Payward plans to offer U.S. clients onchain perpetual futures on Hyperliquid
Payward plans to offer U.S. clients onchain perpetual futures on Hyperliquid, subject to regulatory approval. The contracts would operate under CFTC-regulated Bitnomial Exchange, with NinjaTrader Clearing carrying approved client accounts.
Intelligence analysis by Qwen 2.5 (3B)
Payward, a subsidiary of crypto exchange Kraken, plans to bring onchain perpetual futures to U.S. clients via Hyperliquid's public blockchain. The move aims to bring a popular offshore product into a regulated U.S. structure.
Payward is a company that helps people trade cryptocurrencies. They want to let U.S. customers trade special types of contracts called 'perpetual futures' on a new platform called Hyperliquid. This will make it easier for U.S. customers to trade these contracts and will help Hyperliquid grow.
Analysis
{"
Payward's Acquisition and Strategy":"Payward, a subsidiary of crypto exchange Kraken, acquired Bitnomial in May for $550 million. The acquisition includes NinjaTrader Clearing, a registered futures commission merchant. This strategic move allows Payward to leverage Bitnomial's technology and expand its derivatives offerings.","
Hyperliquid's Role in the Deal":"Hyperliquid's public blockchain will host the onchain perpetual futures markets. Bitnomial Exchange and Bitnomial Clearinghouse will deploy and administer the markets, while NinjaTrader Clearing will carry client accounts. The proposed deployment aims to bring a popular offshore product into a regulated U.S. structure.","
Regulatory Approval and Timeline":"The proposal is subject to regulatory approval. Payward has not disclosed a launch date, fees, or projected trading volume. The company aims to integrate the new markets into its existing operations, maintaining trade matching and recordkeeping on Hyperliquid."}
Key points
- Payward plans to offer U.S. clients onchain perpetual futures on Hyperliquid
- The proposal is subject to regulatory approval
- NinjaTrader Clearing will carry approved client accounts
- Hyperliquid's public blockchain will host the onchain perpetual futures markets
If approved, this move could bring more customers to Hyperliquid and increase its revenue. It could also help Hyperliquid become more popular and trusted in the U.S. market.
There are risks involved with this move, such as regulatory hurdles and potential backlash from existing U.S. exchanges. If the proposal is not approved, it could harm Hyperliquid's reputation and hurt its chances of attracting new customers.
