TLDR
- Hyperliquid Labs and Kraken parent Payward are in advanced talks to bring crypto perpetual futures to U.S. traders via Payward subsidiary Bitnomial
- Payward has presented the CFTC with a proposal outlining the planned structure, but regulatory approval is still pending
- Former SEC counsel Ashley Ebersole says the approval process could take 10 to 12 months
- Hyperliquid processes over $4 billion in daily volume but currently blocks U.S. customers from its platform
- HYPE token is up over 85% in the past year and recently hit an all-time high just above $86
Hyperliquid Labs is working toward bringing its crypto perpetual futures products to U.S. traders through a partnership with Payward, the parent company of crypto exchange Kraken. Bloomberg first reported the talks, which center on using Payward’s regulated subsidiary Bitnomial as the U.S.-based trading venue.
Hyperliquid in Advanced Talks With Kraken Parent Payward to Enter U.S. Market
Bloomberg reported that Hyperliquid Labs is in advanced talks with Kraken parent Payward to enter the U.S. market. If approved by regulators, Payward’s U.S.-regulated exchange and clearinghouse… pic.twitter.com/C4sjOE8Bdh
— Wu Blockchain (@WuBlockchain) August 31, 2026
Perpetual futures are derivatives that track an underlying asset without a fixed expiration date. They have become popular on offshore and decentralized crypto platforms but remain tightly regulated in the United States.
Hyperliquid currently blocks U.S. customers from its decentralized exchange, which processes more than $4 billion in daily trading volume. The proposed deal would give registered U.S. users access to a limited selection of crypto perps linked to Hyperliquid’s markets through Bitnomial.
Payward acquired Bitnomial earlier this year for up to $550 million. The acquisition gave Payward control of a CFTC-licensed derivatives stack that covers exchange, clearing, and brokerage operations.
Payward has already presented the Commodity Futures Trading Commission with the outline of the proposed structure. No regulatory approval has been granted yet.
Regulatory Timeline Could Stretch Over a Year
Ashley Ebersole, a former senior SEC counsel and now co-founder and chief legal officer at real-world assets platform tx., said the approval process could take at least 10 to 12 months, and that was assuming things moved quickly.
Both the SEC and CFTC may need to be involved, Ebersole said. Revised interpretive rules around custody and routing standards would likely be required before U.S. traders could access the products.
The proposed structure is designed to keep U.S. trading within a regulated environment. Bitnomial would handle compliance, and U.S. customers would not have direct access to Hyperliquid’s decentralized platform.
Regulators have previously flagged concerns about decentralized and permissionless platforms, citing risks around market manipulation, anti-money laundering, and sanctions enforcement.
U.S. Push for Crypto Perps Gains Momentum
The talks come as U.S. regulators have taken steps to open the door for crypto perpetual futures. In May, the CFTC approved KalshiEX and Coinbase to list the products. In June, the agency released a request for comment on crude oil perpetual contracts and 24/7 trading.
President Donald Trump mentioned Hyperliquid by name at a press conference with tech leaders, saying CFTC Chair Michael Selig was working to bring the platform into the U.S. in a fully compliant way.
The Hyperliquid Policy Center also called on the SEC and CFTC to align their rules on perpetual contracts, arguing clearer regulation would shift more market activity onshore.
A Kraken spokesperson declined to comment on the talks.
HYPE was trading at $84.16 at press time, up around 2.5% on the day. The token is up more than 85% over the past year and recently hit an all-time high just above $86.
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