Kraken Parent Payward and Hyperliquid Discuss U.S. Perpetual Futures
Key Takeaways
- •Bloomberg reported that Hyperliquid Labs and Payward are in advanced talks to bring selected perpetual futures to U.S. traders.
- •The proposed arrangement would use Bitnomial as the regulated U.S. venue for the products.
- •U.S. users would not receive direct access to Hyperliquid’s existing trading interface under the reported plan.
- •Hyperliquid currently restricts U.S. residents and entities from its principal interface.
- •Payward has reportedly already submitted the structure to the CFTC, and any launch would require regulatory approval.
Payward has reportedly submitted a CFTC proposal to offer selected Hyperliquid-linked perpetual futures through Bitnomial.
The proposed structure could give U.S. traders regulated access to selected Hyperliquid-linked perpetual contracts without using Hyperliquid’s main interface, if regulators approve the arrangement.
Hyperliquid’s U.S. expansion remains subject to regulatory approval, while the reported talks have not been confirmed by either company.
Hyperliquid Labs and Payward, Kraken’s parent company, are in advanced talks to bring selected perpetual futures to U.S. traders, Bloomberg reported Monday. The proposed arrangement would use Payward subsidiary Bitnomial as the regulated venue, while Payward has presented the CFTC with a structure requiring regulatory approval before any launch. The setup would place the products inside an existing U.S. exchange and clearing framework, which is the key distinction in a market where direct access to offshore crypto derivatives has long been constrained for U.S. users.
Bitnomial Could Handle U.S. Trading
Under the reported plan, registered Bitnomial users could access some perpetual futures linked to tokens built on Hyperliquid’s blockchain. The products would not provide direct access to Hyperliquid’s existing trading interface.
Hyperliquid currently bars U.S. residents and entities from its principal interface. Bloomberg reported that the platform processes more than $4 billion in daily trading volume.
Meanwhile, Bitnomial provides the U.S. exchange and clearing infrastructure in the proposed setup. Payward completed its acquisition of Bitnomial in May, adding regulated derivatives capabilities to its U.S. operations. That acquisition gives Payward a venue that could support derivatives activity under U.S. oversight, subject to approval from the CFTC and the final structure of any launch.
Payward Has Submitted a CFTC Proposal
According to Bloomberg, Payward has already submitted a proposal to the Commodity Futures Trading Commission. The proposal outlines how U.S. traders could access selected Hyperliquid-linked perpetual contracts through Bitnomial.
However, the companies have not confirmed the discussions. Representatives of Payward and Hyperliquid Labs declined to comment to Bloomberg.
The talks follow President Donald Trump’s Aug. 19 comments about bringing Hyperliquid into the U.S. market compliantly. CFTC Chairman Mike Selig has also been named in that effort.
Hyperliquid’s U.S. Access Remains Restricted
Hyperliquid’s permissionless design has kept its main interface unavailable to U.S. users. Its terms classify U.S. residents and entities among restricted persons. Separately, Hyperliquid’s HIP-3 system allows builders to deploy permissionless perpetual markets. Each deployment can use separate margin rules, order books and settings.
Shaunda Devens recently reported testnet features involving wallet controls and a deployment named “Kraken HIP-3 test DEX.” However, she noted that anyone could create a testnet exchange using any name.
Her observations do not confirm Kraken’s involvement or connect HIP-3 to the reported talks. For now, Bloomberg’s reported structure centers on Bitnomial and remains subject to regulatory approval, which makes the CFTC review process the main point to watch before any U.S. offering can move forward.
