Payward, the parent company of Kraken, has outlined plans to offer US clients perpetual futures using Hyperliquid's blockchain infrastructure. The proposal would connect an onchain trading system with a regulated American derivatives structure, but it still requires regulatory approval and has no announced launch date.

The new contracts would operate under Bitnomial Exchange's rules, with Bitnomial handling the market and clearing arrangements. NinjaTrader Clearing would carry approved customer accounts. Payward acquired Bitnomial for $550 million in May, adding another component to its expanding derivatives business.

The planned markets would use Hyperliquid's HIP-3 framework, which allows outside operators to establish and administer their own perpetual markets. This would create new Payward-operated contracts. It would not automatically open all existing Hyperliquid markets to American customers or eliminate the proposed account approval requirements.

Perpetual futures provide ongoing price exposure without a fixed expiry date, making them distinct from conventional dated contracts. Payward's proposal tests whether that format can reach more US customers through regulated intermediaries while retaining blockchain-based trading infrastructure. Fees, commercial arrangements, and expected volumes have not been disclosed.