Payward Seeks CFTC Approval to Launch Perpetual Futures for Five Cryptocurrencies via Bitnomial
Kraken parent Payward has filed to launch CFTC-regulated perpetual futures for U.S. traders through its acquired Designated Contract Market, Bitnomial, a structural shift that could narrow the gap between offshore and regulated derivatives access in the world’s largest financial market. The move signals that U.S. institutional and eligible retail traders may soon gain compliant exposure to an instrument that has historically been confined to offshore platforms.
- Payward filed for CFTC-regulated perpetual futures covering BTC, ETH, SOL, XRP, and ADA through Bitnomial.
- Trading is not live; the product remains subject to a 30-day regulatory self-certification review process.
- Regulated U.S. access to perpetual futures has been severely constrained despite the instrument dominating global crypto derivatives volume.
- 5 Assets proposed for perpetual futures contracts: BTC, ETH, SOL, XRP, ADA
- 30 days Regulatory self-certification review period required before trading launch
- CFTC Regulator overseeing Designated Contract Market structure and product approval
Kraken parent Payward has filed with the CFTC to launch perpetual futures contracts for eligible U.S. traders, according to reporting first published by News BTC. The proposed products would trade through Bitnomial, a Designated Contract Market that Payward acquired to establish a regulated derivatives venue. The filing covers five major crypto assets: Bitcoin, Ethereum, Solana, XRP, and Cardano. The launch remains subject to a 30-day self-certification review period, meaning trading has not begun and regulatory sign-off is not guaranteed. This filing represents a material shift in U.S. market structure because perpetual futures, derivatives that never expire, unlike traditional futures contracts, have historically been available to American traders only through offshore platforms operating outside domestic regulation.
Perpetual Futures Dominate Global Crypto Trading But Face U.S. Constraints
Perpetual futures are among the most heavily traded instruments in global crypto markets. They allow traders to take leverage, hedge existing positions, execute basis trades between spot and derivatives markets, and gain directional exposure without forced settlement dates.
Unlike traditional futures that expire on specific dates, perpetuals use a funding rate mechanism that keeps the contract price anchored to the underlying asset across market cycles.
The U.S. regulatory environment has created a stark divide. While perpetuals drive enormous volume offshore, regulated access within U.S. borders has remained narrow and fragmented. Most U.S. traders interested in perpetual exposure have migrated to offshore exchanges, creating compliance and custody risks for both retail and institutional participants.
A CFTC-regulated product would offer an on-shore alternative that meets institutional risk management standards without forcing traders to route capital through unregulated venues.
Bitnomial Provides Regulated Structural Framework for Derivatives Launch
Payward’s ownership of Bitnomial, a CFTC-registered Designated Contract Market, is the regulatory architecture that makes this filing possible. A Designated Contract Market operates under defined federal rules governing contract listings, market surveillance, position limits, and customer disclosures.
Rather than offering perpetuals as an unregulated crypto exchange product, Kraken is channeling them through a federally registered derivatives marketplace, fundamentally changing the compliance profile and accessibility rules.
This structure matters operationally. It determines which traders can access the product, what position limits apply, which margin and settlement rules govern trading, and what level of surveillance the CFTC can enforce. Institutions evaluating whether to use U.S.-regulated perpetual futures will scrutinize these operational and compliance details closely.
The Designated Contract Market framework also signals that Payward intends to treat this as a serious derivatives business, not a secondary product tacked onto its exchange offering.
Five Assets Signal Expansion Beyond Bitcoin and Ethereum Dominance
Bitcoin and Ethereum are obvious starting points, given their institutional acceptance and trading depth.
The inclusion of Solana, XRP, and Cardano signals intent to broaden regulated access beyond the two largest assets. If approved, this suite would give U.S. traders regulated perpetual exposure to several top-10 altcoins for the first time. Altcoin market structure has historically relied on offshore venues for leverage and hedging, pushing institutional participants into unregulated channels.
Regulated access could redirect some of that volume into compliant U.S. venues and give institutions a more familiar operational environment for position management across multiple assets.
The 30-day self-certification review period is the critical timeline to watch. CFTC staff will evaluate the contract specifications, risk management framework, market surveillance protocols, and operational readiness. If the review proceeds without objection or revision requests, trading could launch as soon as mid-2025, but any regulatory questions could extend the timeline or require product modifications before go-live. Payward has not publicly disclosed a target launch date, leaving the market to track the regulatory calendar alongside the firm’s own statements on timing.
