Hyperliquid in talks with Payward to bring perpetual futures to US traders
Hyperliquid Labs is in advanced talks with Kraken parent Payward to offer its perpetual futures to US traders through Payward's regulated Bitnomial exchange. The arrangement seeks to bypass regulatory barriers keeping the decentralized platform, which handles $4 billion in daily volume, out of the US. The discussions follow remarks by President Donald Trump supporting the onshoring of Hyperliquid, and come as the CFTC and SEC push to bring offshore trading onto domestic platforms.
Hyperliquid Payward partnership talks
▪The monetary terms of the proposed agreement between Hyperliquid Labs and Payward are currently unknown
▪Representatives of Payward and Hyperliquid Labs declined to comment on the partnership discussions
▪Hyperliquid Labs is in advanced talks with Kraken parent company Payward to bring its perpetual futures to US traders
▪Under the proposed deal, US-based traders would use Payward's Bitnomial exchange to trade some perpetual futures tied to crypto tokens built on Hyperliquid's blockchain
Bitnomial regulated exchange structure
▪The proposed arrangement would allow registered Bitnomial users to trade a subset of futures linked to crypto tokens built on Hyperliquid technology
▪Routing access through Bitnomial's regulated infrastructure would provide the operator and oversight required by US regulatory frameworks
▪Payward subsidiary Bitnomial is a US-regulated digital asset exchange and clearinghouse
Decentralized platform regulatory barriers
▪Regulators have historically raised concerns about permissionless trading platforms because their structure complicates oversight related to market manipulation, money laundering, and sanctions compliance
▪Hyperliquid is a decentralized, permissionless platform with no central operator, which is currently unavailable to US customers
▪Hyperliquid handles more than $4 billion in daily trading volume
Trump administration crypto onshoring
▪President Donald Trump signaled during a White House gathering that Commodity Futures Trading Commission Chairman Michael Selig was seeking a path to bring Hyperliquid onshore
▪The talks between Hyperliquid Labs and Payward follow remarks by President Donald Trump stating his administration was working to bring Hyperliquid into the US market
CFTC perpetual futures oversight
▪The partnership talks occur as the Securities and Exchange Commission and the Commodity Futures Trading Commission push to pull offshore perpetual futures trading back onto US platforms
▪Payward has presented the Commodity Futures Trading Commission with a proposal outlining the basic structure of the arrangement with Hyperliquid
▪The Commodity Futures Trading Commission did not comment specifically on the discussions but stated the US must keep pace with financial market advances to remain a global center for innovation
HYPE token price movement
▪The Hyperliquid HYPE token rose more than 5% over a 24-hour period following the news of the partnership talks on August 31, 2026
▪The Hyperliquid HYPE token has increased by approximately 230% since the start of 2026
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