Hyperliquid Targets Regulated U.S. Perpetual Futures Access

TLDR

• Hyperliquid could enter the U.S. perpetual futures market through a proposed partnership involving Payward and Bitnomial.
• Payward has presented the planned structure to the CFTC, but the arrangement still requires final regulatory approval.
• Bitnomial could offer registered U.S. users selected crypto perpetual contracts linked to Hyperliquid markets.
• Payward acquired Bitnomial earlier in 2026 for up to $550 million, gaining access to its regulated U.S. derivatives infrastructure.
• Former SEC counsel Ashley Ebersole said regulatory changes involving custody and order routing could take 10 to 12 months.

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Hyperliquid could move closer to offering perpetual futures to U.S. traders through a proposed partnership involving Payward, the parent company of Kraken, and Bitnomial. Bloomberg reported that Payward has presented the structure to the Commodity Futures Trading Commission, while the plan still awaits final regulatory approval.

Under the proposal, Bitnomial would give registered U.S. users access to selected crypto perpetual contracts tied to markets on Hyperliquid’s decentralized exchange and Layer 1 blockchain. Payward gained control of Bitnomial earlier this year in a deal valued at up to $550 million.

Hyperliquid Plan Targets U.S. Perpetual Futures

Bitnomial operates within the U.S. derivatives market under CFTC oversight. Its business includes exchange, clearing, and brokerage services, which gives Payward a regulated route for expanding crypto derivatives access.

The planned structure would not bring Hyperliquid directly into the U.S. market without regulatory review. Former SEC senior counsel Ashley Ebersole said both the SEC and CFTC may need to revise interpretive rules covering custody and order routing before such a model can move forward.

Ebersole said the process could take at least 10 to 12 months, even if regulators moved quickly. He now serves as co-founder and chief legal officer at real-world asset platform tx.

The wider policy debate has also moved toward perpetual contracts. The Hyperliquid Policy Center recently asked the SEC and CFTC to align their treatment of the products and create clearer rules for firms seeking to offer them in the United States.

U.S. Regulators Expand Perpetual Futures Review

The CFTC has already opened the door to more crypto perpetual products. In May, the agency allowed KalshiEX and Coinbase to list crypto perpetual futures. It later sought public comment on crude oil perpetual contracts and round-the-clock trading.

President Donald Trump also mentioned Hyperliquid during a recent press conference, saying CFTC Chair Michael Selig was working on a compliant path for the platform. A CFTC spokesperson later said the agency wants financial innovation to develop within the United States.

Hyperliquid’s native HYPE token was trading near $84.25, up about 1.3% over 24 hours. The token reached a record above $86 last week and has gained more than 85% over the past year. The proposed U.S. arrangement remains subject to regulatory approval, and no launch date has been announced.

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Source: https://blockonomi.com/hyperliquid-targets-regulated-u-s-perpetual-futures-access/