Payward Proposes U.S. Route for Hyperliquid Perpetual Futures

Grayscale Research says Payward, the parent company of Kraken, is planning to structure a U.S. route for Hyperliquid perpetual futures through its CFTC-regulated exchange and clearing infrastructure, Bitnomial.

The proposed setup would allow eligible U.S. clients access to perpetual futures tied to markets running on Hyperliquid's blockchain-based order-book infrastructure, while keeping Hyperliquid itself from directly operating as a U.S.-regulated exchange.

According to Grayscale, the arrangement would place exchange and clearing responsibilities with regulated entities within Payward's derivatives infrastructure, using Bitnomial for the regulated exchange and clearing functions, and NinjaTrader Clearing for client accounts.