Hyperliquid in Talks With Kraken Parent to Bring Crypto Perps to US Traders
Key Takeaways
- •Hyperliquid is in advanced discussions to offer U.S. traders a subset of its perpetual futures through Payward's Bitnomial, a CFTC-regulated exchange and clearinghouse.
- •A deal would represent Hyperliquid Labs' first entry into the U.S. market and could offer a template for other offshore venues seeking domestic access.
- •Payward has already submitted a proposal outlining the basic structure to the CFTC, but any agreement would still require regulatory approval and financial terms are unknown.
- •Hyperliquid's decentralized, permissionless platform processes more than $4 billion in daily volume with no central operator, which has kept it out of the U.S. over regulatory concerns about manipulation.
- •The talks follow President Trump's statement that his administration was working to bring Hyperliquid onshore, comments that pushed the HYPE token sharply higher.
Hyperliquid is in advanced talks to bring its perpetual futures to U.S. traders through Kraken parent Payward's regulated Bitnomial exchange and clearinghouse, according to Bloomberg.
The arrangement would address the main issue keeping the Singapore-based, decentralized platform — which handles more than $4 billion in daily volume and has no central operator — out of the U.S.
The discussions follow remarks from President Donald Trump that his administration was working to bring Hyperliquid onshore, and they come as the SEC and CFTC push to pull offshore perpetual futures trading back onto U.S. platforms.
Hyperliquid is in advanced discussions to bring its perpetual futures to American traders through Kraken's parent company, Payward, according to a report from Bloomberg.
The talks, reported Monday and attributed to people familiar with the matter, 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, Bloomberg reported. Representatives for Payward and Hyperliquid Labs declined to comment to the outlet.
A deal would mark the first move into the U.S. market by Singapore-based Hyperliquid Labs, whose fast-growing platform has been off-limits to American customers. It could also provide a model for how other offshore, unregistered venues might enter the country, as U.S. regulators continue to weigh how to bring more derivatives activity under domestic oversight.
Any agreement would still require regulatory approval, and Bloomberg reported that Payward has already presented the Commodity Futures Trading Commission with a proposal outlining the basic structure. The monetary terms were not known.
The arrangement would address the central obstacle that has kept Hyperliquid out of the U.S. As a decentralized platform handling more than $4 billion in daily volume, Hyperliquid has no central operator, and its permissionless design allows anyone with access to trade, Bloomberg noted. Regulators worry that such venues can expose markets to manipulation or other criminal activity.
Routing access through Bitnomial's regulated infrastructure would provide the operator and oversight that framework requires, while keeping the product inside a U.S.-regulated exchange and clearinghouse structure.
The report follows Trump's remarks earlier this month, when he said his administration was working to bring the platform onshore. Trump used a White House gathering to signal that CFTC Chairman Michael Selig was seeking a path for Hyperliquid, comments that sent its HYPE token sharply higher.
The talks also come as the SEC and CFTC press ahead on rules that could pull offshore perpetual futures trading, a market that dwarfs its U.S. counterpart, back onto domestic platforms.
