Hyperliquid in Talks With Kraken Parent to Bring Crypto Perps to US Traders

In brief

• Hyperliquid is in advanced talks to bring its perpetual futures to US traders through Kraken parent Payward's regulated Bitnomial exchange and clearinghouse, according to Bloomberg
• The arrangement would solve the core issue keeping the Singapore-based, decentralized platform—which handles over $4 billion in daily volume with no central operator—out of the US.
• The talks follow Trump's remarks that his administration was working to bring Hyperliquid onshore, and come as the SEC and CFTC push to pull offshore perps trading back onto U.S. platforms.

Hyperliquid is in advanced discussions to bring its perpetual futures to American traders through Kraken's parent company, Payward, according to a report from Bloomberg.

The talks, reported Monday and attributed to people familiar with the matter, would let U.S.-based traders access a subset of Hyperliquid's crypto-linked perpetual futures through Payward's Bitnomial, a U.S.-regulated digital asset exchange and clearinghouse, Bloomberg reported. Representatives for Payward and Hyperliquid Labs declined to comment to the outlet.

A deal would mark the first push into the U.S. market by Singapore-based Hyperliquid Labs, whose fast-growing platform has been off-limits to American customers. It could also offer a template for how other offshore, unregistered venues might enter the country.