Summary
- Hyperliquid is in advanced negotiations to offer its perpetual futures to U.S. traders via Kraken's parent company, Payward, using the regulated Bitnomial exchange, as reported by Bloomberg.
- This collaboration could resolve the primary challenge preventing the Singapore-based decentralized platform, which boasts over $4 billion in daily trading volume without a central operator, from entering the U.S. market.
- The discussions come on the heels of President Trump's comments indicating that his administration is working to facilitate Hyperliquid's entry into the U.S., as the SEC and CFTC aim to bring offshore perpetual futures trading back to domestic exchanges.
Hyperliquid is reportedly in advanced discussions to bring its perpetual futures products to American traders through Payward, the parent company of Kraken, according to a Bloomberg report.
The negotiations, disclosed on Monday by sources familiar with the situation, would enable U.S.-based traders to access a range of Hyperliquid's crypto-related perpetual futures via Bitnomial, a U.S.-regulated digital asset exchange and clearinghouse owned by Payward. Both Payward and Hyperliquid Labs have declined to comment on the matter.
Myriad: Will Hyperliquid surpass Solana? Make your prediction here.Should an agreement be reached, it would mark Hyperliquid Labs' first foray into the U.S. market, where its rapidly growing platform has previously been inaccessible to American customers. This move could also serve as a model for other offshore, unregistered platforms aiming to enter the U.S.
However, any deal would require regulatory approval. Bloomberg has reported that Payward has already submitted a proposal to the Commodity Futures Trading Commission (CFTC) detailing the basic framework for the arrangement, although financial details remain undisclosed.
This partnership would address the fundamental barrier that has kept Hyperliquid from entering the U.S. market. As a decentralized platform with over $4 billion in daily trading volume, Hyperliquid operates without a central authority, allowing anyone with access to trade. This structure raises concerns among regulators regarding potential manipulation, money laundering, and sanctions evasion, as noted by Bloomberg.
By utilizing Bitnomial's regulated infrastructure, the partnership would provide the necessary oversight and operational framework.
This report follows President Trump's remarks earlier this month, in which he stated that his administration is working to facilitate Hyperliquid's entry into the U.S. Trump mentioned during a White House event that CFTC Chairman Michael Selig is exploring options for bringing Hyperliquid onshore, a statement that resulted in a notable increase in the value of its HYPE token.
The discussions are also taking place as the SEC and CFTC are advancing regulations that could potentially bring offshore perpetual futures trading, a significantly larger market than its U.S. counterpart, back onto domestic platforms.