Key Takeaways
- Hyperliquid Labs and Payward (Kraken’s parent entity) are negotiating to launch crypto perpetual futures for American traders through Bitnomial, a Payward-owned subsidiary
- A formal proposal detailing the operational framework has been submitted to the CFTC, though final regulatory clearance remains outstanding
- According to ex-SEC legal advisor Ashley Ebersole, the regulatory review timeline may span 10 to 12 months
- Despite handling more than $4 billion in daily transactions, Hyperliquid presently restricts access for U.S.-based users
- The HYPE token has climbed over 85% year-over-year and recently touched a record peak above $86
In a significant move toward regulatory compliance, Hyperliquid Labs is pursuing a collaboration with Payward, the entity behind Kraken exchange, to introduce crypto perpetual futures trading to the American market. According to initial reports from Bloomberg, the negotiations focus on leveraging Bitnomial—a regulated Payward subsidiary—as the authorized U.S. trading infrastructure.
Crypto perpetual futures represent derivative instruments that mirror an underlying asset’s price movements while operating without expiration dates. These products have gained substantial traction on international and decentralized exchanges but face stringent oversight within U.S. borders.
Currently, Hyperliquid prohibits American users from accessing its decentralized exchange platform, which facilitates over $4 billion in daily transaction volume. Under the proposed arrangement, verified U.S. participants would gain access to a curated portfolio of crypto perpetuals connected to Hyperliquid’s liquidity pools via Bitnomial’s regulated infrastructure.
Earlier this year, Payward completed its acquisition of Bitnomial in a deal valued at up to $550 million. This strategic purchase provided Payward with comprehensive CFTC-approved derivatives infrastructure encompassing exchange operations, clearinghouse functions, and brokerage services.
The Commodity Futures Trading Commission has already received Payward’s preliminary framework proposal. However, official regulatory authorization has not yet been secured.
Approval Process May Extend Beyond One Year
Ashley Ebersole, previously a senior legal counsel at the SEC and currently serving as co-founder and chief legal officer at real-world assets platform tx., indicated that the authorization process could require a minimum of 10 to 12 months under optimal circumstances.
According to Ebersole, both the Securities and Exchange Commission and the CFTC might need to coordinate on the approval. Updated interpretive guidance concerning custody protocols and order routing requirements would probably be necessary before American traders could participate in these markets.
The partnership’s architectural design aims to maintain all U.S. trading activity within regulated parameters. Bitnomial would manage regulatory compliance obligations, while American customers would be prevented from directly interacting with Hyperliquid’s decentralized infrastructure.
Federal regulators have consistently raised concerns regarding decentralized and permissionless trading venues, highlighting potential vulnerabilities related to market manipulation, anti-money laundering compliance, and sanctions enforcement mechanisms.
American Market for Crypto Perpetuals Expands
These discussions emerge as U.S. regulatory bodies have begun facilitating pathways for crypto perpetual futures products. Last May, the CFTC granted authorization to KalshiEX and Coinbase to offer these instruments. The following month, the commission issued a public request for feedback regarding crude oil perpetual contracts and around-the-clock trading capabilities.
During a press gathering with technology industry executives, President Donald Trump specifically referenced Hyperliquid, stating that CFTC Chairman Michael Selig was actively working to integrate the platform into the U.S. market through fully compliant channels.
Additionally, the Hyperliquid Policy Center has advocated for regulatory harmonization between the SEC and CFTC concerning perpetual contract oversight, contending that enhanced regulatory clarity would encourage greater domestic market participation.
A Kraken representative declined to provide commentary regarding the ongoing negotiations.
At the time of publication, HYPE was changing hands at $84.16, representing a daily increase of approximately 2.5%. The digital asset has appreciated more than 85% throughout the past twelve months and recently established a new all-time high slightly above $86.
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