Hyperliquid Labs is reportedly in talks with Payward, the parent company of Kraken, to bring some Hyperliquid perpetual futures to US traders through Bitnomial. The proposed arrangement would allow registered US users to trade selected futures linked to tokens built on Hyperliquid’s blockchain. Hyperliquid itself is currently unavailable to US customers.
Bitnomial, a US-regulated digital asset exchange and clearinghouse owned by Payward, would provide the regulated route into the American market. The proposal has reportedly been presented to the Commodity Futures Trading Commission (CFTC), but regulatory approval is still required.
The discussions come just weeks after President Donald Trump said his administration was working to bring the rapidly growing crypto platform into the US market. Hyperliquid has expanded quickly and is reportedly handling more than $4 billion in daily trading volume.
The proposed structure would not give American traders direct access to Hyperliquid. Instead, they would use Bitnomial to trade a selection of perpetual futures connected to tokens developed using Hyperliquid technology.
That distinction is important because Hyperliquid operates as a decentralised and permissionless platform. There is no single central operator controlling trading activity. While this model has helped the platform grow, it also creates regulatory challenges around issues such as market manipulation, money laundering and sanctions compliance.
A regulated exchange such as Bitnomial could provide a bridge between Hyperliquid’s technology and US financial rules. If approved, the arrangement could also offer a possible model for other offshore crypto platforms looking for access to American traders without directly converting their decentralised platforms into registered US exchanges.
The CFTC did not confirm the discussions when asked about them. However, the agency said the US needs to keep pace with rapid changes in trading technology and financial markets.
The news also had an immediate impact on Hyperliquid’s HYPE token. HYPE briefly climbed close to $84.28 before giving up some of those gains. The token was trading around $84.24 at the time of the report.
For now, nothing has been finalised. The proposal still needs regulatory approval, and financial terms of the possible arrangement have not been disclosed. Still, the talks suggest that Hyperliquid is actively looking for a practical way to enter the US market while keeping its core decentralised platform separate from the regulated trading venue.
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