Hyperliquid in Talks With Kraken Parent to Bring Crypto Perps to US Traders

By Decrypt Staff

Hyperliquid is in advanced discussions to bring its perpetual futures to American traders through Kraken's parent company, Payward, according to a report from Bloomberg.

The talks, reported Monday and attributed to people familiar with the matter, would let U.S.-based traders access a subset of Hyperliquid's crypto-linked perpetual futures through Payward's Bitnomial, a U.S.-regulated digital asset exchange and clearinghouse, Bloomberg reported. Representatives for Payward and Hyperliquid Labs declined to comment to the outlet.

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A deal would mark the first push into the U.S. market by Singapore-based Hyperliquid Labs, whose fast-growing platform has been off-limits to American customers. It could also offer a template for how other offshore, unregistered venues might enter the country.

Any agreement would still require regulatory sign-off, and Bloomberg reported that Payward has already presented the Commodity Futures Trading Commission with a proposal outlining the basic structure. Monetary terms weren't known.

The arrangement would address the core obstacle that has kept Hyperliquid out of the U.S. As a decentralized platform handling more than $4 billion in daily volume, Hyperliquid has no central operator, and its permissionless design lets anyone with access trade, Bloomberg noted, a setup regulators worry exposes such venues to manipulation or other criminal activity.

Routing access through Bitnomial's regulated infrastructure would provide the operator and oversight that framework requires.

The report follows President Donald Trump's remarks earlier this month, when he said his administration was working to bring the platform onshore. Trump used a White House gathering to signal that CFTC Chairman Michael Selig was seeking a path for Hyperliquid, comments that sent its HYPE token sharply higher.

The talks also land as the SEC and CFTC press ahead on rules that could pull offshore perpetual futures trading, a market that dwarfs its U.S. counterpart, back onto domestic platforms.

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