Hyperliquid Eyes US Launch Through Kraken

Hyperliquid Labs is in advanced talks with Payward, the parent company of crypto exchange Kraken, to bring the fast-growing trading platform’s perpetual futures to US customers through a regulated US venue, Bloomberg reported Monday.

Payward’s subsidiary Bitnomial would allow registered US traders to access a selection of crypto-linked perpetual futures tied to assets associated with Hyperliquid’s blockchain. The deal would still require regulatory approval, and its financial terms have not been disclosed.

People familiar with the discussions told Bloomberg that Payward has presented the Commodity Futures Trading Commission with a proposal outlining the structure. Hyperliquid Labs and Payward declined to comment.

The potential agreement would represent Hyperliquid’s first direct push into the US market, where its main trading interface currently bars American users. It could also offer a possible model for other offshore crypto platforms seeking to serve US customers without operating outside the country’s derivatives framework.

The proposed structure is significant because Bitnomial already has the regulatory infrastructure needed to operate a US derivatives business. Payward completed its acquisition of Bitnomial in May.

Why Hyperliquid is largely closed to US users

Hyperliquid’s US problem stems from both the nature of its products and the way the protocol is designed.

Its interface is operated separately from the underlying permissionless blockchain, and its terms specifically exclude US residents and entities from using the interface. 

Access through the principal Hyperliquid interface is contractually restricted for “Restricted Persons,” including people and entities located or resident in the United States. 

Bloomberg reported that the platform handles more than $4 billion in trading volume a day. A successful US arrangement would therefore be more than a new market for Hyperliquid.