Kraken Parent Plans Permissioned Hyperliquid Perps for US Traders

Payward, Kraken’s parent company, plans to offer U.S. clients permissioned perpetual futures that would be matched and recorded on the Hyperliquid public blockchain. Bitnomial would act as the HIP-3 deployer and handle market administration, clearing and settlement, while NinjaTrader Clearing would carry approved customer accounts through Payward’s regulated derivatives structure.

By AI NewsroomPublished about 8 hours agoUpdated about 8 hours ago0 views

Why It Matters

The proposal connects an onchain order book with a regulated U.S. derivatives framework, potentially allowing approved U.S. customers to trade onchain perpetual futures through registered accounts while keeping onboarding and regulatory responsibilities with designated entities. That arrangement could be a notable step in integrating public blockchain infrastructure with regulated trading and clearing workflows.

Key Facts

Parent company: Payward (Kraken's parent)
Market venue: Hyperliquid public blockchain
Deployer and clearinghouse: Bitnomial would deploy, own, administer, clear and settle the proposed markets
Customer accounts: NinjaTrader Clearing would carry approved customer accounts
Permissioning mechanism: Dual allowlist: customers must be onboarded by NinjaTrader and included on both NinjaTrader's and Bitnomial's allowlists

Payward, the parent company of crypto exchange Kraken, said it plans to make permissioned perpetual futures available to U.S. clients that would be matched and recorded on the Hyperliquid public blockchain. Under the proposal, those onchain markets would be accessed through Payward’s regulated derivatives structure and restricted to accounts approved by the named U.S. broker and clearing entities.

Bitnomial, which Payward identifies as its CFTC-regulated exchange and clearinghouse, would serve as the HIP-3 deployer for the markets. In that role Bitnomial would create, own and administer each market and handle clearing and settlement of the contracts. NinjaTrader Clearing, identified as a CFTC-registered futures commission merchant and NFA member, would carry the customer accounts that are approved to trade.

The venues would operate as permissioned HIP-3* markets on Hyperliquid. Under the planned structure, trading would be limited to customers who appear on both NinjaTrader’s and Bitnomial’s allowlists; Payward described that dual allowlist as the mechanism for restricting market access. Trades would be matched and recorded on Hyperliquid’s onchain order book while onboarding and regulatory obligations would remain with the registered exchange, clearinghouse and broker.

Payward noted that Bitnomial Exchange is presented as a CFTC-designated contract market and Bitnomial Clearinghouse as a CFTC-registered derivatives clearing organization. The company also said the same clearinghouse already supports the crypto perpetual contracts it currently offers to U.S. customers. Any specific listings or markets would still be subject to applicable regulatory approval before going live.