Hyperliquid Labs and Payward, the parent company of Kraken, are in advanced talks to offer a selection of crypto perpetual futures to U.S. traders. The plan would route the products through Payward's Bitnomial subsidiary, which holds a regulated derivatives license. Any deal still needs the Commodity Futures Trading Commission's sign-off before U.S. customers can trade.
A regulated route for perpetuals
Under the proposed structure, Bitnomial would act as the regulated trading venue. Hyperliquid, a decentralized exchange known for its perpetual futures platform, would provide the trading technology or liquidity — though the exact split of responsibilities hasn't been spelled out. What's clear is that the two companies see a path to offer these products to U.S. customers without running afoul of existing derivatives rules.
Perpetual futures are a staple of offshore crypto exchanges, but U.S. traders have had few regulated options. Most major venues either block U.S. users or offer only limited versions of the product. If this deal goes through, it could open a significant new channel for Hyperliquid's products in the world's largest capital market.
The CFTC's role
Payward has already presented the CFTC with a proposal, though the details remain incomplete in public filings. The regulator hasn't made a decision, and it's not clear how the agency will view an arrangement that effectively lets a decentralized platform tap into a regulated venue. The CFTC has been cautious about crypto derivatives, but it has also approved a range of products in recent years.
The talks are described as advanced, but that doesn't mean a deal is imminent. Regulatory approval is a separate hurdle, and the timeline is unknown. Neither company has said when they expect a decision.
What's still up in the air
The biggest open question is whether the CFTC will accept the structure as proposed. There's also the matter of which perpetual futures would be selected — the facts don't specify the contracts, and that could matter for how the agency reviews the plan. For now, the two firms are in the waiting game, with the regulator holding the key.
The next concrete step is CFTC review of the proposal. Until then, U.S. traders will have to keep watching from the sidelines.
