Hyperliquid in advanced talks with Payward to bring perpetual futures to US traders

Hyperliquid Labs is in advanced talks with Kraken parent Payward to bring some of its perpetual futures to US traders through regulated digital asset exchange Bitnomial.

The proposed arrangement would allow registered Bitnomial users to trade a subset of futures linked to crypto tokens built on Hyperliquid technology, according to a Bloomberg report.

Any agreement would still require regulatory approval. Payward has presented the Commodity Futures Trading Commission with a proposal outlining the basic structure of the arrangement, according to the report.

The talks come just weeks after President Donald Trump said his administration was working to bring Hyperliquid into the US market.

Hyperliquid is currently unavailable to US customers despite becoming one of the largest venues for perpetual futures trading. The platform handles more than $4 billion in daily volume, according to the report.

Under the proposed structure, Payward subsidiary Bitnomial would provide the regulated venue through which eligible US traders could access selected Hyperliquid-linked futures.

That could offer Hyperliquid a path into the US without requiring its decentralized platform itself to operate as a registered US exchange.

Regulators have historically raised concerns around permissionless trading platforms because their structure can complicate oversight related to market manipulation, money laundering, and sanctions compliance.

The CFTC did not comment specifically on the discussions but said the US must keep pace with advances in trading and financial markets to remain a global center for financial innovation.

HYPE rose more than 5% over the past 24 hours, with most of the move coming after news of the talks emerged. The token is now up roughly 230% since the start of the year.