Hyperliquid Labs is engaged in advanced discussions with Payward, the parent company of Kraken, to make a selection of its crypto-linked perpetual futures available to traders in the United States. The arrangement would route access through Bitnomial, a digital asset exchange and clearinghouse owned by Payward and regulated by US authorities.

If completed and approved, the deal would mark Hyperliquid’s first entry into the American market. The platform currently processes more than $4 billion in daily trading volume on a global basis but remains closed to US users because of its decentralized structure and lack of a central operator.

Structure of the Proposed Arrangement

Under the talks, American customers would gain access to a limited range of Hyperliquid’s perpetual futures products through Bitnomial’s existing regulated infrastructure. Perpetual futures are derivative contracts that track the price of an underlying asset without an expiration date, allowing traders to maintain leveraged long or short positions indefinitely.

Payward has already presented a proposal describing the intended structure to the Commodity Futures Trading Commission. Any final agreement would still require formal regulatory approval. Financial terms of the potential partnership have not been disclosed. Representatives for both Hyperliquid Labs and Payward declined to comment on the negotiations.

Regulatory Context and Market Backdrop

Hyperliquid’s fully decentralized and permissionless model has drawn regulatory attention. Authorities have raised concerns that such platforms could be vulnerable to market manipulation, money laundering, or sanctions evasion because they operate without a traditional central intermediary. These issues have so far blocked direct access for US participants.

By channeling trading through Bitnomial, a Chicago-based venue already authorized to list futures and options on digital assets, the products would fall under established CFTC supervision covering trading, risk management, and market surveillance. Industry participants view the approach as a possible model for other offshore platforms seeking compliant entry into the United States.

The discussions occur as the Securities and Exchange Commission and the CFTC continue efforts to bring offshore crypto derivatives activity, particularly perpetual futures, under domestic jurisdiction. Perpetual futures dominate global crypto derivatives volume, far exceeding the scale of onshore offerings.

Political Support and Token Reaction

The talks follow public comments made earlier this month by President Donald Trump. At a White House event, Trump said his administration was working to bring Hyperliquid’s operations onshore and noted that CFTC Chairman Michael Selig was exploring a regulatory pathway for the platform. Those remarks contributed to a sharp rise in the price of Hyperliquid’s native HYPE token.

Hyperliquid has grown rapidly as a venue for on-chain perpetual futures, attracting professional traders with deep liquidity and continuous access. Its daily volume exceeds $4 billion, positioning it among the larger platforms in the global market even while remaining unavailable to US residents.

Any agreement would still need to clear regulatory hurdles. Success could expand the range of regulated crypto derivatives available to American traders and provide a clearer compliance route for decentralized platforms aiming to operate within US boundaries.