Hyperliquid is in advanced discussions to bring its perpetual futures to American traders through Kraken’s parent company, Payward, Bloomberg reported on Monday, citing people familiar with the matter. The proposed arrangement would channel a subset of the Singapore-based decentralized exchange’s crypto-linked perps through Payward’s Bitnomial, a US-regulated digital asset exchange and clearinghouse.
Representatives for both Payward and Hyperliquid Labs declined to comment.
A Template for Offshore Platforms Entering the US
A completed deal would mark Hyperliquid’s first entry into the US market, where its platform has remained off-limits to American customers. Beyond Hyperliquid itself, the structure could serve as a model for other offshore, unregistered venues seeking a path into the country.
The core regulatory obstacle is Hyperliquid’s architecture. The platform processes more than $4 billion in daily trading volume but operates with no central operator, and its permissionless design allows anyone with access to trade. Regulators have expressed concern that such venues are vulnerable to manipulation and other criminal activity. Routing US access through Bitnomial’s regulated infrastructure would supply the operator-level oversight that existing frameworks require.
CFTC Proposal Already Submitted
Any agreement still requires regulatory approval. Payward has already presented the Commodity Futures Trading Commission with a proposal outlining the basic structure of the arrangement. Financial terms were not disclosed.
Trump Remarks and Regulatory Backdrop
The talks follow public comments by President Donald Trump earlier in August, when he said his administration was working to bring Hyperliquid onshore. At a White House gathering, Trump indicated that CFTC Chairman Michael Selig was actively seeking a path for the platform. Those remarks sent Hyperliquid’s HYPE token sharply higher.
The negotiations are also unfolding as the SEC and CFTC push ahead on rules designed to pull offshore perpetual futures trading back onto domestic platforms. The offshore perps market is significantly larger than its US-regulated counterpart, making the regulatory push a high-stakes effort for multiple industry participants.
Hyperliquid’s HYPE token was trading at approximately $83.68 at the time of publication, up roughly 1.15% on the day.
