Hyperliquid Eyes US Market Entry Through Kraken Partnership

Hypeliquid, a platform offering perpetual futures contracts, is in advanced talks with Payward, the parent company of Kraken, to bring its services to American traders. The plan would involve routing a portion of Hyperliquid-linked contracts through Bitnomial, a CFTC-licensed derivatives platform acquired by Payward for up to $550 million earlier this year.

Hyperliquid has been operating outside US derivatives law, but by using Bitnomial's regulated licence and customer relationship, it can comply with American regulations. This compromise would allow Hyperliquid to maintain its permissionless design for non-US traders while giving American traders a narrower selection of contracts through a licensed intermediary.

The move is significant, as Hyperliquid handles over $200 billion in volume each month, accounting for 58% of the market share among decentralized perpetual futures exchanges. If successful, it would put another major player into the US market, following Coinbase and Kalshi, which have already received approval from the CFTC.

Ashley Ebersole, a former SEC senior counsel, estimates that this process could take at least 10 to 12 months, assuming everything goes smoothly. The timeline is crucial, as Hyperliquid's token price has been volatile in recent weeks, with a 17% jump following President Trump's statement on the matter.