Hyperliquid negotiates US market entry through Kraken parent Payward
Hyperliquid is in advanced discussions to route its perpetual futures to American investors via Payward’s regulated Bitnomial exchange, potentially establishing a new compliance template for offshore crypto venues seeking domestic access.
Hyperliquid is negotiating to offer its perpetual futures to United States traders by partnering with Payward, the parent company of Kraken. The arrangement would route American access through Bitnomial, a regulated digital asset exchange and clearinghouse owned by Payward.
This collaboration represents the initial market entry for the Singapore-based platform, which currently restricts American customers. By utilizing the regulated infrastructure of Bitnomial, Hyperliquid can overcome the primary regulatory barrier preventing its domestic operations. The move effectively bridges the gap between decentralized trading and traditional compliance requirements.
Hyperliquid processes more than $4 billion in daily volume despite operating entirely without a central authority. Regulators have historically viewed such permissionless designs as vulnerable to market manipulation, money laundering, and sanctions evasion. Consequently, the introduction of a regulated operator and oversight framework is essential for legal compliance.
Payward has already submitted a structural proposal to the Commodity Futures Trading Commission to secure the necessary regulatory approvals before the product can launch. If successful, this specific framework could serve as a vital blueprint for other unregistered offshore venues attempting to access the American market.
The negotiations follow recent comments from President Donald Trump regarding efforts to relocate the platform to domestic soil. Speaking at a White House event, Trump indicated that CFTC Chairman Michael Selig is actively exploring a pathway for the company, a revelation that previously drove significant gains in the HYPE token.
These discussions occur as the Securities and Exchange Commission and the Commodity Futures Trading Commission advance regulatory initiatives designed to repatriate offshore perpetual futures trading. The global market for these crypto-linked derivatives substantially exceeds the domestic equivalent, prompting both agencies to push trading volume back onto local platforms.
The specific monetary terms of the potential agreement remain undisclosed. Representatives for both Payward and Hyperliquid Labs declined to provide commentary on the ongoing discussions.
