Hyperliquid's US Route Hits Regulatory Roadblocks
Hyperliquid Labs is in talks with its parent company Payward to launch a regulated US version of their perpetual futures platform. This move follows President Donald Trump's call to bring Hyperliquid onshore legally.
The proposal involves routing selected perpetual futures through Bitnomial, the regulated derivatives business acquired by Payward this year. Bitnomial already holds the necessary exchange, clearing and brokerage licenses for a domestic derivatives stack.
A US product would likely offer fewer markets and tighter leverage while adding Know Your Customer (KYC) and regulated custody.
However, some of the features that distinguish Hyperliquid's global market may be constrained. Traders currently unable to access regulated perpetual futures with Hyperliquid-linked liquidity or market design may still find a narrower product attractive.