According to Bloomberg, Hyperliquid Labs is in advanced talks with Payward — the parent company of crypto exchange Kraken and the owner of U.S. derivatives exchange Bitnomial — to enter the U.S. market. If regulators approve the deal, U.S. traders will be able to trade some perpetual contracts linked to tokens on the Hyperliquid blockchain.
How Hyperliquid Could Enter the U.S. Market
Payward has already submitted a proposal to the U.S. Commodity Futures Trading Commission (CFTC) outlining the basic structure of the deal. Under the proposed model, registered Bitnomial users would gain access to some of Hyperliquid’s crypto futures.
Bitnomial, a Payward subsidiary, is a U.S.-regulated digital asset exchange and clearing organization. Sources did not disclose the financial terms of the potential deal.
The talks come several weeks after U.S. President Donald Trump said his administration was working to bring Hyperliquid to the U.S. market.
Regulatory Restrictions
Hyperliquid’s decentralized structure remains the main obstacle to operating in the U.S. The platform has no central operator controlling its trading volume, while its open-access model allows anyone with access to the platform to trade.
Regulators are concerned that this structure could create conditions for market manipulation, money laundering, and sanctions evasion.
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