Kraken could become the first centralized exchange to deploy Hyperliquid’s HIP-3 infrastructure in a compliant U.S. setup, according to Ansem. He said Hyperliquid may need a partner that understands its product architecture and holds the necessary regulatory credentials. Following Payward’s acquisitions of NinjaTrader and Bitnomial, the parent company has FCM, DCM and DCO licenses within the CFTC (U.S. derivatives regulator) framework. Kraken could theoretically act as a new access point, offering products through HIP-3 in a manner similar to TradeXYZ. Ansem also cited Arjun Sethi’s emphasis on Kraken pursuing a "positive-sum game" and said the exchange’s potential among existing U.S. centralized exchanges may be significantly underestimated. A partnership, if it occurs, could expand Kraken’s market influence and add a major business line.