Hyperliquid Policy Center CEO Says Exchanges May Need Public Blockchains

Hyperliquid Policy Center CEO Jake Chervinsky said major exchanges may need public-blockchain infrastructure within the next decade, as a proposed U.S. derivatives market puts the model before regulators.

“If we are successful, 10 years from now, every single exchange that you can think of” may need to integrate the technology to compete, Chervinsky said.

Chervinsky described Hyperliquid as infrastructure beneath customer-facing exchanges rather than a direct rival to Coinbase, Kraken, CME Group or Intercontinental Exchange.

“Hyperliquid is not meant to compete with Kalshi, Coinbase, Robinhood, and CME. Hyperliquid sits one level below them in the technology stack,” he said.

Payward, Kraken’s parent company, said Sept. 16 that it plans to offer onchain perpetual-futures markets for eligible U.S. clients through Hyperliquid’s HIP-3 framework. The proposed markets remain subject to regulatory approval.

Under the structure, trades would be matched and recorded on Hyperliquid’s public blockchain. Bitnomial would create, administer, clear and settle the contracts, while NinjaTrader Clearing would carry customer accounts.

Eligibility would be limited to NinjaTrader-onboarded customers who also receive approval from NinjaTrader and Bitnomial.

Bitnomial submitted the “Hyperliquid US Dollar Spot Contract” as a certified futures product on April 22, 2026.

Chervinsky said public-blockchain infrastructure could improve transparency, resilience, costs and settlement speed. He also said regulators are working to bring onchain markets into the United States.

Hyperliquid’s HIP-3 framework launched in November 2025 and allows third-party deployers to create perpetual markets linked to equities, commodities, indexes and other real-world assets. HIP-3 represented about 48.0% of Hyperliquid’s trailing 30-day trading volume as of Aug. 23, with more than $514 billion in cumulative volume.

The proposed U.S. rollout has not launched. Chervinsky’s 10-year view remains a forward-looking industry prediction rather than a confirmed timeline for exchange adoption.