Hyperliquid Labs is pursuing entry into the US market through Payward, the parent company of crypto exchange Kraken, according to reporting by Bloomberg. Rather than acquiring a licensed exchange, the arrangement would use Bitnomial, Payward's US-regulated derivatives exchange and clearinghouse, to provide registered American traders access to a subset of crypto perpetual futures tied to Hyperliquid. Payward has already submitted the proposed structure to the Commodity Futures Trading Commission.
Limited Offerings for US Traders
The US offering would represent a restricted version of Hyperliquid's services. Registered users would trade on Bitnomial under US regulatory rules with identity verification requirements and a limited menu of available products. The arrangement covers only a subset of crypto perpetual futures, not Hyperliquid's full offshore order book.
Notably, exotic markets accessible through Hyperliquid's third-party framework—including commodities and pre-IPO names—fall outside the reported plan. The leverage levels available on Hyperliquid's offshore platform would not transfer to the US offering. For traders already using Hyperliquid's offshore venue, the structure introduces no changes.
Why This Approach Over Acquisition
Payward acquired Bitnomial in a deal that closed on May 1 for $550 million, providing three CFTC licenses simultaneously. By contrast, prediction market Polymarket paid $112 million to acquire a licensed venue independently. Renting access through Bitnomial requires significantly less upfront capital for Hyperliquid than purchasing a licensed exchange outright, though the arrangement means Payward retains ownership and control of the US-regulated venue and registered customers.
Implications for HYPE Token
Hyperliquid's exclusion from the US market has not produced visible negative effects on its token to date. HYPE reached a record price of $86.71 on August 27 without any registered US traders on the platform. The protocol routes 99% of all protocol and trading fees into repurchasing HYPE tokens, having retired $1.3 billion of supply since December 2024.
The impact on HYPE holders depends on whether US trading volume on Bitnomial generates sufficient revenue to sustain buyback levels. A flat licensing fee and a share of trading revenue represent materially different outcomes for the token's economics.
HYPE traded at $83.57 on Monday, up 7.1% over the week. The price movement followed comments from President Donald Trump on August 19 that regulators were working to bring Hyperliquid onshore. A CFTC filing does not constitute regulatory approval, and both Hyperliquid and Payward declined to comment on the matter.
