Payward Unveils First US-Regulated Hyperliquid Perpetuals Markets
Payward, the parent company of Kraken, has announced plans to launch its first US-regulated Hyperliquid perpetual futures markets. The new venture aims to bring on-chain perpetual trading within a regulated framework for eligible US clients.
The proposed structure combines Hyperliquid's public blockchain with regulated entities responsible for market operations. Bitnomial will create, own, administer, clear, and settle the contracts, while NinjaTrader Clearing will hold customer accounts under its registered futures commission merchant structure.
Payward Co-CEO Arjun Sethi noted that no registered US exchange or clearinghouse has deployed Hyperliquid markets before. The company already offers US perpetual futures through its existing infrastructure.
The new proposal follows years of perpetual futures activity outside the United States, with CoinGecko reporting more than $85 trillion in global perpetual trading during 2025. DefiLlama data showed over $200 billion in Hyperliquid volume during the past 30 days.