Hyperliquid could attract more US futures traders under a proposal from Payward, the parent company of crypto exchange Kraken, according to Grayscale. The investment firm says the plan could increase trading activity and protocol fees for the blockchain-based derivatives platform, although it depends on regulatory approval and whether the proposed markets pay fees to Hyperliquid.
In an analysis published on 21 September, Grayscale head of research Zach Pandl highlighted Payward’s proposal, which was disclosed on 16 September, as a possible new source of activity for Hyperliquid and its HYPE token.
The plan would use Hyperliquid’s HIP-3 markets, described by Payward as the protocol’s first builder-deployed permissioned perpetual markets. The initial markets are live on testnet.
Perpetual futures track the price of an asset without having a fixed expiry date. Payward already provides perpetual futures to US customers through a separate arrangement, but the proposed structure would add an onchain venue if it receives approval.
“In our view, a U.S. venue could strengthen this flywheel if it runs on Hyperliquid infrastructure and pays protocol fees,” Pandl wrote.
That qualification is central to Grayscale’s assessment. Greater US participation could bring additional traders to Hyperliquid, but the platform’s fee-based mechanism for purchasing HYPE would benefit only if the proposed markets generate revenue for the protocol. Grayscale said the potential impact on HYPE was an investment view rather than a confirmed result.
Under the proposal, US customers would trade on Hyperliquid’s public blockchain, using an onchain order book to match and record transactions. Payward’s Commodity Futures Trading Commission-regulated Bitnomial exchange would create and operate the markets, while Bitnomial’s clearinghouse would clear and settle the contracts. Ninjatrader Clearing would hold customer accounts.
Participation would be limited to customers onboarded by Ninjatrader and placed on allowlists maintained by both Ninjatrader and Bitnomial. This would allow Payward to use Hyperliquid’s trading infrastructure while its subsidiaries carried out the regulated functions required for the proposed US market.
The arrangement remains subject to regulatory approval. Payward’s agreement to acquire Bitnomial, announced in April as part of its expansion in US derivatives, came before the Hyperliquid proposal. Payward has since begun offering eligible US customers perpetual futures through Bitnomial.
Grayscale said Hyperliquid averaged approximately $9 billion in open interest during the second quarter, a 54% increase from a year earlier. Open interest represents the value of outstanding derivatives positions. The firm also noted that the platform offers markets linked to equities and commodities as well as cryptocurrencies.
Other exchanges have used Hyperliquid’s infrastructure. Crypto exchange VALR has integrated the platform for more than 200 perpetual markets, although Payward’s proposed US model would involve its own access restrictions and regulatory framework.
Hyperliquid directs nearly all trading-fee revenue towards buying HYPE, making the fees paid by any new US markets important to Grayscale’s thesis. Onchain perpetual trading also involves leverage and liquidation risks.
HYPE reached a new all-time high of nearly $98 per coin on Tuesday before falling back as the wider crypto market cooled.
