Hyperliquid Labs and Kraken parent Payward are in advanced talks to bring selected crypto perpetual futures to U.S. traders. The proposed structure would use Payward subsidiary Bitnomial as the regulated trading venue.
Any agreement would still need regulatory approval before U.S. customers could access the products. Payward has presented the Commodity Futures Trading Commission with a proposal describing the planned structure.
Hyperliquid Seeks Regulated Route Into U.S. Market
The talks could give eligible U.S. traders access to selected futures linked to tokens built using Hyperliquid technology. These products would be available through Bitnomial rather than directly through Hyperliquid’s decentralized platform.
Hyperliquid currently does not offer its platform to U.S. customers. The venue has grown into a major market for perpetual futures and processes more than $4 billion daily.
The proposed setup would keep U.S. trading activity within a regulated exchange environment. Bitnomial would provide the venue and compliance framework for customers accessing the selected contracts.
That structure could allow Hyperliquid-linked products to reach American traders without Hyperliquid operating as a registered U.S. exchange. However, regulators must approve the arrangement before trading begins.
Payward Takes Proposal to CFTC
Payward has outlined the basic structure of the potential partnership to the CFTC. Regulatory review remains a central requirement for any planned launch.
U.S. regulators have examined decentralized and permissionless trading platforms over compliance concerns. These concerns include market manipulation, anti-money laundering controls and sanctions enforcement.
The CFTC did not comment specifically on the Hyperliquid discussions. However, the agency said the U.S. must keep pace with changes in trading and financial markets.
The talks also follow recent public comments from President Donald Trump regarding Hyperliquid. Trump said regulators were working toward bringing the platform into the United States compliantly.
Bitnomial Could Provide Access to Selected Perpetual Futures
Under the proposed arrangement, registered Bitnomial users could trade a limited group of Hyperliquid-linked futures. The offering would not provide unrestricted access to Hyperliquid’s existing decentralized platform.
Bitnomial operates as a regulated digital asset derivatives exchange under Payward. The company would serve as the U.S.-based venue for the proposed products.
Perpetual futures are derivatives that track an underlying asset without a fixed expiration date. They have become widely used across offshore and decentralized crypto trading platforms.
Access to these products remains more restricted in the United States because derivatives trading falls under federal oversight. However, any new offering must follow applicable registration and market rules.
Amid these announcements, HYPE has risen more than 4% within 24 hours. At press time, HYPE was up by 2.50% to trade at $84.16 after a bearish start to the day. This recovery is a part of a 63% since the start of August, boosted by the possibility of regulated U.S. access.
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