The cryptocurrency derivatives industry entered a new phase after Payward, the parent companyKraken, announced plans to bringperpetual futures berbasis HyperliquidforUnited States users.

This move represents a significant development as it combines two previously divergent approaches: blockchain-based crypto trading technology and a regulatory-supervised financial system.

Over the past few years, perpetual futures have become one of the most popular products in crypto trading because it allows traders to take long or short positions with no expiration date.

However, access to these products in the United States still faces barriers due to strict derivatives regulations.

Through this strategy, Kraken is trying to build a bridge between the world of decentralized finance (DeFi) and traditional financial markets.

Key Takeaways

• Kraken's parent company, Payward, plans to bring its Hyperliquid-based perpetual futures to the United States through a derivatives infrastructure with a regulatory framework.

• This product combines Hyperliquid's on-chain order book technology with a compliance system through Bitnomial and NinjaTrader Clearing.

• Kraken's move could revolutionize the US crypto derivatives market by combining the speed of DeFi technology with the regulated approach of an exchange.

Why Are Perpetual Futures an Important Product in Crypto?

Illustration : Source AI

Perpetual futures are derivative instruments that allow traders to speculate on asset price movements without directly owning the asset.

Unlike traditional futures which have a maturity date, perpetual futures do not have an expiration time.

Traders can maintain positions as long as they meet margin and funding rate requirements.

This product is popular because it provides greater flexibility for professional traders.

However, perpetual futures also have greater risks because of using leverage. 

Small price movements can generate large profits, but also increase risk of liquidation.

Why Did Kraken Choose Hyperliquid Infrastructure?

Plan Kraken Hyperliquid perpsIt's interesting that Kraken didn't build the entire perpetual futures system from scratch.

Instead, Payward leverages Hyperliquid technology, one of the growing blockchain-based perpetual futures platforms in the crypto ecosystem.

Hyperliquid uses an on-chain order book system that allows transactions to be recorded directly through the blockchain network.

Through this approach, Kraken gains modern trading technology, while Hyperliquid gains the opportunity for broader access to the American market.

Kraken Hyperliquid Perps Arrives with Hybrid On-Chain and Regulatory Model

The model Payward developed differs from previous US crypto perpetual futures platforms.

The product will utilize Hyperliquid HIP-3 infrastructure, a mechanism that allows certain parties to create and manage a permissioned perpetual futures market.

In this structure, Hyperliquid provides blockchain-based trading technology, while regulatory aspects are handled through entities under Payward.

Bitnomial Exchange will be responsible for creating and managing derivative contracts, while NinjaTrader Clearing will handle the futures account aspects of customers.

This model shows a shift in direction for the crypto industry: no longer choosing between DeFi or regulation, but trying to combine the two.

Read Also:Indonesian Crypto Futures: Opportunities and the Importance of Education

Kraken Crypto Regulation Becomes a Differentiating Factor in the American Market

One of the biggest challenges for the American crypto market is how to bring innovation without ignoring financial regulations.

Platforms like Hyperliquid are growing because they offer fast trading, blockchain transparency, and a trading experience that closely matches the needs of crypto users.

However, the American market has different requirements.

Derivative products must comply with regulatory standards such as the Commodity Futures Trading Commission (CFTC).

This is where the latest Kraken futures strategy takes a different stance.

Read Also:Trading Crypto Futures in Indonesia? Here are the 2026 OJK Regulations You Must Understand

Hyperliquid vs Kraken: The Battle for America's Crypto Derivatives Market

Competition of Hyperliquid vs Krakenit's not just about two trading platforms.

Both represent two different approaches to the development of the crypto industry.

Hyperliquid is evolving as a crypto-native platform that prioritizes blockchain efficiency and a digital trading experience.

While Kraken brings experience as a traditional crypto exchange more focused on compliance and relations with regulators.

If it successfully secures the necessary approvals, Kraken could open up access to perpetual futures to American users through more formal channels.

On the other hand, Hyperliquid has the opportunity to expand the use of its technology in one of the world's largest crypto markets.

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Impact on American Crypto Leverage Trading

The presence of Hyperliquid-based perpetual futures can bring changes to the ecosystem America crypto trading leverage.

For a long time, some professional American traders sought out perpetual futures products through overseas platforms because domestic options were more limited.

Kraken's new product could offer an alternative that combines:

Perpetual futures remain a high-risk product because leverage can magnify both profits and losses.

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Kraken Strengthens Position as US Crypto Exchange

Steps to present Kraken as perpetual futures is part of the Payward strategy to expand derivatives business.

Previously, Payward strengthened its infrastructure through the acquisition of Bitnomial for approximately US$550 million and NinjaTrader Clearing for approximately US$1.5 billion.

The strategy shows that Kraken does not only want to be a crypto trading platform, but also build a digital financial infrastructure.

Read Also: Bittime Highlights the Impact of the FOMC Decision on the Crypto Market

Kraken Challenge Brings Perpetual Futures to America

Despite its great potential, this product still faces several challenges.

Additionally, details such as launch date, transaction fees, maximum leverage, and funding rate mechanism are still pending further announcement.

The Future of Bitcoin and Crypto Derivatives in America

Kraken's move suggests that the future of crypto derivatives is likely moving towards a hybrid model.

The industry is no longer just comparing centralized exchanges with decentralized platforms, but is starting to look for a combination of:

• blockchain transparency

• trading speed

• regulatory protection

• institutional access

If successful, models like Kraken Hyperliquid perps could serve as examples of how DeFi technology can enter mainstream financial markets.

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FAQ

What are Kraken perpetual futures?

Kraken perpetual futures are derivative products that allow traders to take positions on crypto price movements without an expiration date like traditional futures.

What does Kraken have to do with Hyperliquid perps?

Payward, Kraken's parent company, plans to use Hyperliquid technology to bring perpetual futures to American users with the support of regulatory infrastructure.

Are US crypto perpetual futures available to all American users yet?

Not yet. The product is still subject to regulatory approval and operational mechanisms determined by Payward.

What is the difference between Hyperliquid and Kraken?

Hyperliquid focuses on blockchain-based perpetual trading, while Kraken brings a US crypto exchange approach with a focus on regulation and compliance.

Are perpetual futures suitable for all crypto traders?

No. Perpetual futures use leverage, which can magnify both profits and losses, requiring an understanding of margin, risk, and capital management.