Hyperliquid, one of the largest decentralized derivatives platforms, is reportedly in discussions with the parent company of crypto exchange Kraken to offer its perpetual futures products to traders in the United States for the first time.
A Path Onshore Through Regulated Rails
According to the reported talks, Hyperliquid's perpetual futures would be routed through Bitnomial, a US-regulated derivatives venue owned by Payward, the company behind Kraken. The arrangement would give American traders access to Hyperliquid's signature products while keeping the offering within the boundaries of US regulatory oversight.
Perpetual futures, or "perps," are a staple of crypto derivatives trading, allowing participants to bet on price movements without an expiry date. They have long been popular on offshore venues but have faced hurdles reaching US customers due to regulatory constraints.
Bringing perps onshore would hand American traders access to one of DeFi's most sought-after products under a regulated umbrella.
A Notable First for Hyperliquid
If completed, the deal would mark Hyperliquid's debut in the US market, a significant milestone for a platform that has built much of its user base offshore. Partnering with a regulated intermediary offers a compliant route into one of the world's most tightly watched jurisdictions.
The timing follows recent comments from President Donald Trump, who indicated his administration was working to bring platforms like Hyperliquid into the domestic market. The remarks signaled a broader shift toward accommodating crypto derivatives businesses under a friendlier regulatory posture.
Key elements of the reported arrangement include:
- Routing Hyperliquid's perpetual futures through Payward-owned Bitnomial
- Providing US traders their first access to the decentralized exchange's products
- Operating within existing US regulatory frameworks
Neither Hyperliquid nor Payward has finalized public confirmation of the discussions, and the specifics of any agreement remain subject to change as negotiations continue. Still, the reported talks underscore a growing appetite among crypto firms to establish a compliant foothold in the United States.