Payward’s US Perpetuals Plan Opens Door For Hyperliquid
Payward, the parent company of crypto exchange Kraken, is pursuing a plan to bring onchain perpetual futures to U.S. traders, a move that could significantly expand the addressable market for decentralized derivatives platforms like Hyperliquid. Grayscale, the digital asset manager, sees a potential benefit for Hyperliquid’s native token, HYPE, if the plan wins regulatory approval and trading fees flow to the protocol. The news, first reported in September 2026, highlights the growing intersection of traditional crypto exchanges and decentralized finance (DeFi) infrastructure.
Hyperliquid, a decentralized perpetual futures exchange, has already demonstrated strong traction. According to data from September 2026, the protocol captured $429 million in revenue over a trailing period, leading a $3.4 billion crypto revenue pool. That figure underscores the platform’s ability to generate substantial fees from trading activity, even without direct access to U.S. traders. If Payward’s plan succeeds, Hyperliquid could tap into a new pool of liquidity from U.S. futures traders, potentially boosting fee revenue further.
The $429M Revenue Haul And What’s At Stake
Hyperliquid’s $429 million revenue haul places it at the top of the crypto revenue leaderboard, surpassing many established DeFi protocols and even some centralized exchanges. The protocol’s success stems from its high-performance order book and low-latency trading experience, which appeals to professional and retail traders alike. However, U.S. traders have largely been excluded due to regulatory uncertainty around decentralized derivatives.
Payward’s plan could change that. By offering onchain perpetual futures to U.S. traders, Payward would effectively bridge the gap between regulated exchanges and DeFi protocols. Grayscale’s analysis suggests that if Hyperliquid captures even a fraction of the U.S. futures market, the incremental fee revenue could be material for HYPE holders. For context, the global crypto derivatives market generates billions in daily volume, and U.S. traders represent a significant portion of that activity.
Still, the path is not straightforward. Regulatory approval from the Commodity Futures Trading Commission (CFTC) and other agencies would be required. The timeline is uncertain, and any delays could push the opportunity further out. Moreover, competition from established U.S. futures exchanges like CME Group and Coinbase’s derivatives arm could limit Hyperliquid’s market share.
Regulatory Hurdles And Fee Capture Mechanics
The key question for investors is whether trading fees generated from U.S. traders would actually reach the Hyperliquid protocol. In many DeFi models, fees are distributed to token holders or used for buybacks, but the exact mechanism depends on governance decisions. Grayscale notes that the benefit to HYPE is contingent on fee capture, meaning that if fees are routed to a centralized entity or used to cover operational costs, the token’s upside could be limited.
Additionally, the regulatory environment for onchain perpetuals remains murky. The CFTC has taken a cautious approach to decentralized derivatives, and any approval would likely come with strict conditions. Payward’s plan may involve a hybrid model where onchain settlement occurs but compliance is handled by a registered entity. Such a structure could satisfy regulators while still allowing Hyperliquid’s technology to power the trades.
Market participants are also watching Bitcoin’s price action, which often dictates sentiment across crypto. As of September 24, 2026, Bitcoin is trading at $83,772.52, down 2.78% on the day. A sustained downturn could dampen trading volumes and reduce fee revenue for all derivatives platforms, including Hyperliquid. Conversely, a rally could spur more activity and magnify the impact of any U.S. market opening.
What To Watch: CFTC Decision And HYPE Price Reaction
The most immediate catalyst is a formal regulatory filing or decision from the CFTC regarding Payward’s plan. Any sign of progress could boost HYPE’s price, while delays or rejections would likely weigh on sentiment. Investors should also monitor Hyperliquid’s fee capture proposals, which may require governance votes. Finally, keep an eye on Bitcoin’s price: a break below $80,000 could signal broader risk aversion, while a move above $85,000 might reignite bullish momentum. The next few months will be critical in determining whether Hyperliquid can translate its onchain success into U.S. market penetration.
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