Kraken parent Payward plans regulated US perpetuals market on Hyperliquid, report says

Who's doing what

Payward plans to launch a regulated U.S. perpetuals market on Hyperliquid, according to Crypto Briefing. The report names two partners. Bitnomial would handle market creation, and NinjaTrader Clearing would handle customer accounts, with Payward as the company launching the market. Kraken itself isn't named as the launching entity, since the report credits its parent company.

Crypto Briefing also said the move makes Payward the first CFTC-regulated entity to deploy on HIP-3, Hyperliquid's infrastructure for the launch. That's the outlet's description, not an established fact (the report doesn't link to a Payward or Kraken statement confirming the plan or the partner roles).

Testnet and regulatory review

So what's actually live today? Based on the report, nothing.

Crypto Briefing reported that HIP-3 is currently in testnet, so the infrastructure Payward would deploy on isn't in its final form yet. The outlet also noted that regulators still have to sign off before the plan can fully proceed:

the initiative is still subject to regulatory review before full implementation

It's a plan, not a product.

HYPE's 4.8% gain

HYPE, the native token of Hyperliquid, rose 4.8% after news of Payward's plans came out, according to Crypto Briefing. The timing lines up with the report. Timing alone doesn't show the announcement caused the move, though, and Crypto Briefing's coverage is the only source here for both the price change and the plan itself.

For now, two things stand between Payward and a working U.S. perpetuals market on Hyperliquid: regulatory review of the initiative, and HIP-3 moving beyond testnet. Until both clear, it's a reported plan and nothing more.