Hyperliquid, a major crypto perpetuals trading platform, is working on a US entry through Payward, the parent company of Kraken. Payward has reportedly shared a proposed structure with the CFTC, but approval is still up in the air.
A big gap in Hyperliquid's map
Hyperliquid has built a loyal following among offshore perpetuals traders, but it has no US presence. That's a glaring hole. The US is the world's largest market for crypto derivatives, and any platform with serious ambitions wants a piece of it. This deal, if it goes through, would finally give Hyperliquid a regulated on-ramp.
Why Payward
Payward isn't a random partner. It owns Kraken, one of the oldest and most established US exchanges. That means it has the licenses, the compliance infrastructure, and the regulatory relationships that Hyperliquid lacks. Instead of starting from scratch, Hyperliquid can piggyback on Payward's experience. The structure they've outlined to the CFTC likely leans on that existing framework.
The CFTC hurdle
The CFTC has been active in crypto derivatives, and it's not known for fast approvals. Payward has presented an outline, but that's just the opening move. The regulator will want details on market surveillance, customer protection, and how the perpetuals product fits existing rules. Nothing is guaranteed. The structure could change during review, or the whole thing could stall.
What happens next
The next step is CFTC review. There's no public timeline, and neither Hyperliquid nor Payward has commented on the reports. For now, the deal is a proposal on a regulator's desk. Whether it becomes a real product depends on how the CFTC responds.
