Payward, Kraken’s parent company, is exploring a permissioned U.S. structure for perpetual futures built on Hyperliquid’s HIP-3 framework. The proposal would use Bitnomial’s CFTC-regulated exchange and clearing operations, with Bitnomial Exchange deploying and administering markets, Bitnomial Clearinghouse clearing contracts, and NinjaTrader Clearing carrying approved client accounts. Hyperliquid would provide the blockchain, onchain order books and trading infrastructure, while access would be limited to eligible clients on relevant allowlists and remains subject to regulatory approval. HIP-3 lets deployers define markets, oracle rules, leverage limits, margining and settlement; deployers must stake 500,000 HYPE on mainnet for at least 183 days, while additional listings use a shared Dutch auction. Grayscale said Hyperliquid averaged about $9 billion in open interest during Q2 2026, up 54% from a year earlier. A separate CryptoTwitter report described Hyperliquid as preparing for a U.S. launch and said no trading volume had yet been reported, but that characterization does not establish that the proposed venue has begun operations. The route would not make the offshore exchange itself a U.S.-regulated venue. Related developments include BitGo’s WalletConnect access for eligible self-custody clients, Grayscale’s HYPG staking ETF and rising prediction-market odds for HYPE reaching $100 by year-end 2026. The effect on HYPE would depend on approvals, the final structure, trading volumes and fees paid to Hyperliquid.