Hyperliquid Takes Step Towards US Entry with Potential Partnership

Hyperliquid Labs is in advanced talks with Payward's subsidiary Bitnomial to bring its perpetual futures to US traders. This potential partnership would allow registered users of Bitnomial, a US-regulated digital asset exchange and clearinghouse, access to a subset of Hyperliquid's crypto-linked perpetual futures.

The deal aims to address the regulatory concerns that have kept Hyperliquid out of the US market due to its permissionless design. With no central operator, anyone with internet access can trade on the platform freely, which has raised worries among regulators about market manipulation and sanctions evasion.

By routing access through Bitnomial, the arrangement gives the CFTC the compliance framework it needs to approve a US launch. According to people familiar with the matter, Payward has already presented the CFTC with a proposal outlining the basic structure of the deal.

The potential partnership is seen as significant not only for Hyperliquid but also for other offshore crypto platforms trying to enter the US market legally. If successful, it could become a template for future deals and provide a major commercial unlock for platforms like Hyperliquid, which already handles over $4 billion in daily trading volume.

Hyperliquid's entry into the US market would be a significant development, given its current off-limits status to US customers. The move has been encouraged by President Donald Trump's statement that CFTC Chairman Mike Selig is working to bring Hyperliquid into the US in a fully compliant way.