Hyperliquid in Talks With Kraken Parent Payward to Bring Perpetual Futures to US Traders

Hyperliquid Labs is in talks with Payward, the parent company of Kraken, on a structure that would give U.S. traders access to perpetual futures tied to Hyperliquid’s markets, Bloomberg reported Monday. The arrangement would be the offshore exchange’s first legal route into the largest derivatives market in the world.

Under the proposed setup, Payward subsidiary Bitnomial would offer registered U.S. users a selection of crypto perps linked to Hyperliquid’s decentralized exchange and its underlying layer 1 blockchain. Payward has already presented the Commodity Futures Trading Commission with an outline of the structure and is waiting on final approval, according to Bloomberg.

Hyperliquid currently restricts U.S. users, which has kept the largest onchain perps venue walled off from American retail and institutional flow. A licensed onshore wrapper would change the addressable market for HYPE holders and hand Payward a differentiated derivatives product as it prepares a public listing.

Policy momentum is building around the product.The Hyperliquid Policy Center urged the SEC and CFTC last week to harmonize their treatment of perpetual contracts, President Donald Trump said in mid-August that CFTC Chair Michael Selig was working to bring the platform onshore in a fully compliant fashion, and the CFTC cleared Kalshi and Coinbase to list crypto perps in May.

Payward closed its purchase of Bitnomial in May for up to $550 million, acquiring a CFTC-licensed stack spanning exchange, clearing and brokerage operations, the first crypto-native firm to hold all three. The company has been stacking acquisitions and capital ahead of an IPO that Bloomberg has reported could slip to 2027. Hyperliquid, meanwhile, has spent the year building a Washington presence, with the HPC. Legacy exchanges have circled the platform from both directions: ICE and CME have reportedly pressed regulators to rein it in, and ICE chair Jeff Sprecher later said his company had held multiple meetings with Hyperliquid.

HYPE was most recently trading near $84, slightly below its record price of $86.80 reaached last week.

Related Listen: CME vs. Kalshi. Is Washington Picking a Winner in Prediction Markets?

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