Hyperliquid News: Kraken Parent Eyes First US-Regulated HYPE Perpetuals
Payward, Kraken's parent, plans to offer US-regulated on-chain perpetual futures using Hyperliquid's HIP-3 markets. Bitnomial will create and clear the contracts, while NinjaTrader will manage client accounts. HYPE, Hyperliquid's token, trades near $79.29. Payward reported 6.6 million funded accounts and a proof of reserves exceeding 100%. Nasdaq plans to invest $100 million in Payward, valuing it at $21 billion.
How this was made
The 30-second read
Why it matters
The plan could unlock a large US client base for on‑chain derivatives, enhancing liquidity and price discovery for HYPE.
Market read
Introduces regulated on‑chain perpetuals to US traders, potentially boosting HYPE token activity and setting a regulatory precedent.
What to watch
Potential competition from existing CFTC‑registered futures exchanges may dilute HYPE's market share.
Background
Payward (Kraken parent) outlines a structure using Bitnomial and NinjaTrader to offer US‑regulated Hyperliquid HIP‑3 perpetual contracts.
Ticker impact
HYPE token trades near $79.29 after rebounding from a low of $75, following Payward's announcement of US‑regulated on‑chain perpetual futures.
Upward pressure on HYPE price if the perpetual contracts launch as planned.
Regulated entry lowers compliance risk and expands the addressable market, likely increasing trading volume and price.
Market effects
May spur other crypto projects to seek US regulatory pathways for on‑chain derivatives.
Could increase US institutional exposure to on‑chain perpetuals.
Sets a precedent for regulated on‑chain futures globally.
Counterpoint
Regulatory hurdles could delay launch, limiting near‑term upside for HYPE.
Key entities
- companyPayward
Kraken parent planning US‑regulated on‑chain perpetual futures.
- companyBitnomial
Designated contract market and clearing organization for HIP‑3 contracts.
- companyNinjaTrader Clearing
Futures commission merchant handling client accounts.
