Hyperliquid perpetual futures will become available to US traders through a partnership between Kraken and Hyperliquid's parent company Payward. The arrangement addresses regulatory compliance requirements that currently prevent Americans from accessing Hyperliquid's web interface.
Under the partnership structure, US users will access Hyperliquid's order book while contracts operate through Bitnomial Exchange and Bitnomial Clearinghouse, both CFTC-regulated entities owned by Payward. Traders will require account clearance from both NinjaTrader Clearing broker and Bitnomial to participate.
Market Context
Hyperliquid perpetuals have grown significantly outside the US, with total value locked reaching $6.7 billion since 2023. The platform accounts for approximately 9% of global open perpetual positions. The broader crypto perpetual futures market generated $85 trillion in global volume in 2025.
Regulatory Path Forward
The partnership currently awaits CFTC approval, with experts cautioning that implementation could take several months. Once approved, the US version would operate under stricter regulations, sanctions screening, and lower leverage limits compared to the global platform.
Payward has indicated this partnership represents the first of multiple similar arrangements it plans to establish. Industry observers view the model as a potential blueprint for integrating decentralized finance architecture with traditional financial regulation.
Token Movement
Following the announcement, HYPE token rose 1.71% to trade at $78.23, supported by fee-funded token buybacks and record open interest.
