Kraken Prepares CFTC-Compliant Gate to Bring Hyperliquid Perpetuals to US Traders
Kraken parent company Payward plans to launch CFTC-cleared Hyperliquid perpetual futures for US traders using its Bitnomial clearinghouse. The move targets over $200 billion in monthly volume that has remained off-limits to domestic capital. Launch timeline depends on CFTC regulatory approval and compliance evaluations.
Payward, the parent company behind Kraken, is laying down a regulated bridge to bring Hyperliquid perpetuals directly to United States clients. By routing execution through Hyperliquid’s HIP-3 framework and clearing trades via Bitnomial—the CFTC-regulated entity Payward acquired for $550 million—the firm is aiming at the largest untapped onshore market in crypto derivatives. NinjaTrader Clearing will handle account onboarding to complete the compliant stack and manage client accounts.
The target venue represents massive liquidity. Hyperliquid processed over $200 billion in volume over the past 30 days, standing as the top on-chain derivatives hub globally. Yet American capital has been strictly fenced out by enforcement risks. While third-party builder applications account for nearly all existing open interest on Hyperliquid, none hold CFTC registration. Payward intends to become the primary gatekeeper, taking on the regulatory obligations to capture institutional order flow.
This hybrid model—decentralized execution linked to regulated futures clearing infrastructure—could redefine how domestic capital interacts with DeFi protocols. If approved, the pipeline opens a direct channel for institutional liquidity to interface with on-chain order books, sharpening competition against offshore venues.
Regulatory sign-off remains the central hurdle. Payward has not set a launch date, and recent scrutiny regarding wallet screening on Hyperliquid could slow regulatory clearance. Market participants should track formal CFTC filing updates and shifts in Hyperliquid open interest to confirm whether the structure moves forward.