Hyperliquid Eyes US Market with Kraken Parent Deal

Hyperliquid, the Singapore-based decentralized platform handling over $4 billion in daily volume, is in advanced talks to bring its perpetual futures to US traders through Kraken's parent company Payward. The arrangement would address the core issue keeping Hyperliquid out of the US market: its permissionless design, which regulators worry leaves it exposed to manipulation and other risks.

The platform would route access to Bitnomial, a US-regulated digital asset exchange and clearinghouse owned by Payward, which has already presented a proposal outlining the basic structure to the Commodity Futures Trading Commission. The talks follow President Donald Trump's remarks that his administration was working to bring Hyperliquid onshore.

The deal would mark the first push into the US market by Hyperliquid Labs, and could offer a template for how other offshore, unregistered venues might enter the country. The SEC and CFTC are pushing ahead on rules that could pull offshore perpetual futures trading back onto domestic platforms.