Hyperliquid is in talks with Payward, the parent company of Kraken, to route its decentralized exchange perpetual futures through Payward's US-regulated Bitnomial exchange. If completed, the deal would mark Hyperliquid's first entry into the US market. The discussions come weeks after President Trump said his administration was working to bring Hyperliquid onshore.
A Regulated Path to US Traders
Bitnomial holds a US regulatory license, which would give Hyperliquid a compliant way to offer its perpetual futures to American customers. The arrangement would let Hyperliquid tap into the US market without having to build its own regulated infrastructure from scratch. For Payward, it's a chance to expand Bitnomial's product lineup with a popular decentralized exchange's derivatives.
Perpetual futures are a core product for Hyperliquid, which operates as a decentralized platform. Routing those contracts through Bitnomial would mean US traders get access to the same instruments, but under the oversight of a licensed exchange. That's a significant shift for a protocol that has largely stayed outside traditional financial regulation.
First US Move for Hyperliquid
Hyperliquid has built a following among crypto traders for its fast, low-cost perpetual futures. But it has never offered those products to US residents, likely due to the regulatory complexity. This deal would change that, giving the platform a foothold in one of the world's largest derivatives markets.
The talks are still in early stages, and no agreement has been announced. Neither Hyperliquid nor Payward has publicly commented on the discussions. It's unclear whether the deal would involve a full integration or a more limited partnership.
The Trump Connection
The timing is notable. President Trump said his administration was working to bring Hyperliquid onshore, a statement that hinted at a friendlier regulatory environment for the platform. The talks with Payward follow that remark, though it's not known if the two are directly linked.
If the deal goes through, it would be a concrete step toward Hyperliquid operating within US borders. But the path is still uncertain. The company would need to satisfy regulators, and the terms of any partnership with Bitnomial would have to be worked out.
No timeline has been given for when the talks might conclude. For now, US traders waiting to use Hyperliquid's perpetual futures will have to keep watching.
