Key Takeaways
- • Payward (Kraken's parent company) plans to launch onchain perpetual futures for U.S. traders through Hyperliquid's HIP-3 permissioned markets, subject to regulatory approval, as disclosed on September 16, 2026.
- • Grayscale Head of Research Zach Pandl identified the proposed U.S. venue as a potential source of protocol fee revenue and HYPE token demand, contingent on the markets generating fees for the blockchain infrastructure.
- • Hyperliquid currently blocks U.S. users due to regulatory constraints on perpetual futures; the Payward arrangement would provide a regulated pathway to access American traders without Payward acquiring a licensed exchange outright.
- • Hyperliquid averaged approximately $9 billion in open interest during Q2 2026, and a U.S. market expansion could amplify this activity if the proposed venue successfully routes trading volume through the protocol.
- • The regulatory approval requirement remains the critical dependency—Grayscale characterized its assessment of HYPE's upside as conditional and not a confirmed outcome.
Summary
Payward, the parent company of cryptocurrency exchange Kraken, has outlined plans to bring Hyperliquid's onchain perpetual futures to U.S. traders through a regulated venue, marking a potential expansion of the blockchain-based derivatives platform into the American market. The plan, disclosed on September 16, centers on deploying Hyperliquid's HIP-3 markets—described as the protocol's first builder-deployed permissioned perpetual markets—which are currently live on testnet. Perpetual futures are derivatives that track underlying asset prices without expiration dates and operate in a regulatory gray area in the United States, which has prompted Hyperliquid to restrict access to U.S. customers.
In a September 21 analysis, Grayscale Head of Research Zach Pandl assessed the strategic implications for Hyperliquid's native HYPE token. Pandl emphasized that a regulated U.S. venue could strengthen the protocol's "flywheel" by generating additional trading activity and protocol fee revenue, but only if the proposed markets route sufficient trading volume through Hyperliquid's infrastructure and remit fees to the protocol. This condition is central to the investment thesis: expanded U.S. market access alone does not guarantee tokenomic benefits unless the regulatory structure ensures fees flow to the protocol layer.
Hyperliquid has demonstrated significant traction in offshore markets, averaging approximately $9 billion in open interest during Q2 2026 and continuing to scale. The Payward arrangement offers an alternative to acquiring a licensed U.S. exchange, positioning Kraken's parent company as an intermediary that bridges Hyperliquid's permissioned markets with American regulatory requirements. However, Grayscale explicitly noted that the proposal remains subject to regulatory approval and characterized its view of HYPE's upside as preliminary rather than assured. The success of the initiative depends on both obtaining regulatory clearance and structuring the venue to ensure protocol fees reach Hyperliquid's token holders, making this a conditional opportunity for the ecosystem rather than a guaranteed value driver.
In a September 21 analysis, Grayscale Head of Research Zach Pandl assessed the strategic implications for Hyperliquid's native HYPE token. Pandl emphasized that a regulated U.S. venue could strengthen the protocol's "flywheel" by generating additional trading activity and protocol fee revenue, but only if the proposed markets route sufficient trading volume through Hyperliquid's infrastructure and remit fees to the protocol. This condition is central to the investment thesis: expanded U.S. market access alone does not guarantee tokenomic benefits unless the regulatory structure ensures fees flow to the protocol layer.
Hyperliquid has demonstrated significant traction in offshore markets, averaging approximately $9 billion in open interest during Q2 2026 and continuing to scale. The Payward arrangement offers an alternative to acquiring a licensed U.S. exchange, positioning Kraken's parent company as an intermediary that bridges Hyperliquid's permissioned markets with American regulatory requirements. However, Grayscale explicitly noted that the proposal remains subject to regulatory approval and characterized its view of HYPE's upside as preliminary rather than assured. The success of the initiative depends on both obtaining regulatory clearance and structuring the venue to ensure protocol fees reach Hyperliquid's token holders, making this a conditional opportunity for the ecosystem rather than a guaranteed value driver.
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