Grayscale Sees US Opportunity for Hyperliquid in Kraken Parent Plan – Bitcoin News

A US Market Could Expand Hyperliquid’s Reach

Hyperliquid could gain access to U.S. futures traders under a plan from Payward, the parent company of crypto exchange Kraken. In a Sept. 21 analysis, 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.

The proposal would start with Hyperliquid’s HIP-3 markets, which Payward described as the protocol’s first builder-deployed permissioned perpetual markets. Grayscale noted the preliminary markets are live on testnet. Perpetual futures are contracts that track an asset’s 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.

“In our view, a U.S. venue could strengthen this flywheel if it runs on Hyperliquid infrastructure and pays protocol fees,” Pandl wrote. That condition is central to Grayscale’s 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.

Grayscale summarized its view:

“A regulated U.S. path could expand Hyperliquid’s market, validate its infrastructure, increase fee revenue, and potentially bolster the value of HYPE, the protocol’s native token.”

How Payward Plans to Operate the Markets

U.S. customers would trade on Hyperliquid’s public blockchain, where an onchain order book would match and record transactions. Under Payward’s Sept. 16 plan, its Commodity Futures Trading Commission-regulated Bitnomial exchange would create and administer the markets. Bitnomial’s clearinghouse would clear and settle the contracts, while Ninjatrader Clearing would carry customer accounts.

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’s trading infrastructure while its subsidiaries handle the proposed U.S. market’s regulated functions. The planned onchain arrangement remains subject to regulatory approval.

Payward’s Bitnomial acquisition agreement 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.

What Trading Activity Could Mean for HYPE

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.

Other exchanges have already drawn on Hyperliquid’s infrastructure. Crypto exchange VALR, for example, integrated Hyperliquid for more than 200 perpetual markets. That arrangement provides an example of an exchange offering customers access to markets powered by the protocol, though Payward’s proposed U.S. structure would carry its own access and regulatory requirements.

Grayscale’s 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 onchain perpetual trading 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.

HYPE continues to rise, hitting a new all-time high price of nearly $98 per coin on Tuesday before cooling off alongside the broader crypto market.