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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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 reporting from Bloomberg and Decrypt. 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.
Timing and Political Context
The discussions come weeks after former President Donald Trump stated his administration was working to bring Hyperliquid onshore. While neither Hyperliquid nor Payward has publicly confirmed the timeline or likelihood of a deal, the talks represent a significant step toward U.S. regulatory approval for a major decentralized exchange. No specific launch date has been announced, and the structure of which contracts would be offered has not been detailed.
What It Signals
Payward's involvement through Bitnomial suggests a strategy to legitimize decentralized perpetuals through existing regulated infrastructure rather than build 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 talks do not confirm a done deal; negotiations over compliance terms, contract selection, and revenue sharing remain active.
Why It Matters
For Traders
If deal closes, U.S. traders gain regulated access to Hyperliquid's perpetuals without VPN or offshore custody, lowering execution barriers for 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.
