Hyperliquid is in advanced discussions to offer its crypto-linked perpetual futures to American traders through Bitnomial, the US-regulated digital asset exchange and clearinghouse owned by Kraken parent Payward, according to a Bloomberg report published Monday.
People familiar with the matter described the talks to Bloomberg. Representatives for both Payward and Hyperliquid Labs declined to comment on the discussions.
A First US Market Entry
Any deal would mark the first push into the US market for Singapore-based Hyperliquid Labs, whose permissionless platform has been off-limits to American customers. The arrangement could also serve as a template for how other offshore, unregistered venues might enter the country.
The core obstacle has been Hyperliquid's decentralized structure. The platform handles more than $4 billion in daily volume with no central operator, and its permissionless design allows anyone with access to trade. Regulators have expressed concern that such setups expose venues to manipulation or other criminal activity.
Routing access through Bitnomial's regulated infrastructure would provide the operator and oversight that the existing framework requires. Any agreement would still need regulatory sign-off, and Payward has already presented the Commodity Futures Trading Commission with a proposal outlining the basic structure. Monetary terms were not disclosed.
Regulatory and Political Momentum
The talks follow remarks from President Donald Trump earlier this month, when he used a White House gathering to signal that his administration was working to bring the platform onshore. Trump indicated that CFTC Chairman Michael Selig was seeking a path for Hyperliquid, comments that sent the project's HYPE token sharply higher.
The discussions also arrive as the SEC and CFTC press ahead on rules intended to pull offshore perpetual futures trading back onto domestic platforms. The offshore perps market significantly dwarfs its US counterpart, making Hyperliquid's potential onboarding a notable test case for how regulators and industry might bridge the gap.
