Hyperliquid Eyes US Foothold via Kraken Parent Payward's Crypto Perps Deal

Hyperliquid Labs is nearing its goal of bringing perpetual futures to U.S. traders through a partnership with Payward, the parent company of Kraken.

The proposed arrangement would allow registered U.S. users access to a selection of crypto perps linked to markets on Hyperliquid's decentralized exchange and underlying Layer 1 blockchain via Bitnomial, a Payward subsidiary acquired for up to $550 million earlier this year.

Payward has pitched the Commodity Futures Trading Commission with the outline of the structure, but is still awaiting final regulatory approval. The SEC and CFTC may need to be involved in writing revised interpretive rules involving custody and mechanics around current routing standards, potentially taking at least 10 to 12 months.

The talks come amid a push to establish a regulatory path for companies seeking to offer perpetual contracts in the U.S., with Hyperliquid urging the SEC and CFTC to harmonize their treatment of these products. The CFTC is committed to promoting fair access and responsible innovation, according to a spokesperson.