Hyperliquid reportedly in talks with Kraken parent to bring perps to US traders

Bloomberg reported that Hyperliquid is in advanced discussions with Payward, Kraken's parent company, to bring its perpetual futures to U.S. traders. The proposed arrangement would give U.S.-based traders access to a subset of Hyperliquid's crypto-linked perpetual futures through Payward's Bitnomial. Bitnomial is a U.S.-regulated digital asset exchange and clearinghouse. Bloomberg attributed the talks to people familiar with the matter. Representatives for Payward and Hyperliquid Labs declined to comment to Bloomberg. A deal would mark Singapore-based Hyperliquid Labs' first push into the U.S. market. The platform has been off-limits to American customers. The deal could offer a template for other offshore, unregistered venues to enter the country. Any agreement would require regulatory sign-off. Bloomberg reported that Payward has already presented the Commodity Futures Trading Commission with a proposal outlining the basic structure. The monetary terms were not known. Hyperliquid is a decentralized platform that handles more than $4 billion in daily volume. Hyperliquid has no central operator. Its permissionless design lets anyone with access trade. Regulators worry that such venues are exposed to manipulation. Regulators also worry about money laundering. Regulators further worry about sanctions evasion. Routing access through Bitnomial's regulated infrastructure would provide the operator and oversight that the framework requires. President Donald Trump said earlier this month that his administration was working to bring Hyperliquid onshore. Trump signaled at a White House gathering that CFTC Chairman Michael Selig was seeking a path for the platform. Those comments sent Hyperliquid's HYPE token sharply higher. The talks come as the SEC and CFTC press ahead on rules that could bring offshore perpetual futures trading back onto U.S. platforms. The offshore market is larger than its U.S. counterpart.