Hyperliquid Labs could gain access to the U.S. market through a potential partnership with Payward, the parent company of crypto exchange Kraken. The companies are reportedly exploring the launch of regulated cryptocurrency perpetual futures for traders in the United States.
A key role in the proposed structure would be played by Bitnomial, Payward’s regulated crypto derivatives platform. Through Bitnomial, U.S. customers could gain access to selected perpetual contracts linked to markets operating on Hyperliquid’s decentralized exchange.
Payward has already presented the proposed framework to the U.S. Commodity Futures Trading Commission (CFTC), although final regulatory approval has not yet been granted.
Bitnomial Could Provide Hyperliquid With Regulated Access to the U.S. Market
Payward previously acquired Bitnomial in a deal valued at up to $550 million. The acquisition gave the company control over CFTC-licensed derivatives infrastructure covering exchange, clearing, and brokerage operations.
This structure could become the foundation for bringing Hyperliquid-related products to the U.S. market. Instead of building an entirely new regulated derivatives stack from scratch, the platform could rely on Bitnomial’s existing infrastructure.
Under the proposed model, registered U.S. users could trade selected perpetual futures economically linked to Hyperliquid markets while accessing them through a regulated venue.
For Hyperliquid, this approach could become one of the most realistic ways to enter the world’s largest financial market without abandoning its existing onchain infrastructure.
Perpetual Futures Remain a Regulatory Challenge in the United States
Perpetual futures have long been among the most popular instruments in international crypto markets. Unlike traditional futures, these contracts do not have a fixed expiration date and can be held by traders for extended periods.
However, launching such products in the United States has historically involved significantly stricter regulatory requirements.
Even if the CFTC responds positively to the Payward and Hyperliquid proposal, a full launch could require additional work around asset custody, trade routing, and interactions between regulated and decentralized trading systems.
Former SEC senior counsel Ashley Ebersole has suggested that both the SEC and CFTC may need to revisit certain interpretations of existing rules. According to his estimate, even with rapid regulatory progress, the process could take around 10 to 12 months.
U.S. Regulators Are Studying a Broader Framework for Perpetual Markets
The potential partnership between Hyperliquid and Payward comes amid a broader debate over how perpetual crypto contracts could be made available to U.S. users within a regulated framework.
Industry representatives have urged the SEC and CFTC to develop a more coordinated approach to such products. Supporters of reform argue that clearer and more consistent rules could help bring a larger share of crypto derivatives activity back from offshore markets to the United States.
The CFTC has also shown increasing interest in around-the-clock markets and new derivatives structures. The regulator has previously allowed further development of certain perpetual-style products and later expanded its review to inсlude 24/7 trading and perpetual contracts tied to traditional assets.
The agency’s approach suggests that U.S. regulators are increasingly exploring ways to adapt existing frameworks to markets that operate 24/7 and rely on digital infrastructure.
Trump Publicly Mentions a Potential U.S. Path for Hyperliquid
Additional attention was drawn to the issue after U.S. President Donald Trump recently mentioned Hyperliquid during an event attended by technology executives and representatives of federal agencies.
According to Trump, CFTC Chairman Michael Selig is working on creating a path for the platform to enter the U.S. market in a fully compliant and legal manner.
The statement was viewed as a notable signal of political support for creating a regulated pathway for platforms of this kind, although it does not itself represent approval of any specific product.
For Hyperliquid, gaining official access to U.S. users could be particularly significant because the United States remains one of the world’s largest markets for both institutional and retail capital.
Hyperliquid Aims to Bring Decentralized Derivatives Into a Regulated Market
Hyperliquid has become one of the most prominent players in decentralized derivatives through its own blockchain infrastructure and perpetual contract markets.
A potential partnership with Payward and Bitnomial could combine two different models: Hyperliquid’s decentralized liquidity and trading infrastructure with Bitnomial’s regulated exchange, brokerage, and clearing capabilities.
If the structure receives approval, it could become an example of how products that originated in DeFi and offshore crypto markets can be adapted to the requirements of the U.S. financial systеm.
It could also increase competitive pressure on other major crypto exchanges and derivatives providers seeking to expand their regulated presence in the United States.
HYPE Remains One of the Market’s Notable Tokens
Amid expectations of a potential U.S. expansion, Hyperliquid’s native token HYPE has recently shown strong market performance.
The token recently reached a new all-time high above $86, while its gains over the past year exceeded 85%.
Interest in HYPE is being supported not only by market momentum but also by expectations surrounding Hyperliquid’s institutional expansion, infrastructure growth, and possible entry into additional regulated jurisdictions.
CFTC Approval Could Become a Major Milestone for Hyperliquid
Cooperation with Payward and Bitnomial could become one of Hyperliquid’s most important steps toward regulated international expansion.
If the CFTC approves the proposed structure, U.S. traders could gain access to perpetual crypto contracts linked to Hyperliquid markets through regulated infrastructure.
At the same time, the project could demonstrate a new model of cooperation between decentralized markets and traditional licensed financial companies.
No final regulatory decision has been made yet, but the initiative itself shows that perpetual crypto derivatives are gradually moving beyond the predominantly offshore segment and toward regulated financial markets in the United States.