Hyperliquid Seeks US Regulated Gateway for Crypto Perpetual Futures
Hyperliquid Labs is reportedly closing in on a deal that would let American traders access crypto perpetual futures tied to its markets for the first time. The arrangement would run through Payward, the parent company of Kraken, using its regulated subsidiary Bitnomial as the U.S. gateway.
The proposed structure involves listing a limited selection of crypto perps linked to Hyperliquid's decentralized exchange and its underlying Layer 1 blockchain on Bitnomial. This means U.S. traders wouldn't be plugging directly into Hyperliquid's platform, but instead trading a regulated product that mirrors those markets.
Payward acquired Bitnomial earlier this year for up to $550 million, picking up a CFTC-licensed derivatives stack that spans exchange, clearing, and brokerage functions. This existing license is the reason this deal is even plausible, building a compliant crypto perpetual futures venue from scratch would take far longer.
The regulatory approval process could take at least 10 to 12 months, according to former SEC counsel Ashley Ebersole. Both the SEC and CFTC may need to weigh in before U.S. traders get access, writing revised interpretive rules covering custody and routing standards.