Payward, the parent company of cryptocurrency exchange Kraken, is preparing to offer U.S. customers access to onchain perpetual futures through the Hyperliquid protocol, a move that would make it the first registered American exchange to deploy markets on the decentralized platform.
A Regulatory Path Through Bitnomial
The initiative builds on Payward's $550 million acquisition of Bitnomial, a derivatives exchange holding the regulatory licenses needed to operate futures products in the United States. By tapping into Bitnomial's established compliance infrastructure, Payward intends to bridge the gap between decentralized finance and the tightly regulated U.S. derivatives market.
Perpetual futures have long been one of the most popular products in crypto trading globally, but they have remained largely out of reach for American retail traders due to regulatory constraints. Payward's plan signals a growing effort by established firms to bring these instruments onshore within a compliant framework.
Bringing onchain perpetual futures to U.S. traders could mark a turning point for how regulated exchanges engage with decentralized protocols.
Betting on Hyperliquid
Hyperliquid has emerged as one of the leading decentralized platforms for perpetual futures, attracting significant trading volume and liquidity in a competitive onchain derivatives landscape. By choosing to deploy markets on the protocol, Payward is aligning itself with a fast-growing corner of DeFi rather than building an entirely proprietary system.
The strategy reflects a broader trend of centralized exchanges seeking to combine their regulatory standing with the transparency and efficiency of blockchain-based infrastructure. For Payward, the approach could offer a distinctive edge as competition among U.S. crypto platforms intensifies.
Key elements of the plan include:
- Leveraging Bitnomial's U.S. derivatives licenses
- Deploying regulated perpetual futures markets onchain
- Targeting American clients previously unable to access such products
If successful, the effort would position Payward as a pioneer in merging registered U.S. trading operations with decentralized protocols, potentially setting a template that other exchanges may look to follow.