Hyperliquid Taps Kraken Parent for Regulated US Perpetual Futures Route

Hyperliquid Labs is exploring a regulated entry into the U.S. perpetual futures market through its partnership with Payward, the parent company of Kraken.

The proposed arrangement would give registered U.S. users access to certain crypto perpetual contracts linked to markets operating on Hyperliquid's decentralized exchange and Layer 1 blockchain.

Payward subsidiary Bitnomial has presented the structure to the Commodity Futures Trading Commission, but final regulatory approval remains pending.

The proposal could give Hyperliquid a regulated path into the U.S. market, which has historically kept most crypto perpetual trading offshore.

Ashley Ebersole, former senior counsel at the Securities and Exchange Commission, estimated that the process of revising interpretations covering custody and existing trade-routing requirements could take at least 10 to 12 months.