Hyperliquid is in advanced discussions to bring its perpetual futures to American traders through Kraken parent company Payward, according to Bloomberg. People familiar with the matter said the arrangement would allow U.S.-based traders to access a subset of Hyperliquid's crypto-linked perpetual futures through Payward's Bitnomial, a U.S.-regulated digital asset exchange and clearinghouse.
The potential deal would mark Singapore-based Hyperliquid Labs’ first push into the U.S. market. Its fast-growing decentralized platform has been off-limits to American customers, despite handling more than $4 billion in daily volume with no central operator. Regulators have been concerned that permissionless offshore venues could be exposed to manipulation or other criminal activity. Routing access through Bitnomial’s regulated infrastructure would provide the operator and oversight required by U.S. rules.
The talks follow President Donald Trump’s remarks earlier this month that his administration was working to bring Hyperliquid onshore. Trump said CFTC Chairman Michael Selig was seeking a path for the platform, and those comments sent the HYPE token sharply higher. Any agreement would still require regulatory sign-off. Bloomberg reported that Payward has already presented the Commodity Futures Trading Commission with a proposal outlining the basic structure, though monetary terms were not known.
The discussions come as the SEC and CFTC press ahead on rules that could pull offshore perpetual futures trading back onto domestic platforms. A deal could offer a template for other offshore, unregistered venues seeking U.S. entry.
