Bitnomial

4d ago

Payward launches first U.S.-regulated onchain perpetual futures via Hyperliquid

Blockchain, Exchange News, Institutional, Regulation & Policy Bitnomial, CFTC-Regulated, HIP-3 Framework, Hyperliquid, NinjaTrader Clearing, Onchain Derivatives, Payward

BlockchainCrypto Coin Show News Team·September 16, 2026·3 min read

Payward seeks to launch U.S.-regulated onchain perpetual futures via Hyperliquid’s new HIP-3 framework, marking the first time American traders would access this market legally since its prohibition nearly a decade ago. The move tests whether institutional-grade compliance can coexist with blockchain settlement in derivatives trading.

Bitnomial exchange and NinjaTrader Clearing will jointly operate HIP-3 perpetuals for U.S. clients under CFTC oversight
HYPE token rose 3% on the announcement; Hyperliquid processed $200 billion in volume over 30 days
Payward signals additional onchain products for U.S. clients pending regulatory approval, following this launch

$85 trillion global perpetual futures trading volume in 2025 versus less than $1 trillion accessible to U.S. traders
3% HYPE token gain within hours of Payward’s announcement on September 16
$200 billion Hyperliquid trading volume over 30 days, ranking it the most active onchain venue since 2023

Payward, the holding company behind Kraken, announced plans to become the first U.S.-regulated exchange offering onchain perpetual futures to American clients, according to first reporting on September 16. The product will launch on Hyperliquid, an onchain derivatives protocol, using the exchange’s newly introduced HIP-3 framework that enables permissioned markets on a public blockchain. Each trade executes and settles on Hyperliquid’s transparent order book, with regulatory custody and clearing handled through Payward’s existing CFTC-regulated infrastructure.

Bitnomial and NinjaTrader split custody and clearing of Hyperliquid perpetuals

Payward’s two regulated subsidiaries will divide operational responsibility. Bitnomial, a CFTC-regulated exchange and clearinghouse, runs the HIP-3 markets and manages all clearing and settlement. NinjaTrader Clearing, a registered futures commission merchant and NFA member, holds client accounts and handles onboarding. Only traders approved by both entities gain access to the contracts.

Jon Pham, Payward’s head of U.S. derivatives, explained the workflow: a U.S. client opens a futures account with Payward’s registered broker, then trades perpetual contracts on Hyperliquid using that account. The same clearinghouse already supports the crypto perpetuals Payward offers domestically, creating operational continuity.

HIP-3 allowlists permit Payward to run markets while preserving Hyperliquid’s decentralized base layer

Hyperliquid co-founder Jeffrey Yan introduced HIP-3 earlier this month as a permissioning feature letting market deployers create allowlisted trading venues on the protocol’s otherwise open infrastructure. The innovation lets regulated exchanges like Payward control access and enforce compliance without modifying the underlying blockchain or closing existing public markets.

Payward intends to be the first registered U.S. exchange to deploy builder-controlled perpetuals this way. The company handles both market operation and regulatory obligations, creating a novel hybrid: blockchain settlement with exchange-level governance. This structure sidesteps the traditional offshore-or-banned binary that has left American traders unable to access a market that generated $85 trillion in global volume during 2025, per CoinGecko’s 2026 State of Crypto Perpetuals Report.

Token and volume metrics surged immediately; regulatory approval still pending

HYPE, Hyperliquid’s native token, gained 3% within hours of the Payward announcement, while HYPE futures open interest on Binance increased 7% over the same window.

Hyperliquid has operated since 2023 and ranks as CoinGecko’s most active onchain perpetuals venue. Over the past 30 days, the protocol processed $200 billion in trading volume, demonstrating scale. Payward itself reported 6.6 million funded accounts as of June 30, 2026, with client assets backed by more than 100% in reserves according to an independent third-party audit.

The contracts would trade under Bitnomial Exchange LLC’s rulebook once regulators approve the structure; Payward has signaled that additional onchain products for U.S. clients are expected to follow.

The CCS read. We see this as Payward placing a regulatory bet that will determine whether compliance infrastructure can scale to onchain derivatives without becoming either stale or centralized. Approval signals that U.S. regulators view blockchain settlement as compatible with futures oversight. Rejection would reinforce the offshore-only assumption that has governed perpetuals since 2016.

The outcome hinges on CFTC sign-off of the Bitnomial and NinjaTrader dual-custody model. Payward has not named an expected approval date, but market moves in HYPE futures suggest institutional traders are already pricing in a favorable decision. Watch for any formal filing with the CFTC or a statement from either Bitnomial or NinjaTrader Clearing confirming the next regulatory checkpoint.

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Kraken Files For CFTC-Regulated U.S. Perpetual Futures Product

Sep 7, 2026

Payward Seeks CFTC Approval to Launch Perpetual Futures for Five Cryptocurrencies via Bitnomial

Blockchain, Exchange News, Institutional, Regulation & Policy Bitcoin, Bitnomial, CFTC Approval, Crypto Derivatives, Ethereum, Payward, Perpetual Futures, Solana

Exchange NewsSeptember 7, 2026·3 min read

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.

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Jun 20, 2026

Kraken To Launch First CFTC-Regulated Crypto Perpetual Futures In The US

Exchange News Bitcoin, Bitnomial, CFTC, Crypto Derivatives, Ethereum, Kraken, Perpetual Futures, US Regulation

Exchange NewsJune 20, 2026·5 min read

Kraken is launching CFTC-regulated perpetual futures through its recently acquired Bitnomial platform, bringing one of crypto’s most liquid derivatives products into a formal US regulatory framework for the first time. This move signals a structural shift in how institutional traders can access leveraged crypto exposure domestically while managing collateral and spot positions through a unified interface.

Kraken expects to launch CFTC-regulated perpetual futures within 30 days through Bitnomial, a Designated Contract Market.
Initial asset support includes BTC, ETH, SOL, XRP, ADA, LINK, DOGE, LTC and AVAX at launch.
Products integrate with Kraken Pro’s unified wallet alongside spot margin and CME futures, reducing collateral management friction.

30 days Expected timeline for launch of CFTC-regulated perpetual futures product
9 assets Initial cryptocurrency support at launch including Bitcoin and Ethereum
1 wallet Unified interface combining spot, margin, and derivatives across venues

Kraken’s entry into regulated US perpetual futures represents a watershed moment for institutional crypto market structure. Until now, perpetuals, contracts with continuous pricing, no expiration dates and recurring funding payments, have thrived almost exclusively on offshore exchanges beyond direct US regulatory oversight.

The announcement that eligible US clients will access these products through Bitnomial, a CFTC-regulated Designated Contract Market acquired by Kraken’s parent company Payward, closes a structural gap that has constrained domestic institutional participation for years. The exchange expects the launch within 30 days.

Kraken Brings Offshore’s Most Active Derivatives Product Into CFTC Jurisdiction

Perpetual futures are not a specialized niche in global crypto markets; they are the primary liquidity layer for directional trading and hedging across all major tokens. Daily volume in perpetuals on unregulated offshore exchanges typically dwarfs both spot trading and CME-listed Bitcoin and Ethereum futures combined.

Yet US traders seeking leveraged exposure have faced a binary choice: use offshore venues with no regulatory protection and custody clarity, or accept the constraints and higher costs of CME-listed products that come with fixed expiration dates and lower liquidity than their perpetual counterparts.

Kraken’s move through Bitnomial preserves the core mechanics traders recognize globally, continuous pricing, no fixed expiration and funding payments that tie contract prices to spot indices, while placing them inside formal US regulatory oversight.

The operational design matters as much as the regulatory wrapper. Products will live alongside Kraken’s existing spot margin trading and CME-listed futures within a single Kraken Pro wallet. For active institutional desks, this unified interface reduces the friction of managing collateral across multiple venues and risk types.

As institutional crypto desks have grown more sophisticated, they have become increasingly sensitive to venue risk and custody structure. A single wallet connecting perpetuals, spot positions and CME exposure eliminates the need to move funds between platforms to adjust hedges or rebalance leverage.

US traders have been waiting for a regulated way to trade the product that defines global crypto derivatives markets.

John Palmer, Global Head of Derivatives, Kraken

This framing from Kraken’s derivatives leadership is significant because it acknowledges the scale of unmet demand rather than positioning the product as an innovation.

Nine Assets at Launch Signal Platform Positioning as Derivatives Hub

Kraken’s decision to support BTC, ETH, SOL, XRP, ADA, LINK, DOGE, LTC and AVAX at launch reveals strategic intent beyond simply replicating what offshore venues offer.

The exchange could have launched with Bitcoin only, the most liquid perpetual pair globally and the easiest regulatory pitch, yet instead included eight additional assets spanning different market caps and institutional adoption levels. This breadth indicates Kraken intends to position Bitnomial as a comprehensive crypto derivatives venue rather than a narrow product line anchored to one token.

For institutional traders, the asset mix matters because it enables cross-crypto hedging and directional strategies within a single regulated framework. A fund holding diversified crypto exposure can now adjust leverage on Solana or Ethereum perpetuals without leaving the regulated ecosystem, managing basis risk between spot holdings and derivatives in real time.

The inclusion of lower-cap assets like Dogecoin and Cardano also signals confidence that CFTC oversight can accommodate retail-accessible tokens, potentially lowering the bar for additional assets in later phases.

The caveat is that launch access is limited to eligible US clients rather than broad retail participation, reflecting both CFTC comfort levels and Kraken’s own risk appetite at release.

Bitcoin Market Structure Benefits From Regulated Liquidity Alternatives

For Bitcoin specifically, the broader implication extends beyond this single product launch. More regulated domestic venues deepen institutional participation by removing custody and counterparty risk concerns that have historically pushed sophisticated traders toward offshore platforms.

CME-listed Bitcoin and Ethereum futures already attracted significant institutional capital by offering CFTC oversight and physical settlement optionality, yet their fixed expiration dates and slower execution create inefficiencies for active traders. Perpetuals solve that friction while keeping pricing continuous and funding mechanics transparent.

The near-term impact depends on adoption velocity. If eligible US traders migrate material volume from offshore perpetuals to Bitnomial’s regulated offering, it signals institutional willingness to accept regulatory constraints in exchange for domestic oversight.

More likely is a gradual rebalancing where professional crypto desks allocate a portion of directional exposure to the regulated venue for compliance and risk management clarity while maintaining offshore access for absolute liquidity.

Bitcoin’s spot price discovery will continue to depend primarily on global venues, but US-domiciled institutional use cases, pension funds, endowments, and corporate treasuries entering crypto exposure, now have a clearer on-ramp into leveraged positions.

The bigger picture is that regulated alternatives reduce the gap between offshore liquidity and US-accessible products without closing it overnight.

CFTC Approval Path Sets Precedent for Future Crypto Derivatives

Bitnomial’s status as a CFTC-regulated Designated Contract Market required direct regulatory approval, making this launch a test case for how the agency views perpetuals specifically.

The CFTC has approved CME’s Bitcoin and Ethereum futures under its regulatory framework for commodity derivatives, but perpetuals operate under different structural assumptions about funding mechanics, price discovery and participant types.

The fact that Bitnomial secured approval suggests the CFTC views perpetuals as workable under existing commodity derivatives rules, rather than requiring new regulatory categories or Congressional action.

This precedent could accelerate regulatory clarity for other platforms seeking similar licenses. Coinbase, which has long maintained regulatory ambitions for US crypto derivatives, and other major exchanges now have a proven pathway to CFTC approval rather than relying solely on regulatory interpretation.

However, the approval does not mean other platforms will follow immediately; each DCM application faces individual scrutiny based on risk management, surveillance and custody arrangements.

The concrete question ahead is whether eligible US traders migrate sufficient volume to Bitnomial to justify broader expansion. Kraken stated that additional assets and retail access could follow, but execution depends on initial adoption rates and the exchange’s ability to maintain competitive pricing against entrenched offshore liquidity. Watch for volume announcements in the 60 days following launch, and monitor whether competing US platforms file their own DCM applications in response to Kraken’s move.

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Jun 15, 2026

Kraken launches CFTC regulated perpetual futures

Exchange News Bitcoin, Bitnomial, CFTC Regulation, Crypto Derivatives, Ethereum, Kraken, Perpetual Futures

Exchange NewsJune 15, 2026·5 min read

Kraken has launched CFTC-regulated perpetual futures to US traders through its Bitnomial subsidiary, addressing a $60 trillion global market that has largely operated outside US regulatory oversight. The move signals a shift toward institutional-grade derivative trading infrastructure within compliant US venues, potentially reshaping capital flows in crypto derivatives.

Kraken launched perpetual futures on Monday through Bitnomial with full CFTC regulation, covering nine assets including Bitcoin, Ether, and Solana at launch.
The global perpetual futures market exceeded $60 trillion in trading volume in 2025, with the vast majority running through offshore platforms beyond US regulatory reach.
Kraken unified perpetual contracts with existing CME-listed futures products in a single wallet, allowing traders to manage both derivative types with shared collateral.

$60T Global perpetual futures trading volume in 2025, concentrated on offshore platforms
9 Cryptocurrencies covered at launch, with plans to expand asset offerings over time
May 2025 Date CFTC signaled approval for regulated venues to list perpetual futures contracts

Kraken moved to capture US demand for perpetual futures derivatives on Monday by launching the product through its CFTC-regulated Bitnomial subsidiary. The exchange opened trading to eligible US customers via Kraken Pro, offering leveraged long and short positions on nine cryptocurrencies without expiration dates.

The launch reflects a long-standing gap in US crypto infrastructure: while global perpetual futures markets generated over $60 trillion in volume last year, most of that activity flowed through offshore exchanges operating beyond the reach of American regulators.

Kraken’s entry into the space signals that institutional-grade derivatives infrastructure can now operate domestically under regulatory supervision, potentially anchoring US capital in compliant venues rather than sending it overseas.

Kraken acquired Bitnomial and NinjaTrader to build regulated derivatives backbone for US market

Payward, Kraken’s parent company, acquired derivatives exchange Bitnomial in May 2026, then purchased futures brokerage NinjaTrader a year earlier and rebranded it as Kraken Derivatives US with CFTC registration as a Futures Commission Merchant.

The infrastructure strategy reflects a deliberate build-out of regulated on-ramps for institutional traders who previously had no compliant option in the US for perpetual contracts. By housing perpetual futures in the same wallet as Kraken’s existing CME-listed products, the exchange unified spot, margin, and derivatives trading under one account with shared collateral management.

The most useful thing an exchange business can do for a serious trader is to put everything in one place. Spot, margin, futures, and now perpetuals all live in the same account at Kraken.

Arjun Sethi, Payward and Kraken co-CEO

Kraken Derivatives US head Darius Tabatabai emphasized that Bitnomial’s existing regulatory relationships and market structure work accelerated the launch timeline. Integrating that infrastructure with Kraken’s distribution reach and technology platform allowed the exchange to bring perpetual futures to US traders “at scale,” he said.

The unified account approach mirrors how traditional derivatives brokers operate, reducing friction for traders moving between product types and enabling efficient use of risk capital across positions.

CFTC opened regulatory pathway for perpetuals in May after years of offshore dominance

Kraken’s launch follows explicit signals from the CFTC that cleared the way for regulated US venues to list perpetual futures contracts. In May 2025, the agency approved Bitcoin perpetual contracts from prediction market Kalshi and authorized Coinbase to connect US customers to global options and perpetual markets.

Those moves represented a material policy shift, as perpetual futures had operated almost entirely outside the US regulatory perimeter for over a decade. Kalshi’s Bitcoin perpetuals alone recorded more than $1 billion in trading volume in their first months of operation, demonstrating latent US demand for the product under CFTC oversight.

The regulatory opening reflects broader CFTC willingness to permit derivatives trading on platforms under its direct supervision rather than ceding the market entirely to unregulated competitors.

For institutional investors and traders, the distinction matters considerably. CFTC-regulated venues require customer segregation, margin standards, and market surveillance systems that unregulated offshore platforms do not. US banks and institutional capital have legal and compliance constraints that make offshore derivative trading problematic; regulated US venues remove that friction.

Kraken’s entry combines that regulatory legitimacy with competitive incentives to offer tighter spreads and better execution than offshore alternatives, potentially capturing volume at the margin from traders previously choosing between regulatory compliance and market access.

Nine initial assets with funding rates reset every eight hours to keep contracts tethered to spot

Kraken’s perpetual futures structure uses an eight-hour funding rate reset cycle at 7 p.m., 3 a.m., and 11 a.m. Central Time. Long position holders pay short holders when the perpetual contract price trades above the underlying spot price, with the mechanism reversing when the contract trades below spot.

This funding mechanism is standard across perpetual futures markets and serves as a price discovery anchor, compelling the contract to track the actual asset price rather than diverge into speculation-driven extremes.

At launch, Kraken covered Bitcoin, Ether, Solana, Ripple, Cardano, Chainlink, Dogecoin, Litecoin, and Avalanche. The exchange announced plans to expand both the asset menu and collateral options over time, implying that institutional demand may drive additions beyond the current nine tokens.

The initial basket represents the most liquid and established cryptocurrencies by market cap and derivatives volume, a conservative but sufficient starting point for traders with existing crypto derivative experience moving from offshore venues.

Kraken has not disclosed initial leverage caps or detailed margin requirements for the product, leaving an open question about how aggressively traders can lever positions relative to competitors.

Regulatory opening creates window for US exchanges to recapture derivatives volume from offshore competitors

The CFTC’s May 2025 policy shift represents a turning point in US crypto derivatives regulation. For nearly a decade, US traders had only two practical choices: trade spot markets domestically or route derivative orders to offshore platforms like Bybit, OKX, or Deribit.

That geographic arbitrage benefited unregulated exchanges while keeping US-regulated venues out of the derivatives business entirely. Kalshi’s May approval and Coinbase’s connection to global perp markets signaled CFTC appetite to permit derivatives trading under its own oversight rather than leave the market to offshore competitors.

Kraken’s launch directly addresses the infrastructure gap that created that arbitrage. By offering perpetual futures under CFTC regulation with unified account management and tight integration to spot markets, Kraken removes the compliance and operational friction that previously made offshore platforms the default choice for serious traders.

Institutional investors subject to regulatory constraints on offshore trading can now access perpetual derivatives without crossing jurisdictional lines.

Kraken has not disclosed initial trading volumes or stated a timeline for adding additional assets to the perpetuals offering; watch for Kraken earnings reports or announcements revealing adoption metrics and for announcements of new tokens added to the perpetuals menu, which will signal whether the CFTC’s regulatory opening translates into sustained institutional migration from offshore venues to regulated US platforms.

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