Hassan Maishera
TL;DR
-
Hyperliquid Labs is reportedly discussing a partnership with Kraken parent Payward to bring crypto perpetual futures to U.S. traders.
-
Payward subsidiary Bitnomial would offer regulated users selected perpetual contracts connected to Hyperliquid markets.
-
Payward has presented the proposed structure to the CFTC but is still awaiting final regulatory approval.
-
Hyperliquid’s HYPE token recently reached a record high above $86 after gaining more than 85% over the past year.
Hyperliquid Labs could be approaching a major U.S. expansion through a proposed partnership with Payward, the parent company of crypto exchange Kraken.
Under the arrangement, Payward subsidiary Bitnomial would provide registered U.S. customers with access to selected crypto perpetual futures linked to markets operating on Hyperliquid’s decentralized exchange and Layer 1 blockchain.
Bloomberg reported that Payward has already presented the structure to the Commodity Futures Trading Commission (CFTC). However, the proposal is still awaiting final regulatory approval.
A Kraken spokesperson declined to comment on the discussions.
Bitnomial Gives Payward a Regulated Derivatives Platform
Payward acquired Bitnomial earlier this year in a deal worth up to $550 million. The acquisition gave Payward control of a CFTC-licensed derivatives infrastructure spanning exchange, clearing and brokerage operations.
That regulated framework could provide Hyperliquid with a route for offering perpetual futures to U.S. traders without directly operating the entire domestic derivatives stack.
Perpetual futures are widely traded in offshore crypto markets but have historically faced significant regulatory barriers in the United States.
Despite the discussions, launching Hyperliquid-linked perpetual contracts in the U.S. could still require considerable regulatory work.
Former SEC senior counsel Ashley Ebersole told The Block that both the Securities and Exchange Commission and the CFTC may need to revise their interpretive rules covering custody and existing trade-routing standards.
Ebersole said that process could take at least 10 to 12 months, even if regulators moved quickly. He is currently the co-founder and chief legal officer of real-world asset platform tx.
The potential partnership comes as regulators and crypto companies push to establish a clearer framework for offering perpetual contracts in the U.S.
Last week, the Hyperliquid Policy Center called on the SEC and CFTC to harmonize their treatment of the products. The organization argued that clearer and more consistent rules would help shift a greater share of crypto derivatives activity onshore.
A CFTC spokesperson said the U.S. risks surrendering its position as a global financial innovation hub if it fails to keep pace with advances in trading and market infrastructure.
The spokesperson added that, under Chair Michael Selig, the agency is committed to promoting fair access and responsible innovation so that the next generation of financial markets is developed in the United States rather than overseas.
Trump Signals Support for Compliant Hyperliquid Entry
President Donald Trump also recently mentioned Hyperliquid during a press conference attended by technology executives and federal agency leaders.
Trump said CFTC Chair Michael Selig was working to bring the platform into the U.S. in a “fully compliant and legal fashion,” signaling high-level support for establishing a domestic regulatory pathway.
The CFTC took an initial step toward permitting crypto perpetual futures in May when it allowed KalshiEX and Coinbase to move forward with listing the products.
In June, the regulator expanded its review of perpetual markets by issuing a request for public comment on crude-oil perpetual contracts and round-the-clock trading.
HYPE Trades Near Its Record High
Hyperliquid’s native HYPE token was trading at approximately $84.08, up 1.3% over the preceding 24 hours.
The token reached an all-time high above $86 last week. HYPE has gained more than 85% over the past year, establishing it as one of the crypto market’s strongest-performing major assets.
A successful partnership with Payward and Bitnomial would represent a significant milestone for Hyperliquid, potentially giving the decentralized derivatives platform regulated access to one of the world’s largest financial markets.
