Hyperliquid explores regulated US perpetuals access through Kraken's parent
DeFi & Yields ·
Hyperliquid Labs is reportedly negotiating with Payward, the company that owns Kraken, on a structure that would bring its crypto derivatives to American traders under regulatory oversight.
According to Bloomberg reporting cited across multiple outlets, the arrangement would route through Bitnomial, a Payward-owned exchange and clearinghouse already registered with US regulators, as detailed by Decrypt. Under the proposal, users who complete registration could access a limited selection of perpetual contracts tied to crypto assets, with trading ultimately running on Hyperliquid's infrastructure while compliance sits with the regulated US entity.
The talks remain contingent on regulatory sign-off. Sources familiar with the matter said Payward has already filed the proposed framework with the Commodity Futures Trading Commission, a step reported by The Block, though no timeline for a decision has been given. Neither company has confirmed the discussions publicly, and both declined to comment when approached, meaning the deal's financial terms and final structure remain undisclosed.
If finalized, the arrangement would represent Hyperliquid's first sanctioned foothold in the United States, a market it has not formally served due to the country's regulatory treatment of perpetual futures. Routing access through an already-licensed clearinghouse like Bitnomial would let Hyperliquid sidestep building its own US regulatory apparatus from scratch, instead leaning on Payward's existing compliance infrastructure to onboard American users, as summarized in coverage shared via WuBlockchain.
The report has circulated widely, with at least seven distinct outlets picking up the story, underscoring the significance markets are placing on a potential bridge between a leading decentralized perpetuals venue and a regulated US clearing entity. Commentary tracking the development has also appeared on social platforms, including a post referenced via AggrNews.
What remains unclear is whether the CFTC will approve the submitted structure, what subset of perpetual products would ultimately be offered, and how registration requirements might shape who in the US can trade. Financial terms of any partnership, along with a projected launch window, have not been disclosed by either company.