Key Insights:
- Payward plans to launch regulated U.S. Hyperliquid crypto markets, pending federal approval.
- Grayscale reports Hyperliquid’s Q2 open interest hit $9 billion, up 54% annually.
- HYPE crypto price stands at $94.30 as U.S. launch timing and fee details remain open.
Hyperliquid crypto drew Grayscale’s attention as Kraken parent Payward outlined plans for regulated U.S. derivatives trading on its blockchain.
The proposal would offer American clients new perpetual futures through permissioned HIP-3 markets, subject to regulatory approval. Trade matching and recordkeeping would remain on Hyperliquid. Meanwhile, Payward’s regulated businesses would administer markets, handle accounts, and settle contracts.
The arrangement would not open Hyperliquid’s existing perpetual markets to U.S. customers. Instead, Payward plans to create separate contracts within a structure involving its exchange, clearinghouse, and registered futures broker.
However, the company has not yet announced a launch date or disclosed the proposed markets’ fee schedule.
Hyperliquid Crypto Plans Center on Regulated U.S. Access
Under the proposal, Bitnomial Exchange and Bitnomial Clearinghouse would serve as the HIP-3 deployer.
They would create, own, and administer the markets while clearing and settling contracts. NinjaTrader Clearing, Payward’s registered futures commission merchant, would carry customer accounts.
Jon Pham, Payward’s head of U.S. derivatives, described how clients would access the proposed service. A U.S. customer would open a futures account with Payward’s registered broker before trading the new contracts.
Those contracts would use the clearinghouse that already supports Payward’s existing U.S. crypto perpetual offerings. Payward assembled those businesses through two acquisitions. It acquired Bitnomial in May for $550 million after buying NinjaTrader Clearing for $1.5 billion in 2025.
The proposed Hyperliquid deployment assigns those businesses specific responsibilities while keeping order matching and trade records on the public blockchain. The proposal follows President Donald Trump’s August announcement concerning Hyperliquid’s potential U.S. entry.
Trump said CFTC Chair Michael Selig was working to bring the platform into the country legally. Payward subsequently confirmed its plans for permissioned markets, although regulatory approval remains a condition.
Grayscale Highlights $9 Billion in Open Interest
Grayscale reported that Hyperliquid crypto averaged approximately $9 billion in open interest during the second quarter of 2026. That represented a 54% increase from the previous year. Among the major perpetual venues Grayscale compared, Hyperliquid alone recorded growth.
Beyond digital assets, Hyperliquid supports round-the-clock markets linked to equities and commodities. S&P Dow Jones Indices recently licensed the S&P 500 Index to Trade XYZ for a Hyperliquid perpetual market.
In addition, Perpetual futures allow traders to take positions on an underlying asset’s price without owning the asset. Unlike conventional futures, these contracts have no expiration date and can remain open indefinitely. Traders make or receive periodic funding payments while maintaining their positions.
Hyperliquid Crypto Price and Fee Details Remain in Focus
Following the Hyperliquid crypto announcement, the HYPE crypto price stood at $94.30 at the time of writing, up by 0.27% over the past 24 hours.
The trading volume reached $1,335,622,466, while market capitalization stood at $23,705,738,718. CoinMarketCap ranked the token tenth, with 251,373,874 HYPE circulating against a maximum supply of 951,519,676.
Grayscale said Hyperliquid directs nearly all trading fee revenue toward HYPE token purchases. However, Payward disclosed neither expected trading volumes nor details of its economic arrangement with Hyperliquid. The companies also left the proposed markets’ revenue division unspecified.
In addition, a Kraken spokesperson declined to speculate about future company revenue and did not address expected trading volumes. responsibilities while leaving launch timing and commercial terms unresolved.
