Key Highlights
- Hyperliquid is in talks with Payward to bring some of its perpetual futures to US traders through Bitnomial.
- The proposed plan still needs regulatory approval from US authorities before trading can begin.
- HYPE surged after the news, briefly nearing $84.28 before pulling back.
Hyperliquid Labs is reportedly talking with Kraken parent Payward to bring some of its perpetual futures to US traders through Bitnomial, a US-regulated digital asset exchange and clearinghouse, Bloomberg reported citing people familiar with the matter.
If approved, the plan would give registered US users access to selected futures linked to crypto tokens built on Hyperliquid’s blockchain technology.
Hyperliquid looks to enter the U.S. market
According to a report, this discussion came just weeks after President Donald Trump said his administration was working to bring the fast-growing crypto platform into the US market. Hyperliquid is currently not available to US customers, despite the strong growth of its trading activity. The platform handles more than $4 billion in volume every day, according to people familiar with the discussions.
Under the proposed deal, US traders would not get direct access to the full Hyperliquid platform. Instead, registered users of Bitnomial would be able to trade a selection of perpetual futures tied to tokens built using Hyperliquid technology.
Bitnomial could give U.S traders access
Bitnomial is a US-regulated digital asset exchange and clearinghouse and is owned by Payward.
The proposed setup would therefore give Hyperliquid a way to offer some of its products to American traders through an exchange that already operates under US rules. This means US users would access the selected futures through Bitnomial rather than directly trading on Hyperliquid itself.
The plan still needs regulatory approval
But the plan has not been completed yet. People familiar with the talks said Payward has presented the Commodity Futures Trading Commission (CFTC) with a proposal explaining how the arrangement could work. The deal would still need regulatory approval before US traders could access the products.
However, The financial terms of the possible agreement were not known. The CryptoTimes has reached out to both companies for comment on the matter.
Why Hyperliquid has stayed out of the U.S.
For Hyperliquid, the proposed structure could address one of the biggest problems standing in the way of entering the US.
The platform is decentralized and permissionless, meaning there is no single central operator controlling the trading activity. Anyone with access can trade on it.
That model has helped Hyperliquid grow quickly, but it also creates problems for regulators. With no central operator overseeing the platform, regulators have concerns about how activities such as market manipulation, money laundering and sanctions evasion can be monitored.
A Possible New Path for Offshore Crypto Platforms
The proposed Bitnomial arrangement would take a different route. Rather than having the decentralized Hyperliquid platform directly serve US customers, selected Hyperliquid-related futures would be offered through a regulated US exchange.
This could also make the talks important beyond Hyperliquid. The arrangement may show how other offshore crypto platforms that are not registered in the US could try to reach American traders while working through regulated companies.
Bloomberg reported that the CFTC did not confirm the discussions when asked about them. However, a spokesperson said the regulator wants the US financial system to keep up with changes in technology and trading.
“If the United States fails to keep pace with rapid advances in trading and markets, we risk ceding our reputation as the global hub of financial innovation,” the CFTC said.
HYPE price surge after the news
Shortly after the news was released, HYPE, the token linked to Hyperliquid, surged nearly reaching $84.28 before pulling back, according to data from CoinMarketCap.
At the time of the report, the token is trading for $84.24, up 1.32% within the last 24 hours after climbing from $79.23 which it traded during early trading session. The token was also reported to be about 230% higher since the beginning of the year.
For now, the proposed US entry remains subject to regulatory approval. But the talks show that Hyperliquid is exploring a route into one of the world’s biggest crypto markets without directly turning its decentralized platform into a registered US exchange.
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