Key Highlights
- Grayscale says Payward is exploring a structure for offering Hyperliquid-based perpetual futures to eligible U.S. clients.
- The proposed setup would use Bitnomial, Payward’s CFTC-regulated exchange and clearing infrastructure.
- Hyperliquid averaged about $9 billion in open interest during Q2 2026, according to Grayscale.
Grayscale Research says Payward, the parent company of Kraken, is planning a structure that could give eligible U.S. clients access to perpetual futures built around Hyperliquid’s infrastructure.
According to a September 21 report, Grayscale Head of Research Zach Pandl said the proposed structure would use Bitnomial, a derivatives exchange and clearinghouse acquired by Payward, for the regulated exchange and clearing functions.
The arrangement would still require regulatory approval. It also would not make Hyperliquid itself a U.S.-regulated exchange.
Bitnomial would provide the regulated framework
Under the proposed structure, Hyperliquid would continue to provide the blockchain and onchain order-book infrastructure, while Payward’s regulated entities would handle the exchange, clearing and client-account functions.
Payward said Bitnomial Exchange would deploy, own and administer the HIP-3 markets, while Bitnomial Clearinghouse would clear and settle the contracts. NinjaTrader Clearing, another Payward company, would carry client accounts. Only clients approved by NinjaTrader and included on the relevant allowlists would be able to trade.
The structure would therefore not involve Hyperliquid directly operating a U.S.-regulated exchange. Instead, the proposed arrangement would place the exchange and clearing functions within Payward’s regulated derivatives infrastructure while using Hyperliquid for the underlying onchain trading system.
Hyperliquid perpetuals have grown
The proposal comes as Hyperliquid’s perpetual-futures market has expanded.
Grayscale said Hyperliquid averaged approximately $9 billion in open interest during the second quarter of 2026, up 54% from a year earlier.
The platform has also moved beyond crypto-native markets, with perpetual contracts linked to assets such as equities and commodities.
Grayscale noted that S&P Dow Jones Indices licensed the S&P 500 Index to Trade[XYZ] for a perpetual market on Hyperliquid.
BitGo provides a separate institutional route
Payward’s proposal follows another development involving institutional access to Hyperliquid.
On September 10, BitGo enabled eligible clients using its self-custody hot wallets to connect directly to Hyperliquid through WalletConnect.
Clients can place, modify and close perpetual-futures positions after a one-time activation, while transfers into and out of Hyperliquid remain subject to BitGo’s existing wallet approval policies.
BitGo’s arrangement is separate from Payward’s proposal. It provides wallet connectivity and institutional access but does not create a U.S.-regulated venue for Hyperliquid perpetuals.
HYPG provides a different type of U.S. Exposure
Grayscale also has a U.S. product tied to Hyperliquid through its Hyperliquid Staking ETF (HYPG).
The ETF began trading on Nasdaq on June 3, giving investors exposure to HYPE through a traditional exchange-traded product. SEC filings show that the fund holds HYPE and participates in staking under its investment structure.
HYPG differs from the proposed Payward product. The ETF provides investment exposure to HYPE, while Payward’s proposed structure would allow eligible U.S. clients to trade perpetual futures tied to markets running on Hyperliquid.
U.S. regulatory path remains unresolved
The proposed structure comes amid broader efforts to bring Hyperliquid-related products into regulated U.S. markets.
Grayscale said President Donald Trump indicated in August that CFTC Chairman Michael Selig was working to bring Hyperliquid into the United States legally.
Payward’s proposal offers one possible structure by placing exchange and clearing responsibilities with regulated entities rather than requiring Hyperliquid itself to operate as a U.S. exchange.
The arrangement remains subject to regulatory approval, and Payward has not yet launched the proposed U.S. perpetual-futures markets.
HYPE could be affected by additional trading activity
Grayscale also examined the potential implications for HYPE, Hyperliquid’s native token.
Pandl noted that Hyperliquid directs a portion of trading-fee revenue toward HYPE purchases. If additional activity takes place through products that generate fees for the protocol, higher trading volumes could affect the amount of revenue flowing through that mechanism.
The outcome would depend on the final structure of any U.S. products, regulatory approval, trading volumes and the fees ultimately paid to Hyperliquid.
A U.S. launch would therefore not automatically translate into a specific effect on HYPE.
What comes next
Payward’s proposed structure would give eligible U.S. clients a potential route to Hyperliquid-based perpetual futures through Bitnomial’s regulated exchange and clearing infrastructure.
BitGo’s wallet integration and HYPG provide separate forms of institutional access and HYPE exposure, but neither changes the regulatory status of Hyperliquid’s existing markets in the U.S.
The next step for Payward is the regulatory review required before the proposed perpetual-futures markets can begin operating.
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