Hyperliquid Eyes Regulated US Entry Through Kraken Partnership
Hyperliquid Labs is reportedly in advanced discussions with Payward, the parent company of Kraken, to bring selected cryptocurrency perpetual futures to U.S. traders.
The proposed structure would allow Bitnomial, a CFTC-licensed exchange and clearing infrastructure acquired by Payward earlier this year for up to $550 million, to provide regulated infrastructure through which U.S. users could access a selection of perpetual contracts linked to assets associated with Hyperliquid's blockchain.
This move represents a significant step for Hyperliquid as it seeks to enter the American market while navigating regulatory difficulties due to its existing permissionless model.
Hyperliquid has built much of its reputation around perpetual futures, which allow traders to maintain positions indefinitely using leverage. If regulators approve the proposed framework, Hyperliquid could become an important test case for bringing decentralized-market innovation into the regulated American financial system.