Key Points
- Payward, Kraken’s parent entity, and Hyperliquid Labs are negotiating to introduce crypto perpetual futures to American traders through Bitnomial
- A formal proposal has been submitted to the CFTC detailing the operational framework, though authorization remains outstanding
- Legal expert Ashley Ebersole estimates the regulatory review timeline at 10 to 12 months minimum
- The decentralized exchange handles more than $4 billion in trading volume daily while restricting U.S. access
- The HYPE token has climbed over 85% year-to-date, reaching a record peak above $86
A potential collaboration between Hyperliquid Labs and Payward could mark a significant shift for American cryptocurrency traders seeking access to perpetual futures products. The discussions, initially disclosed by Bloomberg, focus on leveraging Bitnomialāa regulated Payward subsidiaryāas the designated trading platform for U.S. participants.
These derivative instruments mirror the price movements of underlying assets without expiration constraints. While widely available on international and decentralized exchanges, they face stringent regulatory oversight within American borders.
Hyperliquid presently prohibits U.S.-based users from accessing its decentralized platform, which facilitates over $4 billion in daily transactions. Under the proposed arrangement, verified American traders would gain access to a curated subset of crypto perpetual contracts connected to Hyperliquid’s liquidity pools via Bitnomial’s infrastructure.
Earlier this year, Payward completed the acquisition of Bitnomial in a deal valued at up to $550 million. This purchase provided Payward with a comprehensive CFTC-registered derivatives framework encompassing exchange operations, clearing services, and brokerage capabilities.
The structural blueprint has been formally submitted to the Commodity Futures Trading Commission for consideration. Regulatory clearance has not yet been issued.
Extended Approval Process Expected
According to Ashley Ebersole, formerly senior counsel at the SEC and currently co-founder and chief legal officer at real-world assets platform tx., the authorization timeline could extend between 10 and 12 months under optimal circumstances.
Ebersole noted that both the Securities and Exchange Commission and the Commodity Futures Trading Commission might need to participate in the review. She indicated that updated interpretive guidance regarding custody protocols and order routing standards would probably be necessary before American traders could utilize these products.
The framework is intentionally designed to maintain U.S. trading within regulated boundaries. Bitnomial would manage regulatory compliance requirements, while American customers would lack direct interaction with Hyperliquid’s decentralized infrastructure.
Federal regulators have historically expressed apprehension regarding decentralized and permissionless trading venues, highlighting concerns about market manipulation vulnerabilities, anti-money laundering deficiencies, and sanctions compliance challenges.
American Market for Crypto Perpetuals Expands
These negotiations emerge as U.S. regulatory bodies have initiated measures to facilitate crypto perpetual futures offerings. The CFTC granted authorization to KalshiEX and Coinbase in May to introduce these instruments. The following month, the commission issued a public comment request regarding crude oil perpetual contracts and continuous trading operations.
During a media event with technology executives, President Donald Trump specifically referenced Hyperliquid, stating that CFTC Chairman Michael Selig was actively working to facilitate the platform’s entry into the U.S. market through compliant channels.
The Hyperliquid Policy Center has advocated for regulatory harmonization between the SEC and CFTC regarding perpetual contract oversight, contending that regulatory clarity would encourage greater domestic market participation.
A representative from Kraken declined to provide commentary on the ongoing discussions.
At the time of publication, HYPE was valued at $84.16, representing approximately 2.5% daily gains. The digital asset has appreciated more than 85% over the trailing twelve months and recently established an all-time high marginally exceeding $86.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
