Ansem said on X that Kraken could be a potential partner for Hyperliquid if the protocol wants to operate in the U.S. on a compliant basis. His argument centers on two pieces: product fit and regulatory coverage. According to Ansem, Hyperliquid would likely need a partner that understands its product structure while also holding a full set of relevant U.S. regulatory approvals, and Kraken may fit that profile.
He pointed to Kraken’s recent acquisitions of NinjaTrader and Bitnomial, saying those deals leave its parent company, Payward, with FCM, DCM and DCO licenses under the Commodity Futures Trading Commission, or CFTC, framework. At the same time, he said Hyperliquid has already built the needed infrastructure through HIP-3. On that basis, Kraken could theoretically join as a new participant and offer related products in a way similar to TradeXYZ.
Ansem also referenced Arjun Sethi’s repeated public comments that Kraken wants to play a “positive-sum game.” In his view, Kraken’s upside is being materially underestimated among existing U.S. centralized exchanges, and a deal of this kind, if it happens, could expand Kraken’s market reach and add an important business line.
Odaily reported that Ansem commented on X on the idea that Kraken could become the first compliant centralized exchange to deploy HIP-3.
He said that if Hyperliquid wants to operate in the United States on a compliant basis, it may need a partner that both understands its product architecture and holds a full set of regulatory qualifications. In his view, Kraken could be one of the candidates.
Licensing structure and HIP-3 setup
Ansem said that after Kraken’s recent acquisitions of NinjaTrader and Bitnomial, its parent company Payward now holds related licenses including FCM, DCM and DCO under the CFTC regulatory framework. He also said Hyperliquid has already established the relevant infrastructure through HIP-3.
Based on that setup, Kraken could theoretically come in as a new participant and offer related products in a manner similar to TradeXYZ.
Ansem’s view on Kraken’s U.S. position
Ansem also said Arjun Sethi has consistently stressed in public that Kraken wants to pursue a “positive-sum game.” He added that Kraken’s potential may be seriously underestimated among existing U.S. centralized exchanges. If such a partnership does happen, he said, it would be a major move for Kraken to expand its market influence and add an important business line.
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