Hyperliquid seeks US foothold through Kraken parent Payward in crypto perpetuals deal: Bloomberg

Hyperliquid Labs is closing in on a route into the US market for perpetual futures through a proposed tie-up with Payward, the parent company of crypto exchange Kraken, according to Bloomberg. Under the plan, Payward subsidiary Bitnomial would give registered American users access to a selected set of crypto perps linked to markets on Hyperliquid's decentralized exchange and its underlying Layer 1 blockchain.

Bloomberg reported on Monday that Payward has already presented the outline of the structure to the Commodity Futures Trading Commission, but the arrangement is still waiting on final regulatory sign-off. A Kraken spokesperson declined to comment on the talks.

Payward bought Bitnomial earlier this year in a deal valued at up to $550 million, a purchase that handed it a CFTC-licensed US derivatives business spanning exchange, clearing and brokerage operations.

A regulatory path still taking shape

The mechanics of bringing Hyperliquid onshore are not simple. Ashley Ebersole, a former senior counsel at the Securities and Exchange Commission and now co-founder and chief legal officer at real-world asset platform tx, told The Block that both the SEC and the CFTC may need to weigh in by rewriting interpretive rules covering custody and current routing standards. That process could take at least 10 to 12 months, she said, "assuming things went quickly."

The discussions follow a broader effort to build a US framework for perpetual contracts. Last week the Hyperliquid Policy Center asked the SEC and CFTC to align their treatment of such products, arguing that clearer rules would pull more market share onshore. A CFTC spokesperson said the agency, under Chairman Selig, is committed to "fair access and responsible innovation so that the next generation of our financial markets are built here in America and not overseas."

A week earlier, President Donald Trump named Hyperliquid directly, saying Selig was working to bring the platform into the country in a "fully compliant and legal fashion" during a press conference with technology executives and federal agency heads. The CFTC took an initial step on crypto perpetuals in May by clearing KalshiEX and Coinbase to list the products, and in June it opened a request for comment on crude oil perpetual contracts and 24/7 trading.

Hyperliquid's native HYPE token traded up 1.3% over the prior 24 hours at $84.25. It set an all-time high just above $86 last week and has gained more than 85% over the past year.