Key Insights
- Hyperliquid news centers on Payward’s plans for regulated US on-chain perpetual futures.
- Bitnomial would create and clear HIP-3 markets, while NinjaTrader carries client accounts.
- HYPE trades near $79.29 after recovering from an intraday low near $75.
Hyperliquid news shifted toward the US derivatives market after Kraken parent Payward outlined plans for on-chain perpetual futures. The company intends to start with Hyperliquid HIP-3 markets for eligible US clients. Bitnomial would create, own, administer, clear, and settle the contracts.
Meanwhile, NinjaTrader Clearing would hold customer accounts under its registered futures commission merchant structure. Payward said only approved clients on both firms’ allowlists could trade. HYPE trades near $79.29 following an intraday rebound from about $75.
Hyperliquid News Focuses on Payward US Perpetual Plans
Payward plans to use Hyperliquid’s public blockchain while keeping regulated entities responsible for market operations. Hyperliquid’s on-chain order book would match and record transactions.
Notably, Bitnomial would act as the HIP-3 deployer for the proposed markets. The company operates a CFTC-regulated designated contract market and registered derivatives clearing organization.
NinjaTrader Clearing would handle client accounts under its CFTC futures commission merchant registration. It also holds membership with the National Futures Association.
Under the proposed structure, US clients would first open futures accounts through Payward’s registered brokerage operation. They could then trade new perpetual contracts through Hyperliquid.
However, access would remain restricted to accounts accepted by NinjaTrader. The same accounts would also need approval from Bitnomial.
Payward Co-CEO Arjun Sethi said the company already offers US perpetual futures through its existing infrastructure. He also said no registered US exchange or clearinghouse has deployed Hyperliquid markets before.
Additionally, Payward reported 6.6 million funded accounts as of June 30, 2026. Its third-party-reviewed proof of reserves showed client assets backed above 100%.
Hyperliquid Crypto Volume Supports Payward Expansion Plans
The new proposal follows years of perpetual futures activity outside the United States. CoinGecko reported more than $85 trillion in global perpetual trading during 2025.
Meanwhile, Hyperliquid has operated since 2023 and ranked as CoinGecko’s most active on-chain perpetuals venue during 2025. DefiLlama data showed more than $200 billion in Hyperliquid volume during the past 30 days.
Payward plans to make Hyperliquid its first protocol deployment for US clients. However, the company said other products already operate through Payward Services.
Calvin Leyon, Kraken’s Head of Onchain, said the structure combines Hyperliquid infrastructure with Payward’s regulatory framework. Payward also plans to apply the same operating structure to additional products and markets.
Jon Pham, Payward’s Head of US Derivatives, outlined how the arrangement would work for American customers. He said clients would use Payward’s registered broker before trading contracts cleared through Bitnomial.
The same clearinghouse already supports crypto perpetual contracts that Payward offers to US clients. Therefore, Hyperliquid would become another execution layer within that existing structure.
Nasdaq Investment Adds Another Payward Market Development
Meanwhile, Payward has also attracted new institutional investment linked to its tokenized equities business. Bloomberg reported that Nasdaq plans to invest $100 million in the company.
According to people familiar with the matter, the investment values Payward at $21 billion. Nasdaq’s venture arm would provide the capital.
The investment follows a partnership announced in March involving tokenized stocks. Under that arrangement, Kraken plans to distribute tokenized Nasdaq-listed equities through its platform.
According to Bloomberg’s sources, those tokenized shares would carry the same voting rights as regular Nasdaq-listed equities.
Separately, HYPE recently recovered from a 24-hour low near $75.27 toward the upper end of its range. The token trades near $79.29, while the displayed session high stands near $79.72.
Notably, HYPE remains down about 9.3% over seven days and 4.4% across 14 days. However, its 30-day performance shows a gain of roughly 31.1%. The latest chart places the $79.70 to $80.00 area near the upper boundary of the current trading range.
