Hyperliquid Labs in advanced talks with Kraken parent Payward to reach US traders

@HyperliquidX Labs is in advanced discussions with @Payward, the parent company of crypto exchange Kraken, about opening access to its perpetual futures market for US traders, according to a Bloomberg report citing people familiar with the matter.

The Bitnomial Bridge

The proposed arrangement would allow US users to trade select crypto-token perpetual futures built on Hyperliquid's technology through Bitnomial, the CFTC-licensed exchange that Payward acquired this year. The Bitnomial acquisition was first announced on April 17, 2026, completing a multi-year build-out of regulated derivatives infrastructure across Payward's major markets. Bitnomial is the first crypto-native exchange in the US to hold all three licenses issued by the CFTC required to operate a full-stack derivatives business, covering exchange, clearinghouse, and brokerage functions.

Hyperliquid currently operates as an offshore platform and explicitly restricts access to US users. Perpetual futures are contracts that let traders bet on price movements with leverage but never expire, and in the US, offering leveraged derivatives requires CFTC registration. Through its Bitnomial acquisition, Payward holds CFTC licensing that could theoretically serve as a bridge between Hyperliquid's on-chain architecture and US compliance requirements.

Political Backdrop and Market Reaction

The talks follow remarks made by President Trump on August 19 that CFTC Chair Michael Selig was working to bring Hyperliquid into the US on a compliant basis. Those comments alone sent $HYPE up roughly 19 to 20 percent in a single session, with the token hitting intraday highs around $77.55 on August 21 before continuing its climb above $83. The token's market cap swelled to between $17 billion and $21 billion during the rally, with weekly gains topping 35% as traders priced in the possibility of a compliant on-ramp for on-chain perpetual futures in the US.

The regulatory landscape shifted materially on May 29, when the CFTC approved KalshiEX's Bitcoin perpetual futures contract and confirmed that certain crypto perpetual contracts offered by foreign exchanges can qualify as foreign futures under existing regulations. Kraken subsequently launched regulated perpetual futures for eligible US customers in June.

Any arrangement between Hyperliquid and Payward would still require regulatory sign-off. Representatives of both companies declined to comment on the Bloomberg report. Shares of Intercontinental Exchange dropped 1.5% and Nasdaq fell 1.4% on the news, reflecting market concern about potential competition from a regulated Hyperliquid presence in the US.

Sources:
Payward Completes Acquisition of Bitnomial (BusinessWire)
Hyperliquid Eyes US Perps After CFTC's May 29 Opening (FinanceFeeds)
ICE and Nasdaq Shares Fall on Hyperliquid US Entry Reports (Investing.com)