Hyperliquid US Launch Brings HIP-3 Markets to American Traders

TLDR:

• Hyperliquid US plans center on Payward, Kraken’s parent company, bringing HIP-3 perpetual markets to American traders through a permissioned structure.
• Hyperliquid averaged about $9 billion in open interest during Q2 2026 as its 24/7 perpetual futures exchange continued expanding its activity.
• HIP-3 allows builders to define markets, manage oracles, set leverage limits, and operate independent margining and order books.
• Each HIP-3 deployer must stake 500,000 HYPE on mainnet, while additional asset listings use a shared Dutch auction process.

Hyperliquid US expansion is moving closer. Payward, Kraken’s parent company, outlined plans for HIP-3 markets targeting American traders. Grayscale reported that the 24/7 perpetual futures exchange averaged about $9 billion in open interest during Q2 2026. The platform continues growing while its offshore model limits access for US customers. 

Payward’s plan would create a permissioned route for selected Hyperliquid perpetuals. The proposed structure connects a US-facing operator with Hyperliquid’s builder-deployed framework. It does not confirm a launch date or approval in every state. It also tests US infrastructure. Hyperliquid US access will depend on product design, registrations, and market controls.

Hyperliquid US Expansion Takes Shape Through Payward

Grayscale described Payward as the company behind the proposed US channel. Payward is Kraken’s parent company and has expanded its derivatives and infrastructure operations. The plan would connect that corporate platform with Hyperliquid’s onchain order books.

The expansion targets HIP-3 markets rather than the entire offshore exchange. Hyperliquid documentation describes HIP-3 as builder-deployed perpetuals. A deployer defines each market, sets oracle rules, chooses leverage limits, and manages settlement.

That design gives each perpetual venue separate margining, order books, and deployer settings. The framework also uses the HyperCore trading stack and a unified API for HIP-3 assets. These features allow market creators to establish contracts outside the core listing process.

For US traders, the distinction matters. A permissioned product can apply eligibility checks, market limits, and operating controls before customers access contracts. The available markets would depend on the final arrangement between Payward and Hyperliquid.

Hyperliquid’s design does not transfer compliance responsibility to each market deployer. The US-facing operator would still need to establish customer onboarding, restricted jurisdictions, disclosures, and controls for leveraged contracts. Those requirements could shape the number and type of markets available at launch. Initial access may involve fewer US markets.

The proposed Hyperliquid US route therefore differs from direct access to the offshore platform. It would place the customer relationship, compliance process, and market interface within a US-facing structure. That setup could also determine how customers handle collateral, liquidations, and account restrictions.

Hyperliquid US Markets Will Use HIP-3 Builder Rules

Hyperliquid US activity has grown alongside demand for perpetual futures. Grayscale said the venue averaged roughly $9 billion in open interest during Q2 2026. Open interest measures outstanding contracts, not trading volume, but it shows the scale of positions held across the platform.

The exchange operates around the clock and supports crypto, commodities, indices, foreign exchange, and real-world asset markets. Hyperliquid’s platform describes these products as onchain and non-custodial. Its documentation separates HIP-3 venues from the core exchange.

HIP-3 deployers must stake 500,000 HYPE on mainnet under the published specification. The requirement applies for at least 183 days after deployment. Validators can slash the stake if market operations create protocol risks or violate listed conditions.

The framework allows any qualifying deployer to launch one perpetual DEX. The first three assets do not require auction participation. Additional assets use a shared Dutch auction, with deployers receiving defined reserve deployments.

These rules would shape any US rollout. Payward could select markets that fit its customer and risk framework. Hyperliquid’s rules would govern oracle design, leverage, margining, and settlement. The arrangement would not make every HIP-3 market available to US customers.

The market access plan also faces regulatory and operational questions. A US launch would need to address customer eligibility, disclosures, collateral, liquidations, surveillance, and state-level restrictions. None of those details appears in the reported announcement.

The Hyperliquid US plan signals a distribution route rather than a completed product launch. The exchange’s $9 billion average open interest gives the proposal scale, while HIP-3 supplies the market-building framework. Payward’s final structure will determine which perpetual contracts reach US traders.

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