Payward, Kraken's parent company, plans to offer eligible U.S. clients onchain perpetual futures through permissioned markets built on Hyperliquid's HIP-3 framework, subject to regulatory approval. Bitnomial Exchange would deploy and administer the markets, while Bitnomial Clearinghouse would clear and settle contracts and CFTC-registered futures commission merchant Ninjatrader Clearing would carry customer accounts. Trading would occur on Hyperliquid's public blockchain through its onchain order book, but access would be restricted to clients onboarded by Ninjatrader and approved on allowlists held by both firms. The proposed listing would take place under Bitnomial Exchange rules if regulators approve it. Global perpetual-futures volume exceeded $85 trillion in 2025, while U.S. access has been constrained by regulatory restrictions. Hyperliquid, launched in 2023, recorded more than $200 billion of trading volume over the past 30 days.