Hyperliquid is in talks with Payward, the parent company of crypto exchange Kraken, about launching perpetual futures for US traders. The deal would route orders through Bitnomial, a CFTC-regulated derivatives exchange that sits inside the Payward group.
This marks Hyperliquid's first formal move into the US market. It comes weeks after officials from the Trump administration said they were working to bring the platform onshore.
The Hyperliquid-Payward deal: how it would work
Hyperliquid remains a decentralized exchange running on its own layer-1 blockchain, where perpetual futures trade without a centralized middleman. To reach the regulated US market, the platform needs a licensed partner, and that role would fall to Bitnomial.
Bitnomial already operates as a CFTC-regulated derivatives exchange and clearinghouse. If the Payward deal closes, US traders would be able to trade Hyperliquid's perpetual contracts through infrastructure accountable to a US regulator, rather than going through the offshore protocol directly.
Neither side has disclosed fee details or a launch timeline yet. Talks are ongoing, and the final deal structure could still change before signing. Partnerships like this usually go through several rounds of legal review before going public.
For Payward, the deal fits a broader strategy. The company already runs one of the oldest licensed crypto exchanges in the US and is looking for ways to expand its derivatives lineup without building a DeFi platform from scratch.
The offshore perps market is valued at $90 trillion
Former SEC and CFTC officials put the size of the crypto perpetual futures market outside US jurisdiction at $90 trillion. That figure explains why regulators are suddenly talking about lighter rules: capital and trading volume have bypassed US exchanges for years.
The Clarity Act, meant to set clear rules for the crypto market, is stuck in Congress during a recess. Until it passes, the CFTC and SEC are working within their existing authority, trying to offer exchanges like Hyperliquid a path to legal US access without waiting for new legislation.
By comparison, the entire US spot crypto ETF market is measured in tens of billions of dollars. The gap in scale shows why regulators are willing to compromise specifically in derivatives: that is where far more money still sits outside their reach.
Why regulators are shifting their stance
A year ago, a deal like this between a decentralized perpetual futures exchange and a regulated US partner would have looked unlikely. Former SEC and CFTC officials are publicly urging current regulators to ease requirements specifically for derivatives and custody services.
The argument is straightforward. If rules stay too strict, trading volume keeps flowing past US venues, taking tax revenue and market oversight with it. Bitnomial and similar venues offer a middle ground where the technology stays decentralized while US trader access runs through a regulated gateway.
Risks that could derail the launch
The deal is not signed yet, and a few obstacles stand between here and launch.
- Talks between Hyperliquid and Payward could still fall apart without a final agreement, as has happened with other crypto partnerships.
- Clarity Act delay: without a passed law, the CFTC operates within its current authority, and any new interpretation of the rules could slow the process.
- Bitnomial will need to adapt its clearing infrastructure to Hyperliquid's specific products, which takes months rather than weeks.
- Rivals, including other decentralized exchanges, are also competing to be first into the regulated US market.
Derivatives markets typically react to this kind of news faster than spot markets. Even without a final deal, the news of talks alone can temporarily lift trading volume on Hyperliquid, as traders price in future access to US liquidity.
What it means for the derivatives market
If the Hyperliquid-Payward deal closes, it would set a precedent for other decentralized perpetual futures exchanges that have avoided the US market for years over regulatory risk. Bitnomial would gain access to one of the largest players in DeFi derivatives, while US traders would gain products that were previously available only through offshore platforms.
The coming months will show whether the two sides can agree on final terms before Congress returns to the Clarity Act. That will decide whether Hyperliquid's case turns out to be an exception or the start of a broader shift of crypto perpetuals into US-regulated territory.
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