Track market-moving stories before they get noisy

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

This site is protected by reCAPTCHA.

Altcoins

17 September 2026 | 10:32 Zcash came within a few dollars of $1,400 before easing to around $1,350. The pullback leaves the token below a key ceiling, but the daily session is not over and the broader uptrend remains intact.

Key Takeaways ZEC touched $1,400 before pulling back. The daily breakout is not confirmed yet. Support begins around the rising trendline. RSI trails its earlier September peak. Zcash now exceeds Hyperliquid’s market cap. $1,400 remains unresolved until the daily close ZEC reached close to $1,400 before retreating to around $1,350 on the Coinbase ZEC/USD daily chart at 07:04 UTC on September 17. The move left the price roughly 3% below the session high.

A close above $1,400 would confirm that buyers had cleared the top of the current range. If the price remains below that level, the session will instead show another test of resistance without a confirmed breakout.

There is no nearby tested resistance above $1,400 on the chart. That makes any immediate upside target speculative. The Fibonacci grid is measured from the June low near $367 to today’s high near $1,400. Its support levels would move higher if ZEC establishes a new high before the daily close.

The first support is rising into the low $1,300s The steep trendline connecting Zcash’s higher lows now reaches the low $1,300s. The session low near $1,330 tested that area before buyers pushed the price back toward $1,350.

Holding above the trendline would preserve the accelerated phase of the rally. A break below it would show that the advance is losing speed, although it would not automatically reverse the broader trend.

ZEC support levels below the trendline

Around $1,160
The first major horizontal support and the 23.6% Fibonacci retracement.

Around $1,010
The 38.2% retracement, close to the psychological $1,000 level.

Around $885
The midpoint of the measured advance.

Around $765-$775
A deeper support area where the 61.8% retracement meets the rising 50-day moving average.

Around $590
The 78.6% retracement and the final major Fibonacci level before the June low.

Of those levels, $1,160 is the first one with recent trading history behind it. The lower levels become relevant only if the correction develops into a substantially deeper move.

The 50-day moving average is near $775, while the 100- and 200-day averages sit around $625 and $500. All three are rising, which supports the broader bullish structure. They are too far below the current price to provide immediate support, however. ZEC is trading roughly 75% above its 50-day average, showing how extended the rally has become.

RSI is no longer keeping pace with price The daily relative strength index is near 69, down from readings above 80 earlier in September. ZEC has since moved to a higher price, while RSI has remained below its previous peak.

That difference could develop into bearish divergence, a sign that momentum is weakening even as price rises. It is a warning rather than a sell signal, and it becomes more relevant if ZEC loses its rising trendline or repeatedly fails around $1,400.

The rally has pushed ZEC above Hyperliquid Zcash has gained about 2,500% over the past year, meaning its price has increased more than 26-fold. At around $1,350, even a 10% move now represents more than $130 per token, so percentage swings can produce much larger dollar moves than they did earlier in the rally.

According to CoinMarketCap’s market data, Zcash’s market capitalization is around $23 billion. That places it above Hyperliquid, which was valued at roughly $20 billion when checked.

Moving above HYPE does not mean the valuation gap flowed directly into ZEC. The ranking mainly reflects how sharply the existing Zcash supply has been repriced. Exact market capitalizations and rankings may also differ slightly between data providers because of variations in circulating-supply estimates.

The chart shows how stretched the rally has become. The recent network vote helps explain why buyers are still willing to test the highs.

The upgrade vote adds a catalyst, but not yet a live change Zcash holders recently supported a proposal to reduce the network’s block interval from 75 seconds to approximately 25 seconds. As explained in what the Zcash vote would change, the proposal would allow transactions to receive confirmations more quickly while preserving the network’s Bitcoin-style halving schedule.

The faster block interval would increase the number of blocks produced each day, but rewards per block would be adjusted so that daily issuance remained broadly unchanged. The vote therefore concerns transaction speed and network operation rather than an immediate increase in the supply of ZEC.

The result is advisory and does not activate the upgrade by itself. Developers still need to complete implementation and testing, and no activation height has been announced. The September 30 deadline discussed around the proposal concerns implementation readiness, not the date when 25-second blocks will necessarily begin.

The chart remains strong, but today’s move is unfinished ZEC has not broken down simply because it pulled back from $1,400. Holding the rising trendline would leave the retreat inside the existing advance, while losing it would place the Fibonacci support near $1,160 back in view.

A close above $1,400 would remove the only nearby ceiling visible on the chart. Until then, the most accurate description is simpler: Zcash tested the top of its range, stepped back and has not yet decided its next move.

This article is provided for informational purposes only and does not constitute financial or investment advice. Cryptocurrency prices, technical indicators and market-cap rankings can change rapidly.

Author

Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.

Hyperliquid, the decentralized perpetual futures exchange, has overtaken Robinhood Crypto in 24-hour app revenue according to DeFiLlama data.

The numbers behind the flip Hyperliquid’s revenue engine is fueled primarily by perpetual futures trading. The platform recorded $8.9 billion in perp volume on a single day in July 2026.

Advertisement

It’s worth noting that daily app revenue rankings in DeFi are inherently volatile. A single whale trade or a memecoin frenzy can spike a protocol’s fees for 24 hours before things settle back to baseline.

How the broader landscape stacks up Robinhood Chain, the company’s Ethereum Layer-2 network that launched its public mainnet on July 1, 2026, briefly eclipsed both Hyperliquid L1 and Ethereum mainnet in late August. On August 30-31, Robinhood Chain pulled in $2.66 million in 24-hour app revenue, compared to Hyperliquid L1’s approximately $1.7 million and Ethereum’s $1.27 million.

That Robinhood Chain surge was driven by a concentrated burst of activity across three protocols. GMGN contributed roughly $1.11 million, Pons added about $930,000, and Uniswap chipped in approximately $307,000. Together those three accounted for 88% of Robinhood Chain’s daily haul.

By early September, the leaderboard had shuffled again. Solana surged to the front with over $6 million in daily app revenue, while Robinhood Chain settled at roughly $3.2 million and Hyperliquid L1 at approximately $1.9 million.

Why this matters beyond the scoreboard Robinhood went public in 2021 and trades on NASDAQ. Its crypto division has been a meaningful but secondary contributor to overall revenue, sitting alongside equities, options, and cash management products. Hyperliquid, by contrast, is a single-purpose machine: perpetual futures, on-chain, with no IPO, no board of directors, and no regulatory filings.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Kraken’s parent company, Payward, plans to bring onchain perpetual futures to US traders through Hyperliquid.

For one thing, the idea could offer a regulated way to reach a market, which so far has developed largely outside the US. This would be available, though, only to suitable customers, and the launch still needs regulatory approval.

Payward’s announcement suggested that it would begin with markets formed under Hyperliquid’s HIP-3.

Perpetual futures contracts are a way to gamble and to gain or lose cash from them if an asset’s market price changes, but never owning the said asset. They do not set to expire like normal future assets in traditional markets.

Payward proposed having trades transacted on the Hyperliquid public blockchain, through which the network itself would match and record trades.

The regulated end of the business would fall to two Payward-owned companies. Bitnomial would serve as the marketplace, completing trades and settling contracts, and NinjaTrader Clearing as the custodian for customer accounts.

The company said Hyperliquid would be the first protocol used, and more products and partners were coming.

Onchain does not mean open to everyone Such markets, while using a public blockchain, would also remain closed access.

US clients wishing to open futures accounts via Paywards broker will require the account approval from NinjaTrader and Bitnomial.

This setup differs from the traditional approach where users connect a wallet to a single platform; instead, here, Payward would carry out checks and hold regulatory responsibility.

This allows US traders to have the transparency associated with blockchain-based markets while keeping access within a controlled system.

However, the product is not live yet. Payward has confirmed that the contracts would comply with Bitnomial’s regulations, pending approval from the authorities, but has neither announced the date of its launch nor the charges or specific crypto-assets that the contracts would follow.

Final Summary Payward proposes putting the controlled perpetual-futures markets for US clients on Hyperliquid. There would be limits to verified accounts, and it would still need regulator approval.

TLDR The DOJ charged former Robinhood engineers Hefu Chai and Huaisong Xiang with commodities fraud and wire fraud on September 15, 2026. Prosecutors say the pair used confidential listing information from a private Slack channel to trade ahead of public announcements. The alleged trades happened on Hyperliquid, a decentralized perpetual futures platform, generating more than $1.13 million combined. Tokens named in the case include MEW, MOODENG, ASTER, XPL, HYPE, ENA, AERO and POPCAT. Each defendant faces up to 10 years for commodities fraud and up to 20 years for wire fraud. The U.S. Department of Justice charged two former Robinhood engineers with fraud on September 15, 2026. Prosecutors say Hefu Chai and Huaisong Xiang used confidential company information to profit from crypto trades.

The charges include commodities fraud and wire fraud. Both men worked on Robinhood’s crypto listing process before leaving the company this year.

Chai worked at Robinhood from around 2021 until May 2026. He served as a technical lead responsible for new digital asset listings.

Xiang joined Robinhood in 2024. He worked as a software engineer on the crypto team until September 2026.

How the Alleged Scheme Worked Robinhood designated Chai and Xiang as “Coin Aware Individuals.” This gave them access to a private Slack channel with planned listing dates for new tokens.

Company policy barred anyone in that group from trading related tokens for 24 hours before or after a listing announcement. Prosecutors allege the two engineers ignored that rule.

Instead of buying tokens directly, the DOJ says the pair opened positions on Hyperliquid, a decentralized platform for perpetual futures trading. Perpetual futures let traders bet on price moves without holding the actual token.

Prosecutors allege the men closed their positions once prices rose after Robinhood made its listings public. Each is accused of earning more than $50,000, with total alleged profits topping $1.13 million.

Chai is accused of trading ahead of at least 10 listing announcements. The tokens named in the complaint include Cat in a Dogs World, Moo Deng, Aster, Plasma, Hyperliquid, Ethena and Aerodrome Finance.

Xiang allegedly first traded Popcat perpetuals in March 2025. He is accused of repeating the pattern ahead of at least 10 more listing announcements afterward.

Penalties and What Comes Next Each defendant faces one count of violating the Commodity Exchange Act, which carries a maximum sentence of 10 years. They also each face one count of wire fraud, carrying a maximum of 20 years.

US Attorney Jamie McDonald said corporate insiders cannot avoid securities and commodities laws by routing trades through perpetual futures or similar instruments. The statement points to how regulators are applying existing fraud rules to newer trading tools.

The case draws comparisons to a 2023 matter involving a former Coinbase product manager. That case involved someone using inside information to trade tokens directly before a public listing, ending in a 24 month prison sentence.

This case differs because it involves a decentralized derivatives platform rather than a direct token purchase. It shows how confidential company information can move through newer corners of the crypto market.

Robinhood itself is not accused of wrongdoing. The company was contacted for comment but had not responded at the time of publication.

Chai and Xiang have not been convicted. Both are presumed innocent unless proven guilty, and the case will proceed through federal court in the Southern District of New York.

, the parent company of crypto exchange Kraken, plans to offer US clients perpetual futures using Hyperliquid’s blockchain, weeks after President Donald Trump said officials were to bring the platform onshore.

Hyperliquid is best known as a trading platform for perpetual futures, or perps, which are often used for leveraged bets on cryptocurrencies without the expiry dates of traditional futures. The announcement in a statement Wednesday came just a day after a landmark digital asset market structure bill was in a procedural vote.

A Payward spokesperson declined to comment on the expected timing and any discussions ...

Learn more about Bloomberg Law or Log In to keep reading: See Breaking News in Context Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.

Already a subscriber? Log in to keep reading or access research tools and resources.

@Payward, the parent company of @krakenfx, has announced plans to launch permissioned on-chain perpetual futures for US clients using the @Hyperliquid HIP-3 protocol. The move would mark a significant step toward bringing regulated, on-chain derivatives access to American traders, a market segment that has largely been shut out of the global perpetuals boom.

A Regulated Route Into On-Chain Perps Payward intends to route the product through two of its fully regulated subsidiaries: Bitnomial and NinjaTrader. , giving the structure a ready-made compliance framework.

requirements that differ meaningfully from the permissionless model most on-chain venues currently operate under.

The permissioned market features being tested on the HIP-3 testnet would allow access controls to be enforced on-chain, a key requirement for any US-compliant rollout.

A Large and Growing Market The commercial rationale is clear. Yet

By pairing Hyperliquid's transparent, publicly available order book with Payward's existing regulatory and margining infrastructure, the partnership aims to bridge decentralized execution with the compliance standards required to serve domestic US traders. underscoring how significant a regulated on-chain perps offering in America would be.

laying the groundwork for this broader on-chain expansion.

Sources:
Hyperliquid, Kraken parent explore regulated US futures launch (Crypto.news)
Bloomberg: Hyperliquid in advanced talks with Kraken parent on US perpetuals push (The Defiant)
Crypto perpetual futures market size and 2025 volume data (Kavout)

Payward plans to deploy perpetual futures for eligible U.S. clients on Hyperliquid’s HIP-3 infrastructure. Bitnomial would operate and clear the markets, while NinjaTrader Clearing would control customer access. Hyperliquid is the first protocol Payward plans to use, suggesting the structure could extend to other onchain markets. Payward’s plan to bring Hyperliquid perpetual futures to U.S. clients is less about importing a decentralized exchange into America than testing whether DeFi infrastructure can sit underneath a conventional regulated derivatives market.

The parent company of Kraken intends to deploy new perpetual futures through Hyperliquid’s HIP-3 framework.

The orders would be matched and recorded on Hyperliquid’s public blockchain, but Payward-owned entities would control the contracts, clearing and customer relationship. Only accounts onboarded by NinjaTrader and included on the required allowlists would be able to trade.

The proposal remains subject to regulatory approval, but it creates an unusual division: the trading rails can be onchain without the market itself being permissionless.

One Market, Four Different Layers The structure is easier to understand by looking at where each responsibility sits.

Layer Entity Function Status Protocol Hyperliquid Blockchain and onchain order book Protocol infrastructure Market Bitnomial Exchange Deploys and administers contracts CFTC-designated DCM Clearing Bitnomial Clearinghouse Clearing, settlement and risk CFTC-registered DCO Customer access NinjaTrader Clearing Accounts and allowlists CFTC-registered FCM Bitnomial Exchange has held designated contract market status since April 2020, while its clearinghouse received CFTC registration as a derivatives clearing organization in December 2023.

Under the proposed arrangement, Bitnomial would become the HIP-3 deployer, creating and administering the contracts and clearing them through its clearinghouse. NinjaTrader Clearing would carry the client accounts.

Payward says those regulated entities, rather than Hyperliquid, would hold the relevant regulatory obligations.

A U.S. customer therefore would not simply connect a wallet and access Hyperliquid’s existing permissionless perpetual markets. The customer would open a futures account through Payward’s registered broker and trade separate contracts operated within Bitnomial’s framework.

Payward Spent Up to $550 Million Building This Position That architecture also explains why Payward’s acquisition history matters to the story.

In April, Payward agreed to buy Bitnomial for up to $550 million in cash and stock, valuing Payward’s equity at $20 billion. The transaction was completed on May 1.

The purchase gave Payward control of a U.S. derivatives stack spanning an FCM, DCM and DCO that Bitnomial had spent more than a decade building. Payward said at completion that the infrastructure would support U.S. spot margin first, followed by perpetuals and options.

Payward’s official Bitnomial acquisition announcement

Five months later, the Hyperliquid proposal shows another potential use for that investment.

Rather than replacing decentralized infrastructure with Payward’s own trading technology, the company can use its regulated businesses as the interface between an external protocol and U.S. customers.

That is a different form of vertical integration. Payward owns the regulated exchange, clearing and customer layers, but the underlying trading protocol does not have to belong to Payward.

HIP-3 Makes the Separation Possible Hyperliquid’s HIP-3 framework allows third parties to deploy their own perpetual markets on HyperCore.

The deployer is responsible for defining the market, including its oracle and contract specifications, and operating it through functions such as setting oracle prices and leverage limits. Each HIP-3 perpetual DEX has independent margining, order books and deployer settings. Hyperliquid currently requires a deployer to stake 500,000 HYPE to launch a perpetual DEX on mainnet.

For Payward, the important feature is that the market operator and the underlying protocol do not have to be the same entity.

That creates a route for a regulated company to use blockchain-based execution infrastructure while retaining control over the product and who can access it.

Payward Co-CEO Arjun Sethi said the company already lists its own U.S. perpetuals but still intends to deploy on Hyperliquid, framing the strategy around giving customers access to products regardless of who built the infrastructure.

The company says Hyperliquid processed more than $236 billion in perpetual volume over the previous 30 days.

Hyperliquid perpetual futures daily trading volume. Source: DefiLlama. US Access Would Not Merge Onshore and Offshore Liquidity The distinction between infrastructure and market is particularly important for liquidity.

Bitnomial’s contracts would use Hyperliquid technology, but that does not mean U.S. customers suddenly gain access to the same unrestricted liquidity pool available through existing permissionless Hyperliquid markets.

Payward is proposing new perpetual contracts under Bitnomial Exchange rules, with customer access restricted through regulated onboarding and allowlists.

The result could therefore leave liquidity fragmented between permissionless markets and regulated U.S. contracts even though both use Hyperliquid infrastructure.

For traders, that means the eventual quality of the U.S. product will depend on more than gaining access to Hyperliquid’s technology. Depth, spreads, collateral rules, margin efficiency and the number of active participants in the Bitnomial-deployed markets will determine how closely the trading experience competes with established offshore venues.

Those metrics will be more useful than simply comparing headline trading volumes.

The Regulatory Question Is Narrower Than Building a New Exchange Payward is also not seeking to create a regulated derivatives business from scratch.

The CFTC already lists Bitnomial Exchange as a designated contract market, while Bitnomial Clearinghouse is a registered DCO. CFTC filings also show that Bitnomial has already updated its rules in 2026 to eliminate expiration on perpetual futures contracts.

The unresolved issue is the Hyperliquid-based structure itself.

Payward says the onchain perpetuals will be listed under Bitnomial Exchange rules subject to regulatory approval, but it has not announced a launch date.

That makes generic estimates for obtaining an entirely new U.S. exchange license less useful here. The relevant test is how regulators treat contracts operated by existing registered entities when their matching and recording infrastructure runs on a public blockchain.

Hyperliquid Is Supposed to Be the First Protocol, Not the Last Payward says Hyperliquid is the first protocol on which it intends to deploy markets for U.S. customers, with additional products expected through the same open-rails strategy.

That statement makes replication the most important longer-term metric.

If the structure remains limited to Hyperliquid, it provides another regulated route to perpetual futures. If Payward can use the Bitnomial and NinjaTrader stack repeatedly across outside protocols, the $550 million acquisition starts to look like infrastructure for something broader: a regulated gateway between U.S. customers and markets built by third parties.

The implications would extend beyond Payward. Protocols could find themselves competing not only for traders and liquidity, but also for regulated institutions choosing where to deploy financial products.

For now, three things will show whether that model is working: regulatory clearance, liquidity inside the new U.S. contracts and whether Payward actually follows Hyperliquid with another protocol.

If all three happen, the important innovation will not be bringing one DeFi venue into the U.S. It will be proving that a regulated exchange can treat an external blockchain protocol as market infrastructure.

Alexander Zdravkov is a crypto journalist and market analyst specializing in digital assets, blockchain technology, and the rapidly evolving cryptocurrency market. He entered the industry more than four years ago, drawn to the speed of innovation in crypto and the potential of blockchain-based financial systems to reshape traditional markets. His work focuses on understanding the forces behind crypto market movements, from Bitcoin and altcoin cycles to institutional adoption, regulation, exchange-traded products, stablecoins, DeFi, and emerging blockchain ecosystems. Rather than simply following price action, Alexander looks at liquidity, investor positioning, market structure, and macroeconomic conditions to identify developing trends and explain what they could mean for digital assets. With a degree in International Relations, he brings a broader perspective to cryptocurrency coverage by connecting developments in the sector with monetary policy, geopolitics, regulation, and global capital flows. This allows him to examine crypto not as an isolated market, but as an increasingly interconnected part of the global financial system. Over the course of more than five years in financial journalism, Alexander has written over 5,000 articles covering cryptocurrencies, blockchain, traditional markets, and the global economy. His reporting spans Bitcoin, Ethereum and altcoins, DeFi protocols, institutional crypto adoption, regulation, market infrastructure, security incidents, and major developments shaping the wider digital asset industry. His approach is centered on giving readers context behind the numbers and headlines, explaining not only what is happening in crypto markets, but why it matters and what could come next.

Full Profile

Payward has announced plans to bring on-chain perpetual futures to eligible U.S. clients through Hyperliquid’s HIP-3 infrastructure, using CFTC-regulated Bitnomial to deploy, clear and settle the proposed contracts.

Summary

Payward plans regulated Hyperliquid perpetual markets for eligible U.S. clients, subject to regulatory approval first. Bitnomial would deploy, administer, clear and settle HIP-3 contracts under its existing CFTC-regulated infrastructure stack. NinjaTrader Clearing would carry client accounts, restricting access to users approved by both entities beforehand. Hyperliquid recorded nearly $237 billion in perpetual trading volume over thirty days, DefiLlama data shows. Payward reported 6.6 million funded accounts at June-end after launching regulated U.S. perpetuals through Bitnomial. Payward, the parent company of Kraken, said on Sept. 16 that Hyperliquid would be the first blockchain protocol used for the initiative. The planned markets remain subject to regulatory approval and are not yet available for U.S. trading.

The proposal expands on Payward’s existing U.S. derivatives business. In its second-quarter 2026 financial update, the company said Bitnomial infrastructure already supports regulated U.S. perpetual futures and spot margin products. Payward reported 6.6 million funded accounts at the end of June, up 42% year over year.

NEW: Kraken’s parent company Payward confirmed our scoop earlier that it is bringing Hyperliquid’s perps to the US, first starting with a permissioned HIP-3 market pic.twitter.com/vOA7sw3pmn

— Muyao (@MuyaoShen) September 16, 2026 Payward would put regulated markets directly on Hyperliquid The planned structure differs from Payward’s existing U.S. perpetual futures because trades would use Hyperliquid’s public blockchain infrastructure.

Under Payward’s proposal, Bitnomial Exchange would act as the HIP-3 deployer. It would create, own and administer the perpetual markets while Bitnomial Clearinghouse handles clearing and settlement. Transactions would use Hyperliquid’s on-chain order book for matching and recording trades.

Hyperliquid’s official HIP-3 documentation says builder-deployed markets inherit HyperCore’s order books and margin system. Deployers control contract definitions, oracle prices, leverage limits and settlement procedures for the markets they create.

HIP-3 was originally designed as permissionless infrastructure. Hyperliquid recently introduced optional permissioning that lets market deployers restrict participation through on-chain allowlists. As crypto.news reported earlier this month, the feature was designed to support markets where regulatory or institutional requirements limit who can trade.

Payward plans to use that model for U.S. customers. Only traders successfully onboarded by NinjaTrader Clearing and included on the required NinjaTrader and Bitnomial allowlists would have access.

The arrangement would not give American customers unrestricted access to every market currently available through Hyperliquid. Bitnomial would determine which regulated products it deploys and administers under its exchange rules.

Bitnomial provides Payward’s CFTC-regulated stack Federal records confirm that Bitnomial already holds the central registrations needed for Payward’s U.S. derivatives operation.

The CFTC designated Bitnomial Exchange as a contract market in 2020. The Commission’s current register continues to list the company as a designated contract market, or DCM. Bitnomial Clearinghouse is separately registered as a derivatives clearing organization. CFTC records state that it can clear futures, options on futures and fully collateralized swaps.

NinjaTrader Clearing would sit on the customer side of the proposed Hyperliquid structure. Its regulatory disclosures identify it as a CFTC-registered futures commission merchant and National Futures Association member under NFA ID 0309379.

The clearinghouse currently lists NinjaTrader Clearing among its clearing members. Payward acquired Bitnomial earlier this year. As crypto.news previously reported, the transaction gave the Kraken parent control of exchange, clearing and brokerage infrastructure for its domestic derivatives business. The acquisition had previously been valued at up to $550 million.

Kraken began offering perpetual futures to eligible American customers through Bitnomial in June. The initial setup brought perpetual contracts onto Kraken Pro alongside spot, margin and traditional futures products.

Payward’s latest plan would reuse parts of that regulated structure while moving execution of the proposed contracts onto Hyperliquid infrastructure.

Hyperliquid HIP-3 activity has grown rapidly The proposal follows a sharp increase in trading through Hyperliquid and its builder-deployed markets. Current DefiLlama data for Hyperliquid show approximately $237 billion in perpetual futures volume over the latest 30-day period and around $45.5 billion over seven days. Cumulative perpetual volume stood above $5.3 trillion in the same snapshot.

The protocol’s HIP-3 system lets independent teams create markets using Hyperliquid’s trading infrastructure. A deployer currently needs to meet a 500,000 HYPE staking requirement to launch a mainnet perpetual DEX, according to Hyperliquid documentation.

Builder activity has extended past cryptocurrencies. HIP-3 markets have been used for products tied to equities, commodities and other financial assets.

TradeXYZ became the dominant HIP-3 operator during the second quarter. A Hyperliquid Research Collective report cited by crypto.news in September estimated that the venue processed $202.36 billion during the quarter and controlled 95.1% of HIP-3 trading volume. The figures came from independent researchers and were not audited financial results.

Payward said in its announcement that one existing HIP-3 operator accounts for around 98% of builder-deployed open interest. The company did not identify the venue by name in that statement.

CoinGecko’s 2026 State of Crypto Perpetuals report puts the size of the global market in context. Centralized perpetual exchanges handled $85.3 trillion of volume during 2025, while decentralized perpetual venues generated $6.38 trillion, up from $1.50 trillion in 2024.

CoinGecko calculated that average monthly volume among the 12 largest perpetual DEXs reached $611.57 billion during the first months of 2026.

U.S. clients would trade through approved accounts The proposed Hyperliquid product would preserve traditional regulated-account controls even though market execution occurs on public blockchain infrastructure.

A U.S. customer would first need a futures account through NinjaTrader Clearing. The account would then need approval for the relevant Bitnomial market, while the associated address would have to appear on the permissioned HIP-3 access list.

Jon Pham, Payward’s head of U.S. derivatives, described the proposed setup as using the same clearinghouse that supports Payward’s existing American perpetual futures.

Arjun Sethi, Payward’s co-CEO, said the company intends for Bitnomial to hold the market keys and regulatory obligations. His remarks described the proposal as a way to connect public blockchain trading infrastructure with registered U.S. derivatives entities.

The plan is a more concrete version of discussions first reported in August. At the time, Hyperliquid and Payward were exploring a regulated U.S. route through Bitnomial, while Payward had presented the proposed structure to the CFTC.

A subsequent testnet upgrade supplied a technical component needed for such a structure. Hyperliquid introduced deployer-controlled allowlists for permissioned HIP-3 markets, letting operators determine which addresses could participate.

Earlier on-chain testing had already attracted attention. Crypto.news reported in August that a test deployment named “Kraken HIP-3 test DEX” had whitelisted 10 wallets and experimented with compliance-related controls. Kraken had not confirmed ownership of that test deployment at the time.

Regulatory clearance remains the next step Payward has not announced a launch date for its Hyperliquid markets.

The company expressly described the planned on-chain contracts as subject to regulatory approval and said they would be listed under Bitnomial Exchange rules.

CFTC records reviewed for this report confirm Bitnomial’s existing DCM registration, Bitnomial Clearinghouse’s DCO registration and NinjaTrader Clearing’s FCM status. The records do not yet establish final regulatory clearance for the specific HIP-3 arrangement announced Sept. 16.

Bitnomial already lists regulated crypto perpetual products. CFTC market records include perpetual contracts tied to assets such as XRP, Stellar, Cardano, Tezos and Litecoin. The exchange separately has a HYPE/USD spot product, which should not be confused with Payward’s newly proposed Hyperliquid HIP-3 perpetual markets.

The HYPE spot contract was self-certified by Bitnomial earlier in 2026, with the exchange stating in its filing that the contract complied with the Commodity Exchange Act and relevant CFTC rules.

Payward said Hyperliquid would be the first protocol used for its planned U.S. on-chain perpetual markets and that it intends to make similar regulated infrastructure available for other partner products. No additional blockchain protocol or launch timetable was named in the Sept. 16 announcement.

Payward, the parent company of crypto exchange Kraken, on Wednesday confirmed it intends to deploy onchain perpetual futures markets for US clients, starting with Hyperliquid HIP-3 markets. As a result, HYPE price jumped more than 3% within hours.

Kraken Parent Announces Hyperliquid Perpetual Futures Launch In an official announcement on September 16, Kraken’s parent firm revealed deployment of onchain perpetual futures markets for U.S. clients, starting with Hyperliquid HIP-3 builder-deployed permissioned markets.

Bitnomial, Payward’s CFTC-regulated exchange and clearinghouse, would create, own, and administer the markets and settle the contracts. Payward’s NinjaTrader Clearing would carry client accounts. Only allowlisted accounts onboarded through Payward’s registered broker could trade on the markets.

“Payward intends to be the first, holding the keys and carrying the regulatory obligations. Our open rails serve clients in more than 190 countries and territories and enable the next protocol, region and product,” said Arjun Sethi, Co-CEO of Payward.

“We already list our own US perpetuals and intend to deploy on Hyperliquid as well, putting clients first, not ourselves,” he added.

As CoinGape reported earlier, Payward and Hyperliquid Labs were in advanced talks to bring selected crypto perpetual futures to US traders. Kraken parent outlined the basic structure of the potential partnership to the CFTC. Regulatory review remains a central requirement for any planned launch.

Moreover, President Donald Trump earlier commented that regulators were working to bring Hyperliquid onshore. It helped drive HYPE price to record highs near $89 in early September.

HYPE Price Jumps Sharply HYPE jumped after Kraken parent Payward’s announcement about Hyperliquid, expanding the rebound from a 24-hour low to more than 4% in the past 24 hours. The intraday low and high are $75.27 and $79.72, respectively.

Furthermore, trading volume has increased by almost 30% over the last 24 hours, indicating a rise in interest among traders. Notably, Hyperliquid Policy Center filed an amicus brief supporting the CFTC in its decision to allow perpetuals futures in a federal lawsuit brought by CME Group.

CoinGlass data showed massive buying in the derivatives market in the last few hours. At the time of writing, the total HYPE futures open interest jumped almost 2.50% to $2.92 billion in the last 4 hours.

The 24-hour HYPE futures OI on Binance climbed 7% and more than 1% on OKX and Bybit. This signals bullish sentiment among derivatives traders. Analysts believe HYPE price can hit $100 in the coming days.

To see how these decentralized venues compare, advanced traders can consult a comprehensive analysis of the top perpetual futures trading platform options available globally.

Hyperliquid’s HYPE token fell about 7.5% over the past week, retreating from $83.55 to around $78.70 as legal concerns and weaker technical momentum weighed on its recent rally.

Summary

HYPE price has fallen 7.5% since Sep. 10 after setting a record high near $89. 4-hour Supertrend resistance sits at $82.30, keeping the short-term structure bearish. Bollinger Band support at $75.83 remains the main level protecting the broader uptrend. Hyperliquid reportedly bought and burned 36,720 HYPE worth $2.84 million within 24 hours. HYPE price retreats from record high Hyperliquid (HYPE) price traded near $78.70 on Sep. 16 after falling from an opening price of $83.55 on Sep. 10. The move represented a weekly decline of about 7.5%, although the token remained well above its August trading range.

The correction followed HYPE’s rally to a record high near $89 in early September. Daily candles show that buyers repeatedly failed to hold prices above the $88 area before sellers pushed the token below $82.

HYPE briefly dropped toward $76 on Sep. 16 before rebounding to around $78.70. The recovery showed that buyers remained active near the lower end of the week’s range, but price had yet to reclaim the technical levels that would signal a stronger reversal.

The pullback also followed federal charges against two former Robinhood engineers accused of using confidential listing information to trade perpetual futures on Hyperliquid.

Separate federal complaints alleged that Huaisong “Jerry” Xiang and Hefu Chai traded ahead of Robinhood’s public announcements. Prosecutors said each defendant earned more than $50,000 through the alleged activity. The allegations concern the individuals’ conduct and do not accuse Hyperliquid or its developers of participating in the scheme.

Short-term HYPE structure remains bearish The 4-hour chart shows HYPE trading below the Supertrend indicator, which had shifted to resistance at $82.30. The indicator will continue to favor sellers unless the token closes above that level and holds it as support.

HYPE price 4-hour chart — Sep. 16 | Source: crypto.news HYPE’s 4-hour Relative Strength Index stood at 47.77, while its RSI-based average was 45.16. The readings place momentum near neutral territory after recovering from a recent approach toward oversold conditions.

Price action has also formed a series of lower highs since the Sep. 7 peak. A rebound toward $80 stalled before reaching the Supertrend line, suggesting that sellers continue to defend rallies.

The $80 psychological level is the first barrier for buyers. A sustained move above it could allow HYPE to test the $82.18–$82.30 area, where the daily Bollinger Band midpoint and 4-hour Supertrend resistance converge.

A close above that zone would weaken the bearish short-term setup and expose $84.30, followed by the upper Bollinger Band near $88.53. The record area between $89 and $90 would become relevant only if HYPE clears those intermediate levels.

Daily Bollinger support protects the larger uptrend The daily chart presents a less bearish picture than the 4-hour setup. HYPE remained above the lower Bollinger Band at $75.83 despite trading below the middle band at $82.18.

HYPE price daily chart — Sep. 16 | Source: crypto.news Daily RSI stood at 50.65, down from an overbought reading reached during the early-September rally. The indicator’s average remained higher at 57.48, showing that momentum has cooled faster than its recent trend.

A daily close below $75.83 would mark a more serious technical breakdown. The next visible support zone lies around $72, where HYPE consolidated before its late-August advance. A deeper correction could then bring the $68–$70 region back into focus.

The wider chart still shows a sequence of higher lows from the August bottom near $51. HYPE would therefore need to lose the mid-$70s support area before the larger recovery structure faces a clearer threat.

Holding $75.83 while reclaiming $82.30 would instead support a consolidation scenario between the lower and middle Bollinger Bands.

Liquidation map places liquidity near $80 CoinGlass’ 24-hour liquidation heatmap shows a dense liquidity cluster between roughly $78.40 and $78.90, close to HYPE’s current price. A second concentration appears between $79.70 and $80.50.

Hyperliquid liquidation chart — Sep. 16 | Source: CoinGlass Those bands could attract price during a rebound because leveraged positions tend to accumulate around crowded levels. The heatmap does not show that all positions in those zones have already been liquidated; it identifies areas where forced closures could increase if price reaches them.

Above the market, the strongest nearby liquidity sits around $80.30. A move through that level could accelerate toward $81 and $82 as short positions face pressure.

Liquidity is also visible below price around $75–$76, aligning with the daily lower Bollinger Band. A break under $77 could therefore expose HYPE to a sweep of leveraged long positions before buyers attempt another recovery.

Token burns offer support during the correction Onchain Lens reported that Hyperliquid bought and burned 36,720 HYPE worth about $2.84 million during a 24-hour period, at a volume-weighted average price of $77.31.

HYPERLIQUID BURNS $2.84M HYPE IN 24 HOURS

Hyperliquid bought and burned 36.72K $HYPE (~$2.84M) over the past 24 hours at a $77.31 VWAP.

Lifetime burn now stands at 48.67M $HYPE (~$3.78B), equal to 4.87% of max supply. pic.twitter.com/58R0TmnHee

— Onchain Lens (@OnchainLens) September 16, 2026 The account said lifetime burns had reached 48.67 million HYPE, valued at approximately $3.78 billion and equal to 4.87% of the token’s maximum supply. It also reported $2.14 million in rolling 24-hour fees and $2.07 million in HYPE-directed revenue.

The buyback mechanism may absorb part of the available sell-side supply, but the charts show that it has not yet restored bullish short-term momentum.

For HYPE, the immediate setup depends on whether buyers can defend $75.83 and push the price above $82.30. Remaining below that resistance would leave the token vulnerable to further consolidation, while a confirmed reclaim could reopen a path toward $84.30 and $88.53.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

A Grade-S Hyperliquid whale has continued to add to his million-dollar XRP long position despite currently nursing losses due to the recent price crash.

XRP recently collapsed alongside the rest of the crypto market after the U.S. Senate failed to advance the Clarity Act during the much-watched cloture vote. Specifically, the asset crashed 9.81% on Sept. 15, marking its largest intraday drop in seven months.

However, despite XRP facing this steep decline and dropping below $1.30, one Hyperliquid whale boasting a 99.3%-win rate has continued to add to his XRP long position, demonstrating what appears to be firm conviction in the asset’s resilience.

The Initial XRP Long Position This whale, with address 0xa…566, first opened an initial XRP long position at 10:34 AM UTC on Sept. 15 while XRP was recovering from the drop to $1.38. The whale then added $1.11 million to the position an hour later.

Initial XRP Long After XRP soared to a local top of $1.45 by 1 PM the same day, the price started correcting as the U.S. Senate failed to advance the Clarity Act, leading to massive selling pressure across the crypto market.

Interestingly, the whale had already reduced his trade and closed the position at a price of $1.40 before the XRP price crash picked up. As a result, he secured a meager $6,000 profit from the trade.

Current XRP Position in Loss While the market panicked, this whale instead chose the opposite direction. Notably, he again opened an XRP long position worth $557K at 8 PM UTC on Sept. 15, hours into the price crash. The entry for this trade stood at $1.2946. At the time, XRP was already down 9% on the day.

About half an hour later, he increased the position by $800,000 at an entry price of $1.2948 while XRP was still facing massive declines, bringing total notional value to $1.36 million. Since then, the trader has maintained this position, having held for up to 12 hours now. 

Hyperliquid Whale Nursing Loss on XRP Long However, with XRP collapsing further to the current price of around $1.27, the trader is currently witnessing a massive 26.46% loss on the position, with losses sitting at $18,000 at a 20x leverage. Still, the whale would only suffer a liquidation if XRP collapsed to $0.34, a 73% drop from the current price.

History Shows Promising Results At press time, liquidation appears unlikely unless the market faces a sudden Black Swan event. Interestingly, this whale has not recorded any liquidations in his entire history of 111 trades. Of this figure, he has witnessed 110 wins and just 1 loss, giving him a 99% win rate.

Wallet Overview Further data shows that the account is fairly new, having begun trading on Aug. 27, about three weeks ago. Within this period, he has secured a total profit of $495K, with a Sharpe ratio of 4.33 and a bias sitting at 75% Long.

Editorial Note

Alongside its fast-moving short-term contracts, Zoomex Prediction Markets has always carried a deep Long-Term category, a full slate of event contracts that let traders take a position on some of the industry’s most debated multi-month and multi-year questions.

That category is a direct expression of Zoomex’s core philosophy, giving users a platform that is Easy to Use, Transparent by Design, and built on Fair Access & Rule-Based Execution, whether they are trading derivatives, spot, or real-world outcomes.

A Marketplace Built Across Every Time HorizonZoomex’s Prediction Markets are organized into four time horizons: 5 Minute, 15 Minute, 4 Hour, and Long-Term. Across the platform, 70 markets are currently live, with the Long-Term category alone accounting for 49 of them, by far the largest segment.

That balance reflects where user interest concentrates: away from pure short-term speculation and toward markets that track how the crypto industry evolves over the coming year and beyond.

Prediction Markets Source: ZoomexThe shorter time frames still play an important role in the Zoomex ecosystem. The 5 Minute “Up or Down” markets, for instance, let traders react instantly to price momentum on major assets. At the time of writing, Bitcoin’s 5-minute market showed 28% sentiment toward Up with $11M in trading volume, the most active market on the board.

Ethereum and XRP each sat at 13% Up, with $356K and $55K in volume, respectively. Solana and Dogecoin were both trading at 6% Up, on $154K and $13K in volume, while HYPE stood out with 56% sentiment toward Up on $533 in volume. These fast-moving markets are a useful entry point, but they are only a fraction of what Zoomex offers.

Long-Term Markets: Where the Real Conviction Trades HappenThe Long-Term category is where Zoomex Prediction Markets show their real depth, giving users a rule-based way to express views on questions that will take months or years to resolve, all settled transparently against clear, published criteria rather than opaque or discretionary outcomes.

Long Term Markets. Source: ZoomexSeveral markets illustrate the breadth of what is now tradable on Zoomex:

Will HYPE flip SOL by December 31? Currently pricing Yes at 9%, this market has already attracted $224K in trading volume as traders weigh whether Hyperliquid’s native token can overtake Solana by market capitalization before year-end. Will China unban Bitcoin by 2027? One of the platform’s largest Long-Term markets by volume at $1M, priced at just 2% Yes, reflecting how unlikely traders view a near-term reversal of China’s crypto policy stance. Bitcoin vs. Gold vs. S&P 500 in 2026, a multi-asset market with $917K in volume, where Bitcoin is priced at 19% and Gold at 25% for their respective Yes outcomes, giving users a direct way to position on which asset class performs best over the year. Will MicroStrategy announce bankruptcy before 2027? Priced at 3% Yes with $203K in volume, this market lets traders express a view on the durability of one of the most closely watched corporate Bitcoin treasury strategies. Adam Back confirmed to be Satoshi by December 31? and the broader Will Satoshi’s identity be proven? market, priced at 2% Yes each, with volumes of $23K and $2M respectively, show that even crypto’s oldest mystery now has a liquid, tradable market attached to it. Each of these markets displays a live probability gauge alongside simple Yes/No or Up/Down entry buttons and a running trading volume figure, giving users full visibility into market sentiment before they trade. That level of transparency is central to how Zoomex designs every product on the platform, prediction markets included.

To put the payoff structure in concrete terms, each Long-Term contract is priced as a share of its eventual full payout, so the entry price effectively sets the potential return. A trader who commits roughly €100 to the China unban Bitcoin by 2027 market, currently priced at 2% Yes, would be positioned for a payout near €5,000 if the outcome resolves Yes, reflecting how thin the market judges that probability to be. The same €100 stake on the MicroStrategy bankruptcy market, priced at 3% Yes, would target a payout close to €3,233 in profit, while a position on the HYPE flip SOL by December 31 market, priced at 9% Yes, would return roughly €1,011 in profit on the same stake. On the three-way Bitcoin vs. Gold vs. S&P 500 in 2026 market, a €100 stake on Bitcoin’s 19% Yes price would target about €426 in profit, compared with roughly €300 on Gold’s 25% Yes price.

It is worth noting that these figures are illustrative, based on the price at the moment a position is entered, and do not account for fees or spread, so they should not be read as a guaranteed outcome. Because Zoomex Predict World lets users adjust or exit their prediction shares before an event resolves, actual returns depend on how a trader manages the position over time, not solely on the final Yes or No result, another expression of the platform’s Fair Access & Rule-Based Execution standard.

Why Long-Term Prediction Markets Fit the Zoomex ModelPrediction markets are a natural extension of Zoomex’s positioning as a platform Focused on Derivatives. Just as futures and perpetuals let traders express a view on price direction, Long-Term prediction contracts let them express a view on the events that ultimately drive those prices, regulatory shifts, competitive dynamics between assets, corporate solvency, and even the unresolved lore of the industry itself. Instead of forcing users to piece together multiple instruments to hedge or speculate on these themes, Zoomex consolidates them into single, clearly priced contracts.

That consolidation is only useful if the execution behind it can be trusted, which is why every Zoomex Prediction Market runs on the same Fair Access & Rule-Based Execution standard that governs the exchange’s core trading products. Odds update in real time based on actual market activity, not a black box, and settlement follows clearly defined resolution criteria rather than subjective judgment calls. Combined with the platform’s Refined Brand & Trading Experience, traders move between derivatives, spot, and prediction markets inside one unified interface, without needing to learn a separate tool or manage liquidity across disconnected venues.

About Zoomex

Founded in 2021, Zoomex is a global cryptocurrency trading platform focused on derivatives trading. The platform serves over 3 million users across 35+ countries and regions, offering access to 700+ trading pairs. Built around easy to use, transparency, fairness, and speed, Zoomex provides a clear and efficient trading experience for users worldwide.

Through its high-performance matching engine, clear asset and order displays, and transparent fee and rule mechanisms, Zoomex helps users better understand their account status, order execution, trading costs, and results. Zoomex maintains registrations, licenses, and regulatory statuses across multiple jurisdictions, including the U.S. MSB, Canada MSB, U.S. NFA, and Australia AUSTRAC, and has completed security audits conducted by blockchain security firm Hacken. The platform also continues to strengthen its trust framework through Proof of Reserves, Security & Transparency, Compliance Information, and Fees / Rules Transparency initiatives.

Beyond trading, Zoomex builds a refined brand experience through elite sports partnerships, including the TGR Haas F1 Team, World Cup-winning goalkeeper Emiliano Martínez, and world-class tennis events such as Wimbledon. The values of speed, precision, discipline, fair play, and rule-based execution are closely aligned with Zoomex’s approach to derivatives trading.

At Zoomex: Easy to Use. Transparent balance. Fair access to your earnings.

Frequently Asked Questions

What is Zoomex? Zoomex is a global crypto derivatives platform founded in 2021, serving over 3 million users across more than 35 countries and regions with 700+ trading pairs. How does Zoomex work? Zoomex operates through a high-performance matching engine with transparent asset and order displays, allowing users to execute trades and track outcomes with full visibility into their balances and results. What can you trade on Zoomex? Zoomex offers 700+ trading pairs spanning cryptocurrencies such as BTC, ETH, and SOL, as well as stock-linked contracts like NVDA and AAPL and gold exposure through XAUT. How does Zoomex compare to other exchanges? Zoomex differentiates itself by not issuing a platform token, avoiding venture capital or incubation deals, and holding security certifications from Hacken alongside regulatory licenses in multiple jurisdictions, positioning the platform around transparency and fund safety rather than token incentives. Where is Zoomex headquartered? Zoomex operates as a global cryptocurrency exchange with regulatory registrations including Canada MSB, U.S. MSB, U.S. NFA, and Australia AUSTRAC, reflecting its multi-jurisdictional compliance approach. Is Zoomex available in my country? Zoomex serves users across more than 35 countries and regions. Availability can vary by local regulation, so traders should check the official Zoomex website for country-specific access and requirements. Disclaimer

This third-party press release is published substantially as received and does not reflect BeInCrypto's editorial views. BeInCrypto has not independently verified its claims or assessed the suitability, legality or appropriateness of any referenced asset, product or service; publication is not an endorsement. The content is general information, not investment research, financial, investment, legal or tax advice, a personal recommendation, offer or solicitation. Verify all information and seek professional advice where appropriate before acting. Crypto-assets may result in total loss.

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

This site is protected by reCAPTCHA.

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

This site is protected by reCAPTCHA.

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

This site is protected by reCAPTCHA.

US prosecutors on Tuesday charged two former Robinhood engineers with commodities fraud and wire fraud for allegedly using confidential information about upcoming cryptocurrency listings to profit from perpetual futures trades on Hyperliquid. 

According to the US Department of Justice (DOJ), Hefu Chai and Huaisong “Jerry” Xiang bought perpetual contracts linked to tokens ahead of Robinhood Crypto listings. The DOJ alleged each profited more than $50,000 from the trades between 2025 and 2026. 

The DOJ said Chai and Xiang had access to a private company Slack channel containing information about planned listings. Prosecutors allege they used that information to open long positions on Hyperliquid, closing them when their value increased after their debut on Robinhood. 

The allegations have parallels to the Coinbase insider-trading case in 2023, in which a former employee used confidential information to profit from listings of new tokens by directly buying the underlying asset, though the Robinhood case extends the issue into decentralized derivative markets.

Cointelegraph contacted Robinhood for comment but did not receive a response by the time of publication.

Robinhood barred employees from trading around listings According to the DOJ’s complaints, Chai worked at Robinhood from around 2021 until May 2026 and served as a technical lead responsible for new digital-asset listings. Xiang worked there from around 2024 until September 2026 as a software engineer involved in crypto listings.

Robinhood designated both engineers as “Coin Aware Individuals,” giving them access to a private Slack channel containing planned listing dates, according to the complaints. 

The company’s policy prohibited members of the group from trading on Robinhood or any other platform 24 hours before or after a listing or delisting announcement.

Prosecutors allege Chai traded perpetuals ahead of at least 10 announcements involving tokens including Cat in a dogs world (MEW), Moo Deng (MOODENG), Aster (ASTER), Plasma (XPL), Hyperliquid (HYPE), Ethena (ENA) and Aerodrome Finance (AERO). Xiang allegedly first traded Popcat (POPCAT) perpetuals in March 2025 before trading ahead of at least 10 other listing announcements.

US Attorney Jamie McDonald said corporate insiders cannot evade securities and commodities laws by trading misappropriated information through perpetual futures, tokenized securities or similar instruments.

Each defendant faces one count of violating the Commodity Exchange Act, which carries a maximum prison sentence of 10 years, and one count of wire fraud, which carries a maximum of 20 years. 

The charges against Chai and Xiang remain allegations, and both defendants are presumed innocent unless convicted.

Magazine: HYPE price could suffer as Binance takes its revenue: Alice Liu

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Shiba Inu (SHIB): SHIB remains range-bound near $0.00000519, with $0.0000050–$0.0000051 providing key support while a break above $0.0000055 is needed to strengthen the recovery.Hyperliquid (HYPE): HYPE is cooling after its August–September rally but retains a bullish structure as long as the crucial $77–$78 support holds.Dogecoin (DOGE): DOGE is consolidating above $0.081–$0.082 support, with a sustained break above $0.095 needed to confirm continuation of its broader recovery.Monero (XMR): XMR remains structurally bullish above the critical $500 support, while a breakout beyond $560 could restart its sequence of higher highs.Will Shiba Inu's struggle end?Shiba Inu continues to trade in a compressed range around $0.00000519, with neither bulls nor bears establishing clear control. The more significant development is beneath the price: SHIB's overall trend has not yet turned bullish, but it has established a much stronger short-term support structure than it had during the summer. 

SHIB/USDT Chart by TradingViewThe immediate line of defense is now the $0.0000050–$0.0000051 area. After testing it in September, SHIB has repeatedly recovered, and a number of moving averages have converged around this region. Another attempt to move higher is still likely as long as the price stays above this cluster. 

There is a clear ceiling over the current consolidation due to SHIB's repeated failures around $0.0000054–$0.0000055. An even more important barrier, the long-term moving average around $0.00000565, is located above that. During August's violent rally toward $0.0000062, SHIB momentarily broke through it, but buyers were unable to sustain the move. Momentum provides little directional conviction. 

HOT Stories

You Might Also Like

The RSI is nearing 50, and after the August and early September spikes, trading volume has progressively decreased. This points to consolidation rather than an impending high-momentum breakout. The setup would be improved and $0.0000057–$0.0000060 would be exposed with a close above $0.0000055. On the other hand, losing $0.0000050 would weaken the recovery and refocus attention on $0.0000047–$0.0000048. 

Can Hyperliquid sustain the growth?After the spectacular August–September rally that propelled HYPE from roughly $56 to nearly $90, Hyperliquid is currently experiencing its first significant correction. After finding buyers in the $77–$78 range, HYPE is currently trading around $79.60. Its larger technical structure is still bullish in spite of the correction. 

HYPE/USDT Chart by TradingViewThe price is still trading well above the medium-term moving averages, which are rising quickly below the market. The loss of short-term momentum is the immediate problem. The RSI has dropped from overbought territory toward 50, and HYPE has produced lower highs since getting close to $90. 

You Might Also Like

Additionally, volume has significantly decreased in comparison to the massive activity that accompanied the August breakout. As a result, the $77–$78 area is critical. Holding it would maintain the current consolidation and allow HYPE to once more challenge $82–$84. The main resistance range above that is $87–$90, which bulls must recover in order to resume price discovery. 

The setup would be materially weakened by a breakdown below $77. The next significant technical support is between $73 and $74, then around $69 to $70. For the time being, HYPE appears to be more of an asset cooling following a vigorous rally than one experiencing a confirmed trend reversal. Whether or not $77–$78 holds will be a major factor in the difference. 

Dogecoin's comeback has to be maintainedDogecoin is attempting to maintain its August comeback, but following several failures close to the $0.09–$0.095 resistance area, momentum has significantly decreased. At the moment, DOGE is trading at about $0.083, which puts the asset right above a significant cluster of technical support. 

DOGE/USDT Chart by TradingViewThe good news is that DOGE is still above a number of rising moving averages between $0.079 and $0.082. Following the late-August breakout, when Dogecoin quickly increased from roughly $0.07 to $0.095, this structure became apparent. 

Sellers have not been able to return the token to its prior summer range despite two subsequent corrections. But the recovery has repeatedly stalled before reaching $0.10. DOGE experienced a rejection around $0.092 in September after first experiencing strong selling around $0.094–$0.095 in late August. 

You Might Also Like

This resistance is being reinforced by the long-term moving average, which is also falling through about $0.093. Neutral momentum exists. Since the August breakout, the daily RSI has dropped toward 50, and volume has significantly decreased. 

Therefore, in order to challenge the recent highs, buyers need another increase in demand. The immediate support is between $0.081 and $0.082.

If it is lost, $0.078 and eventually $0.074–$0.075 could be exposed. On the other hand, recovering $0.086 would allow DOGE to contest $0.09–$0.095 once more. A sustained move above $0.095 would be the strongest indication that the larger recovery is still going strong.

Monero's rapid consolidation After one of its biggest rallies of the year, Monero is still structurally sound, but XMR is currently consolidating after rising from about $350 in July to almost $560 in September. At the moment, XMR is trading at $519. 

XMR/USDT Chart by TradingViewThe most crucial immediate support is $500, according to the most recent price action. This area has been tested or approached by several September corrections, but buyers have consistently returned before a more significant decline occurred. Resistance begins around $530–$540.

Above it, $550–$560 is the primary barrier and the most recent local high. A breakout above $560 would put the series of higher highs back in order and could pave the way for $580–$600. 

You Might Also Like

After spending a significant amount of time in or above overbought territory during the rally, the RSI has fallen toward the upper 50s. This normalization reduces overheating, but also shows that the aggressive buying pressure behind the August–September advance has weakened. 

A breakdown below $500 is the main risk. Such a move would invalidate the current consolidation floor, exposing approximately $480 and the former breakout region between $450 and $460.

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

This site is protected by reCAPTCHA.

The U.S. Department of Justice (DOJ) announced that two engineers working for Robinhood Markets have been charged with using the company’s confidential listing information to trade Hyperliquid.

According to a statement from the Southern District of New York Attorney’s Office, Hefu Chai and Huaisong Xiang, also known as “Jerry Xiang,” face charges of commodity fraud and fraud via electronic communications. The prosecution alleges that the two employees used non-public information belonging to Robinhood for personal gain.

According to the indictment, Chai and Xiang, due to their roles at Robinhood, had access to undisclosed information regarding which cryptocurrencies would be listed on the company’s cryptocurrency platform, Robinhood Crypto, and when.

Prosecutors stated that the two engineers opened perpetual futures positions in those tokens on the decentralized derivatives exchange Hyperliquid between 2025 and 2026, prior to Robinhood’s announcement that it would list various cryptocurrencies.

According to the DOJ, Chai and Xiang profited from price fluctuations following the public announcement of Robinhood’s listing decisions. Both employees are alleged to have illegally profited over $50,000 each from these transactions.

U.S. Attorney for the Southern District of New York, Jamie McDonald, stated that using confidential corporate information for personal gain in derivatives markets is illegal, adding that insiders cannot evade capital market and commodity laws by using perpetual futures, tokenized securities, or similar financial instruments.

FBI New York Office Deputy Director James C. Barnacle Jr. stated that the defendants are alleged to have used sensitive information obtained from their employers for their own benefit, and that the FBI will continue to act in similar cases.

*This is not investment advice.

Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data!

In brief Federal prosecutors charged two Robinhood engineers with commodities fraud and wire fraud. The employees allegedly traded perpetual futures using confidential information about upcoming crypto listings. Each defendant allegedly earned more than $50,000 from the scheme. Two former Robinhood engineers allegedly used confidential information about upcoming cryptocurrency listings to make profitable trades on decentralized exchange Hyperliquid, federal prosecutors said Tuesday.

Hefu Chai, 36, and Huaisong “Jerry” Xiang, 30, each face one count of commodities fraud and one count of wire fraud.

Myriad: How low will Robinhood stock go? Click to make your prediction.“Today’s charges make clear that corporate insiders cannot evade the securities and commodities laws by trading based on misappropriated information in derivatives like perpetual futures, tokenized securities, or other similar financial instruments,” U.S. Attorney Jamie McDonald said in a statement.

Perpetual futures, or “perps,” let traders speculate on an asset’s price—often with leverage—without owning it. Unlike conventional futures, the derivatives do not expire. Hyperliquid is one of the largest decentralized platforms for trading perps and has faced increased regulatory scrutiny.

According to the DOJ, the engineers allegedly used nonpublic information about upcoming Robinhood Crypto token listings to buy related perpetual futures before the announcements, earning profits “for their own benefit” between 2025 and 2026. Each defendant earned more than $50,000 from the alleged scheme, the Justice Department said.

In a statement emailed to Decrypt, a Robinhood spokesperson said the company "takes market integrity seriously and has zero tolerance for insider trading."

"We have robust insider trading policies and procedures in place, including for new crypto listings. We immediately investigated and reported this matter to law enforcement and regulators, and will continue to cooperate with the investigations," the company spokesperson told Decrypt.

Federal authorities previously charged former Coinbase product manager Ishan Wahi over confidential token-listing information he allegedly shared with his brother and a friend. Wahi later pleaded guilty to wire fraud conspiracy.

In the Robinhood case, prosecutors are using the Commodity Exchange Act to pursue alleged insider trading involving derivatives rather than bringing securities fraud charges.

Robinhood, which has expanded its crypto perpetual-futures business, cooperated with the investigation, prosecutors said.

If convicted, the commodities fraud charge carries a maximum prison sentence of 10 years, while wire fraud carries a maximum of 20 years.

Editor's note: This story was updated after publication to include comment from Robinhood and clarify that those charged are former employees of the company.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

The $319 scenario depends on earnings scaling quickly enough to keep new HYPE supply from weighing on each token's value.

Hyperliquid’s HYPE token needs to grow protocol earnings faster than its supply expands if it wants to hit the $319 price target laid out by Multicoin Capital, according to a breakdown shared by trader Crypto Patel on X today.

The post reframed Multicoin’s original valuation model, arguing that the real question isn’t whether Hyperliquid’s derivatives business keeps growing, but whether that growth can outrun token dilution.

The Math Behind $319 Multicoin’s base case, first published in June, projected Hyperliquid’s derivatives volume climbing from $2.9 trillion in 2025 to $20.2 trillion by 2028.

Apply a 20x multiple to the roughly $8 billion in annual earnings that volume would generate, and you get a $160 billion valuation. Divide that by an adjusted supply of 502 million tokens, and HYPE lands at over $319, more than four times its current price.

Patel framed the real question as, “Can Hyperliquid’s earnings growth outpace token dilution?” According to him, a bigger protocol does not automatically translate into a higher token price if new HYPE keeps entering circulation faster than revenue grows.

A companion chart from RR2 Capital, using data through September 10, layered Multicoin’s 2028 assumptions on top of more recent fee and volume figures, and it showed Hyperliquid currently pulling in about 3.30 basis points on gross perps fees, close to the 3.28 bps Multicoin used in its own model.

It also pegged Hyperliquid’s current share of decentralized derivatives volume at 30%, out of the 32% slice of the total futures market controlled by DEXs.

You may also like: Jump’s Hyperliquid Footprint Explodes as Trading Volume Nears $150 Billion Zcash (ZEC) Rockets 2,200% as Privacy Coins Become Crypto’s Biggest Outlier Multicoin Sells Another 10% of HYPE Stack as Holdings Fall From 4 Million Tokens The scenarios aren’t static, either. Multicoin’s bear case, assuming slower derivatives growth and no meaningful contribution from newer products like HIP-4, puts HYPE closer to $109. Its bull case, built on a 50% CAGR for the derivatives market, gets to $689.

“The bull case depends on Earnings growth, market share, and supply discipline,” Patel wrote.

RR2 Capital shared his concern, pointing out that the risk is “whether earnings can outpace the growing token supply.”

Where Things Stand Now HYPE has already had a strong year regardless of where the $319 target ends up. As CryptoPotato reported in August, the token hit a new all-time high above $82 late that month while Bitcoin cooled off from its own run.

It has since climbed further, touching $89.60 on September 6, and is now trading around $79, up nearly 38% over the past month and just under 50% in one year.

Meanwhile, Multicoin has been trimming its position even as it publicly backs the long-term thesis, selling 10% of its 4 million HYPE tokens in early September.

HYPE spot ETF flows have also cooled, with a net outflow of about $8 million reported last Friday and total net assets slipping to roughly $434 million from over $480 million earlier in the month as some of that money rotated back out.

Tags:

Two Robinhood engineers face federal fraud charges for allegedly using confidential cryptocurrency listing information to make profitable perpetual futures trades on Hyperliquid.

Robinhood Engineers Face Federal Fraud Charges Federal prosecutors charged Hefu Chai and Huaisong Xiang, also known as “Jerry Xiang,” with commodities fraud and wire fraud. Defendants were both engineers at Robinhood Markets at the time of the alleged trading activity.

They held the power of access to confidential information regarding planned cryptocurrency listings on Robinhood Crypto. Prosecutors say the engineers were aware of which cryptocurrencies Robinhood intended to support before it publicly announced them.

Between 2025 and 2026, Chai and Xiang allegedly used that information to trade perpetual futures on Hyperliquid. They reportedly opened positions linked to cryptocurrencies before Robinhood announced support for those tokens.

Prosecutors claim prices moved after several listing announcements, allowing the engineers to profit from their positions. All the defendants allegedly made over $50,000 in trades related to Robinhood’s private listing efforts.

Prosecutors Detail Hyperliquid Perpetual Trades Hyperliquid has a decentralized derivatives exchange (DEX) offering perpetual futures based on cryptocurrencies and other underlying assets. These products give traders a chance to wager on price changes without having to buy and possess the underlying asset.

Unlike traditional futures contracts, perpetual futures do not have fixed expiration dates. Traders can maintain positions while making or receiving funding payments that help track underlying market prices.

According to the complaints, Chai and Xiang repeatedly bought perpetual futures contracts before Robinhood announced new cryptocurrency listings.The complaints state that Chai and Xiang repeatedly bought perpetual futures contracts prior to a new announcement by Robinhood of cryptocurrencies that would be listed.

Prosecutors say both engineers possessed material nonpublic information when they placed those trades.

U.S. Attorney Jamie McDonald said, “Misappropriating confidential information to trade in the derivatives markets for personal benefit is illegal.”

Both defendants allegedly violated their obligations to safeguard confidential information of Robinhood. He also said derivatives products do not provide a way around securities and commodities laws.

FBI Joins Investigation Into Alleged Trading Scheme FBI Assistant Director James C. Barnacle Jr. said the defendants allegedly exploited sensitive information obtained through their employment. A federal officer, then, filed commodities fraud and wire fraud charges against both engineers.

“These charges make clear the FBI with its partners will act,” Barnacle said while addressing alleged misuse of corporate information.

Authorities unsealed the complaints and Chai was set to appear in the Northern District of California. Xiang was scheduled to appear before U.S. Magistrate Judge Ona T. Wang.

The criminal complaints include allegations that have to be proven in court. Chai and Xiang are still presumed innocent until prosecutors establish their guilt beyond a reasonable doubt.

Hefu Chai and Huaisong Xiang bought perpetual futures on Hyperliquid just before Robinhood announced the same tokens would list on its platform, prosecutors allege, and each cleared more than $50,000.

DOJ says two Robinhood engineers used perpetual futures to trade ahead of its crypto listings

Posted September 15, 2026 at 3:52 pm EST.

Federal prosecutors have accused two engineers at Robinhood of using their inside view of the company’s crypto listings to trade ahead of the rest of the market.

The US Attorney’s Office for the Southern District of New York on Tuesday unsealed criminal complaints against two engineers at Robinhood Markets, Hefu Chai and Huaisong Xiang, charging each with wire fraud and commodities fraud. Both had access to nonpublic information about whether and when the brokerage’s crypto arm, Robinhood Crypto, would add new tokens, according to the complaints.

Between 2025 and 2026, prosecutors say, the pair repeatedly bought perpetual futures tied to specific tokens on Hyperliquid, a decentralized derivatives exchange, just before Robinhood publicly announced it would list those tokens. Each defendant made more than $50,000 from the trades, the government alleges.

An Old Scheme, a New Instrument Trading on advance knowledge of an exchange listing is not a new charge. In 2022, the Justice Department brought what it called the first crypto insider-trading case against former Coinbase manager Ishan Wahi, who tipped his brother and a friend to coming listings and later pleaded guilty to wire fraud conspiracy.

The instrument is what sets this case apart. Rather than buying the tokens themselves, Chai and Xiang are accused of betting on their prices through perpetual futures, contracts that track an asset without ever expiring. Prosecutors reached for the Commodity Exchange Act to charge those derivatives trades, part of a broader push to treat crypto perpetuals as futures under US law.

“Today’s charges make clear that corporate insiders cannot evade the securities and commodities laws by trading based on misappropriated information in derivatives like perpetual futures, tokenized securities, or other similar financial instruments,” US Attorney Jamie McDonald said in the announcement.

Chai, 36, and Xiang, 30, each face one count under the Commodity Exchange Act, which carries up to 10 years in prison, and one count of wire fraud, which carries up to 20 years, prosecutors said. Robinhood cooperated with the investigation, according to the US Attorney’s office. The charges are allegations, and both men are presumed innocent.

Related Listen: Why Kalshi’s John Wang Says Perps Are ‘the Most Pure Trading Instrument’

AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

This site is protected by reCAPTCHA.