{"id":78581,"date":"2026-09-24T01:33:15","date_gmt":"2026-09-24T01:33:15","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/grayscale-sees-us-opportunity-for-hyperliquid-in-kraken-parent-plan-bitcoin-news\/"},"modified":"2026-09-24T01:33:15","modified_gmt":"2026-09-24T01:33:15","slug":"grayscale-sees-us-opportunity-for-hyperliquid-in-kraken-parent-plan-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/grayscale-sees-us-opportunity-for-hyperliquid-in-kraken-parent-plan-bitcoin-news\/","title":{"rendered":"Grayscale Sees US Opportunity for Hyperliquid in Kraken Parent Plan \u2013 Bitcoin News"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Payward plans to offer U.S. perpetual futures through Hyperliquid.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Grayscale sees potential for higher protocol fees and HYPE purchases.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">The proposed U.S. markets remain subject to regulatory approval.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2>A US Market Could Expand Hyperliquid\u2019s Reach<\/h2>\n<p>Hyperliquid could gain access to U.S. futures traders under a plan from Payward, the parent company of crypto exchange Kraken. In a <a href=\"https:\/\/www.grayscale.com\/the-stack\/hyperliquid-coming-onshore-via-kraken\" target=\"_blank\" rel=\"noopener noreferrer\">Sept. 21 analysis<\/a>, Grayscale Head of Research Zach Pandl identified the proposal as a possible source of trading activity and protocol fees for the blockchain-based derivatives venue. Payward disclosed the plan on Sept. 16.<\/p>\n<p>The proposal would start with Hyperliquid\u2019s HIP-3 markets, which Payward described as the protocol\u2019s first builder-deployed permissioned perpetual markets. Grayscale noted the preliminary markets are live on testnet. Perpetual futures are contracts that track an asset\u2019s price without a fixed expiration date. Payward already offers U.S. customers perpetual futures through a separate arrangement; its Hyperliquid plan would add an onchain venue if approved.<\/p>\n<p>\u201cIn our view, a U.S. venue could strengthen this flywheel if it runs on Hyperliquid infrastructure and pays protocol fees,\u201d Pandl wrote. That condition is central to Grayscale\u2019s assessment. A U.S. market could bring more traders to Hyperliquid, but additional activity would benefit its fee-based token purchase mechanism only if the proposed markets generate fees for the protocol. Grayscale described the possible effect on HYPE as an investment view, not a confirmed outcome.<\/p>\n<p>Grayscale summarized its view:<\/p>\n<blockquote>\n<p>\u201cA regulated U.S. path could expand Hyperliquid\u2019s market, validate its infrastructure, increase fee revenue, and potentially bolster the value of HYPE, the protocol\u2019s native token.\u201d<\/p>\n<\/blockquote>\n<h2>How Payward Plans to Operate the Markets<\/h2>\n<p>U.S. customers would trade on Hyperliquid\u2019s public blockchain, where an onchain order book would match and record transactions. Under <a href=\"https:\/\/www.payward.com\/press-release\/payward-hyperliquid-onchain-perpetual-futures\" target=\"_blank\" rel=\"noopener noreferrer\">Payward\u2019s Sept. 16 plan<\/a>, its Commodity Futures Trading Commission-regulated Bitnomial exchange would create and administer the markets. Bitnomial\u2019s clearinghouse would clear and settle the contracts, while Ninjatrader Clearing would carry customer accounts.<\/p>\n<p>Access would be restricted to customers onboarded by Ninjatrader and included on allowlists maintained by Ninjatrader and Bitnomial. Those controls would let Payward use Hyperliquid\u2019s trading infrastructure while its subsidiaries handle the proposed U.S. market\u2019s regulated functions. The <a href=\"https:\/\/news.bitcoin.com\/crypto-news\/kraken-parent-payward-to-launch-us-onchain-perpetuals\/\">planned onchain arrangement<\/a> remains subject to regulatory approval.<\/p>\n<p>Payward\u2019s <a href=\"https:\/\/news.bitcoin.com\/kraken-parent-payward-enters-550m-deal-to-acquire-bitnomial-accelerating-regulated-us-crypto-derivatives-push\/\">Bitnomial acquisition agreement<\/a> preceded the proposal. The company announced the deal in April as part of its U.S. derivatives expansion. Payward has since begun offering eligible U.S. customers perpetual futures through Bitnomial, making the Hyperliquid proposal a potential expansion of its trading infrastructure.<\/p>\n<h2>What Trading Activity Could Mean for HYPE<\/h2>\n<p>Hyperliquid averaged approximately $9 billion in open interest during the second quarter, up 54% from a year earlier, according to Grayscale. Open interest measures the value of outstanding derivatives positions. The firm also noted that Hyperliquid supports markets tied to equities and commodities alongside crypto assets, broadening the types of contracts traders can use.<\/p>\n<p>Other exchanges have already drawn on Hyperliquid\u2019s infrastructure. Crypto exchange VALR, for example, <a href=\"https:\/\/news.bitcoin.com\/hyperliquid-helps-valr-launch-over-200-perpetual-markets-as-decentralized-liquidity-gains-ground\/\">integrated Hyperliquid for more than 200 perpetual markets<\/a>. That arrangement provides an example of an exchange offering customers access to markets powered by the protocol, though Payward\u2019s proposed U.S. structure would carry its own access and regulatory requirements.<\/p>\n<p>Grayscale\u2019s HYPE thesis rests on the connection between trading fees and token purchases: Hyperliquid directs nearly all revenue from trading fees toward buying HYPE. The mechanics of <a href=\"https:\/\/www.bitcoin.com\/get-started\/trading-and-investing\/trading-mechanics\/what-is-a-perpetual-dex\/\" target=\"_blank\" rel=\"noopener noreferrer\">onchain perpetual trading<\/a> also expose traders to leverage and liquidation risk. For the proposed U.S. markets, regulatory approval and the fees paid to Hyperliquid will determine whether the expansion contributes to that token purchase mechanism.<\/p>\n<p>HYPE continues to rise, hitting a new all-time high price of nearly $98 per coin on Tuesday before <a href=\"https:\/\/news.bitcoin.com\/market-updates\/bitcoin-price-plunges-below-84k-rally-snaps\/\">cooling off<\/a> alongside the broader crypto market.<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/crypto-news\/grayscale-sees-us-opportunity-hyperliquid-kraken-parent-plan\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways Payward plans to offer U.S. perpetual futures through Hyperliquid. Grayscale sees potential for higher protocol fees and HYPE purchases. The proposed U.S. markets remain subject to regulatory approval. A US Market Could Expand Hyperliquid\u2019s Reach Hyperliquid could gain access to U.S. futures traders under a plan [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":78582,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/78581"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=78581"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/78581\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/78582"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=78581"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=78581"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=78581"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}