Kraken Partners with Hyperliquid to Bring On-Chain Perps to US Market

A partnership between Payward, the parent company of Kraken crypto exchange, and Hyperliquid has brought on-chain perpetual futures to US clients. To comply with derivatives regulations, the Hyperliquid web interface is geopolitically blocked from the US.

The platform has seen significant growth since 2023, with a total value locked (TVL) of $6.7 billion and handling about 9% of global open perpetual positions. The general crypto perpetual futures market attracted $85 trillion in global volume in 2025 alone, according to DeFiLlama.

The partnership leverages Kraken's regulated operations to bring Hyperliquid trading to US clients. The contracts will operate under Bitnomial Exchange and Bitnomial Clearinghouse, which are CFTC-regulated and owned by Payward. To trade, users will need to have their accounts cleared by both NinjaTrader Clearing broker and Bitnomial.

The partnership is awaiting approval by the CFTC to release more operational details. Experts warn that the project implementation could take several months. The collaboration would be bound by tight regulations, sanctions screening, and lower leverage limits as compared to the global version.