Kraken's kHYPE can now be used as collateral on Nado for perps, spot and borrowing

What changed

Nado, an onchain trading venue, announced at 16:43 UTC on Tuesday 3 November 2026 that a new collateral and spot listing is live: kHYPE, which it describes as Kraken wrapped HYPE. Holders can now use kHYPE as collateral to trade perpetual futures and spot and to borrow on Nado.

Kraken quoted the announcement on its official X account at 18:30 UTC (19:30 in Amsterdam): "More ways to put your HYPE to work. kHYPE lets you keep your $HYPE in Kraken custody and use it onchain. And thanks to @nadoHQ, you can now use it as collateral."

Why kHYPE matters here

kHYPE is Kraken's wrapped version of HYPE, the token of the Hyperliquid ecosystem. As Kraken puts it, the underlying HYPE stays in Kraken custody while the wrapped token moves onchain. The Nado listing gives that token another use beyond holding it: it can now back trading and borrowing positions on Nado.

Risks and what is not stated

Neither post gives collateral ratios, borrowing rates, leverage limits or fees for kHYPE on Nado. Nado's own listing graphic warns that fresh listings can move fast and that leverage can work against you. Using a wrapped token as collateral also adds the custody arrangement behind it and the risk of liquidation if prices fall, so check Nado's parameters before opening a position.

Our take

For HYPE holders who prefer Kraken's custody, this is a practical step: the same exposure can now do work in DeFi without selling. If you want to get HYPE through Kraken in the first place, Kraken's offer is at the top of this page.