Singapore-based Hyperliquid Labs is conducting advanced negotiations to make its crypto-linked perpetual futures available to US traders in partnership with Payward, the parent company of Kraken, according to people familiar with the matter cited by Bloomberg.
Path to the US market
The proposed arrangement would enable American customers to access a select range of Hyperliquid’s perpetual futures products through Bitnomial, a digital asset exchange and clearinghouse operated by Payward and regulated in the United States.
If approved, the deal would open the US market for Hyperliquid, a decentralized trading platform with over $4 billion in daily trading volumes but which is currently inaccessible to American users. Hyperliquid has attracted attention for its permissionless model, allowing users to trade without a central operator—a setup that has raised regulatory concerns.
Payward has already submitted a proposal on the intended structure to the Commodity Futures Trading Commission (CFTC), but financial terms were not disclosed. Any final agreement would still require regulatory approval.
By routing Hyperliquid’s offerings through Bitnomial’s established, regulated infrastructure, the deal aims to provide the centralized oversight US law requires. Such a move could become a blueprint for other offshore platforms that want to enter the US market while adapting to compliance standards.
Mini dictionary: Bitnomial, based in Chicago, is a US-regulated exchange and clearinghouse authorized to offer futures and options on digital assets. Its regulatory status means it must comply with CFTC requirements for trading, risk management, and market surveillance.
Regulatory scrutiny and potential impact
Regulators have expressed concern that fully decentralized and permissionless platforms like Hyperliquid could facilitate market manipulation, money laundering, or sanctions evasion. The absence of a central operator has so far prevented these platforms from offering services in the United States’ tightly regulated market.
A collaboration with Bitnomial would allow Hyperliquid’s products to fall under US regulatory oversight, potentially addressing these issues.
| Platform | Type | US Market Access | Daily Volume |
|---|---|---|---|
| Hyperliquid | Decentralized (Perpetual Futures) | No (currently) | $4 billion+ |
| Bitnomial | Centralized, Regulated | Yes | Data not specified |
The discussions also come as the Securities and Exchange Commission (SEC) and the CFTC continue their push to bring offshore crypto derivatives trading, particularly in perpetual futures, within US jurisdiction.
Political attention and market response
Earlier in the month, President Donald Trump stated at a White House event that his administration was seeking to bring Hyperliquid’s operations onshore. He said that CFTC Chairman Michael Selig was working to find a regulatory pathway for the platform. These comments triggered a surge in the value of Hyperliquid’s HYPE token.
President Trump highlighted that CFTC Chairman Michael Selig was actively searching for a way to facilitate Hyperliquid’s entry into the US market, propelling the platform’s HYPE token to rapid gains.
Representatives for both Hyperliquid Labs and Payward declined to comment on the ongoing negotiations.
