Hyperliquid in Advanced Talks to Bring Crypto Perps to US Traders via Kraken Parent

Hyperliquid Labs, the Singapore-based decentralized exchange that has become a dominant force in offshore crypto derivatives, is in advanced negotiations to open a regulated pathway into the U.S. market through Payward, the parent company of the Kraken exchange.

The proposed structure would route a selected subset of Hyperliquid's crypto-linked perpetual futures through Bitnomial, the Chicago-based derivatives exchange and clearinghouse that Payward acquired earlier this year. If regulators approve the arrangement, registered American traders would gain access to products tied to Hyperliquid's blockchain without interacting directly with its permissionless platform.

Perpetual futures, which carry no expiration date and use recurring funding payments to keep prices aligned with the underlying asset, anchor Hyperliquid's trading activity. The venue processes more than $4 billion in daily volume and handled roughly $3 trillion in notional trading during 2025, according to figures cited in coverage of the discussions. Despite that scale, American users have been locked out because the platform operates without a central operator, a design that has drawn persistent regulatory concern over potential market manipulation, money laundering, and sanctions evasion.