Hyperliquid seeks U.S. perps through Kraken parent

Hyperliquid Labs is pursuing a U.S. route for perpetual futures through Payward, Kraken’s parent company, according to The Block’s report on the proposed arrangement. The structure would put Bitnomial, a Payward subsidiary, between registered U.S. users and selected perpetual markets linked to Hyperliquid’s decentralized exchange and its underlying Layer 1 blockchain.

Payward has reportedly presented the CFTC with an outline. Approval remains pending. The regulatory process could take at least 10 to 12 months, leaving U.S. access as a proposal rather than a live product.

That routing model matters for the protocol and for traders. Hyperliquid is a Singapore-based decentralized platform handling more than $4 billion in daily volume, according to Decrypt’s account. If approved, Bitnomial would offer registered U.S. users access to a selection of markets connected to that existing venue, while the proposed arrangement would give Hyperliquid a path into the U.S. without the fact sheet establishing that the decentralized exchange itself would directly serve those users.

Payward’s Bitnomial acquisition supplies the regulated entity named in the plan. Payward acquired Bitnomial earlier this year for up to $550 million. The fact sheet does not disclose the monetary terms of the proposed Hyperliquid-Payward deal, the specific perps that would be listed, or the custody and trading mechanics that regulators would require.

The timing follows several U.S. derivatives-policy moves. In May, the CFTC greenlighted KalshiEX and Coinbase to list crypto perpetual futures. In June, the agency released a request for comment on crude oil perpetual contracts and 24/7 trading. Two weeks ago, President Donald Trump mentioned Hyperliquid and said CFTC Chairman Michael Selig was working to bring the platform into the U.S.

The CFTC’s stated rationale is explicit. A spokesperson said, “If the United States fails to keep pace with rapid advances in trading and markets, we risk ceding our reputation as the global hub of financial innovation.” The spokesperson added that, under Selig, the agency is committed to “promoting fair access and responsible innovation” so future financial markets are built in the U.S. rather than overseas.

Hyperliquid’s HYPE token was trading at $84.25, up 1.3% over 24 hours. It reached an all-time high just above $86 last week and has gained more than 85% over the past year. Using $86 as the reference point, the token was about $1.75 lower, or roughly 2.0% below that level: ($86 – $84.25) ÷ $86 × 100.

The immediate consequence is limited but concrete: registered U.S. users must wait for CFTC approval, while Hyperliquid and Payward face a process that could run for at least 10 to 12 months. If the structure clears, it would provide a regulatory-compliance template for another decentralized derivatives protocol seeking U.S. access.