Key facts
- Hyperliquid is in advanced talks with Kraken's parent company, Payward, to offer perpetual futures to U.S. traders.
- The deal would utilize Payward's regulated Bitnomial exchange and clearinghouse.
- Hyperliquid is a decentralized platform with over $4 billion in daily volume, lacking a central operator.
- The arrangement aims to provide regulatory oversight and compliance for U.S. trading.
- Payward has submitted a proposal to the CFTC regarding the structure of the deal.
- President Donald Trump has previously indicated efforts to bring Hyperliquid into the U.S. market.
Hyperliquid, a Singapore-based decentralized platform for crypto perpetual futures with over $4 billion in daily volume, is reportedly in advanced discussions with Payward, the parent company of Kraken. The potential agreement would allow U.S. traders to access a subset of Hyperliquid's offerings through Payward's regulated U.S. exchange, Bitnomial. This move aims to address regulatory concerns surrounding Hyperliquid's lack of a central operator and its offshore status.
Sources familiar with the matter told Bloomberg that the arrangement would provide the necessary operator and oversight that regulators require for such platforms. Payward has already presented a proposal to the Commodity Futures Trading Commission (CFTC) detailing the basic structure of the deal, though monetary terms remain undisclosed. Representatives for both Hyperliquid and Payward declined to comment.
The talks follow recent remarks by President Donald Trump, who stated his administration was working to bring the platform onshore, and comments from CFTC Chairman Michael Selig about seeking a path for Hyperliquid. This development also aligns with ongoing efforts by the U.S. Securities and Exchange Commission (SEC) and CFTC to bring offshore perpetual futures trading, a market significantly larger than its U.S. counterpart, back onto domestic platforms.