on-chain perpetual futures markets for US clients. The move will start with Hyperliquid HIP-3 markets.

The deployment is made possible through Bitnomial, Payward's CFTC-regulated exchange and clearinghouse, which will create, own, and administer the markets and settle the contracts. NinjaTrader Clearing will carry client accounts, while only allowlisted accounts onboarded through Payward's registered broker can trade on the markets.

Arjun Sethi, Co-CEO of Payward, stated that 'Payward intends to be the first, holding the keys and carrying the regulatory obligations.' He added that they already list their own US perpetuals and intend to deploy on Hyperliquid as well, putting clients first.

The announcement has sent shockwaves through the market, with HYPE price jumping more than 3% within hours. Trading volume has increased by almost 30% over the last 24 hours, indicating a rise in interest among traders.