Hyperliquid Eyes US Entry with Kraken Parent Deal

Hyperliquid Labs is in advanced talks to bring its perpetual futures markets to US traders through a partnership with Payward, the parent company of crypto exchange Kraken. The deal would see registered US users access a selection of crypto perpetual contracts linked to markets on Hyperliquid's decentralized exchange and its underlying layer-1 blockchain.

The proposed arrangement would use Payward's subsidiary Bitnomial, which offers a CFTC-licensed US derivatives stack spanning exchange, clearing, and brokerage operations. This infrastructure would provide the regulated operator and oversight framework that US regulators require to approve the deal.

Payward has already pitched the structure to the Commodity Futures Trading Commission (CFTC), although regulatory approval is still pending. Former SEC senior counsel Ashley Ebersole told The Block that bringing Hyperliquid to the US would likely require both the Securities and Exchange Commission (SEC) and the CFTC to write revised interpretive rules covering custody and routing standards.

The talks follow remarks made by President Donald Trump in August 2026, when he said his administration was working to bring Hyperliquid onshore in a 'fully compliant and legal fashion'. A successful deal with Payward could offer a template for how other offshore, unregistered platforms might seek entry into the US under the current regulatory push.