By How Could Hyperliquid Enter The U.S. Market?
Hyperliquid Labs is exploring a route into the U.S. perpetual futures market through Payward, the parent company of Kraken, in a structure that could connect American traders with selected markets from Hyperliquid’s decentralized exchange.
Under the proposed arrangement, Payward subsidiary Bitnomial would give registered U.S. users access to certain crypto perpetual contracts linked to markets operating on Hyperliquid and its Layer 1 blockchain. Payward has reportedly presented the structure to the Commodity Futures Trading Commission, but final regulatory approval remains pending.
The proposal could give Hyperliquid a regulated path into a market that has historically kept most crypto perpetual trading offshore. Rather than attempting to serve U.S. traders directly through its decentralized platform, the arrangement would use regulated derivatives infrastructure controlled by Payward.
That infrastructure became available after Payward completed its acquisition of Bitnomial in May for up to $550 million. Bitnomial operates a full U.S. derivatives stack covering a designated contract market, derivatives clearing organization and futures commission merchant, all regulated by the CFTC.
Why Does Bitnomial Matter For Hyperliquid?
Bitnomial could provide the regulated intermediary needed to connect Hyperliquid’s onchain markets with U.S. customers while keeping trading, clearing and brokerage functions within the existing derivatives framework.
That distinction matters because Hyperliquid has built much of its growth around perpetual futures, which allow traders to gain leveraged exposure without an expiration date. The products dominate offshore crypto derivatives activity but have historically been difficult to offer to U.S. users because of restrictions around registration, custody, clearing and market structure.
The CFTC has started opening a route for perpetual contracts. In May, the regulator approved KalshiEX’s Bitcoin perpetual contract as a futures product and issued guidance related to Coinbase Financial Markets offering certain crypto perpetuals listed on affiliated foreign markets.
The agency has also been examining 24/7 trading and the potential use of perpetual structures beyond crypto. These steps do not automatically clear Hyperliquid’s proposed arrangement, but they provide a regulatory foundation that did not exist for U.S. perpetual markets previously.
Investor Takeaway
A U.S. route through Bitnomial could give Hyperliquid access to regulated American derivatives demand without requiring its existing decentralized exchange to operate as a conventional U.S. trading venue. The bigger question is whether regulators can create rules that connect onchain liquidity with regulated intermediaries without changing the mechanics that made perpetual markets attractive in the first place.
Could Regulatory Approval Take Another Year?
The proposal still faces legal and technical hurdles. Ashley Ebersole, a former senior counsel at the Securities and Exchange Commission and now chief legal officer at real-world assets platform tx, said both the SEC and CFTC could need to revise interpretations covering custody and existing trade-routing requirements.
Ebersole estimated that process could take at least 10 to 12 months, even if regulators moved quickly. That would make the Payward structure a medium-term route into the U.S. rather than an imminent product launch.
The Hyperliquid Policy Center has separately urged the SEC and CFTC to establish a harmonized framework for perpetual contracts. In an Aug. 24 policy paper, the organization argued that uncertainty over whether perpetuals should be treated as futures or swaps has helped push much of the market outside the United States.
For contracts referencing securities or other regulated assets, the legal questions become more complicated because jurisdiction can involve both the securities and commodities frameworks. That could limit which Hyperliquid-linked markets are initially available even if the overall structure receives approval.
What Would U.S. Access Mean For HYPE?
A successful launch would give Hyperliquid exposure to a large pool of traders currently unable to access its core perpetual products through a regulated domestic route. It could also test whether decentralized liquidity can be integrated into the U.S. derivatives system through licensed exchanges, brokers and clearing infrastructure.
The talks arrive during a strong period for Hyperliquid’s HYPE token, which recently reached a record above $86 and has gained more than 85% over the past year. Expectations for U.S. access add another potential growth driver, although regulatory approval and a commercial launch remain unresolved.
The implications extend beyond Hyperliquid. If the Payward-Bitnomial model is approved, other offshore or decentralized derivatives platforms could examine similar structures rather than building an entire regulated U.S. operation themselves.
For now, the main hurdle is regulatory architecture rather than demand. Hyperliquid has already built substantial perpetual futures liquidity outside the U.S. The proposed Payward partnership is a test of whether that liquidity can be connected to American traders without moving the entire market onshore.