Hyperliquid in Advanced Talks With Kraken Parent for US Perps Launch
Hyperliquid Labs and Payward, Kraken's parent company, are in advanced discussions to offer Hyperliquid perpetual futures to U.S. traders through Bitnomial, a CFTC-regulated exchange. The deal would mark Hyperliquid's first regulated entry into the U.S. market.
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Story Updates
- Updated Sep 1, 2026, 01:12 AM: Bloomberg confirms talks remain in advanced stage; neither party has publicly confirmed deal status or launch timing.
The Proposed Structure
Hyperliquid Labs and Payward have entered advanced talks to route selected Hyperliquid perpetual futures contracts to U.S. traders via Bitnomial, according to Bloomberg and Decrypt reporting. Bitnomial is a CFTC-regulated futures exchange, which would allow Hyperliquid to offer its products to American customers through a compliant framework rather than the decentralized, offshore model it operates globally. Neither Payward nor Hyperliquid has publicly confirmed the deal's status or timeline.
Timing and Political Context
The discussions come weeks after former President Donald Trump stated his administration was working to bring Hyperliquid onshore. The talks represent a significant step toward U.S. regulatory approval for a major decentralized exchange. Negotiations over compliance terms, contract selection, and revenue sharing remain active; no specific launch date has been announced.
Strategic Implications
Payward's involvement through Bitnomial suggests a strategy to legitimize decentralized perpetuals through existing regulated infrastructure rather than build regulatory approval from scratch. For Hyperliquid, a U.S. foothold would unlock access to American retail and institutional traders who have avoided the platform due to regulatory uncertainty. The white-label routing model, if executed, could establish a template for other DEXs seeking CFTC compliance.
Why It Matters
For Traders
If deal closes, U.S. traders gain regulated access to Hyperliquid perpetuals without VPN or offshore custody within the next 60-90 days.
For Investors
A regulated U.S. entry validates decentralized perpetuals as a category and positions Payward as a bridge between on-chain and traditional finance infrastructure.
For Builders
A successful Bitnomial routing model creates a template for other DEXs seeking U.S. compliance; builders may explore similar white-label arrangements with CFTC venues.
This article is for information only and is not financial advice. Read the full disclaimer.
