Payward, the parent company of Kraken, is exploring a structure that could give eligible U.S. clients access to perpetual futures (derivatives without an expiry date) built around Hyperliquid’s infrastructure. The proposed arrangement would use Bitnomial, a CFTC (U.S. derivatives regulator)-regulated exchange and clearing operation acquired by Payward, for exchange and clearing functions. Bitnomial Exchange would deploy, own and administer the HIP-3 markets, Bitnomial Clearinghouse would clear and settle contracts, and NinjaTrader Clearing would carry client accounts. Only clients approved by NinjaTrader and included on relevant allowlists could trade. Hyperliquid would continue providing its blockchain and onchain order-book infrastructure rather than operating a U.S.-regulated exchange. Grayscale said Hyperliquid averaged about $9 billion in open interest during the second quarter of 2026, up 54% from a year earlier. The platform has also expanded into perpetual contracts linked to equities and commodities, including a market using the S&P 500 Index licensed by S&P Dow Jones Indices to Trade[XYZ]. The proposal remains subject to regulatory approval and has not launched. Separate developments include BitGo’s September 10 WalletConnect integration for eligible clients using self-custody hot wallets, and Grayscale’s Hyperliquid Staking ETF (HYPG), which began trading on Nasdaq on June 3 and provides exposure to HYPE. Grayscale Head of Research Zach Pandl said additional fee-generating activity could affect purchases of Hyperliquid’s native token, HYPE, but the outcome would depend on the final structure, approval, trading volumes and fees paid to Hyperliquid. Grayscale also said President Donald Trump indicated in August that CFTC Chairman Michael Selig was working to bring Hyperliquid into the United States legally.