Hyperliquid Eyes US Market Entry Through Payward's Regulated Crypto Perps Platform

Hyperliquid is in advanced negotiations with Payward, Kraken's parent company, to launch its decentralized perpetual futures trading in the United States. The deal would route Hyperliquid's perps through Bitnomial, Payward's US-regulated derivatives exchange, according to sources familiar with the discussions.

This move marks Hyperliquid's first legitimate entry into the American market—a significant step for the decentralized exchange platform that's been expanding globally but operating in a gray area when it comes to US regulation. The timing is particularly noteworthy, coming just weeks after President Trump publicly stated his administration is working to bring Hyperliquid onshore as part of a broader push to keep crypto innovation stateside.

Strategic Partnership to Navigate US Regulation

The Payward-Hyperliquid arrangement represents a pragmatic solution to a thorny regulatory problem. Bitnomial already operates under US regulatory oversight, having secured the necessary approvals to offer crypto derivatives to American traders. By partnering with an established, compliant platform, Hyperliquid can offer US investors access to its perpetual futures products without directly operating as an unregistered exchange.

Hyperliquid has built significant momentum in the broader crypto trading ecosystem. The platform has attracted substantial trading volume and user interest, particularly among sophisticated traders seeking alternatives to traditional centralized crypto exchanges. However, accessing the massive US market has remained restricted due to regulatory constraints that apply to decentralized finance protocols offering leveraged trading products.

Trump Administration's Crypto-Friendly Stance

The Trump administration's recent comments about bringing Hyperliquid onshore signal a potential shift in how US regulators might approach decentralized crypto infrastructure. The president's remarks suggested his team is actively considering ways to accommodate innovative crypto platforms while maintaining appropriate oversight—a departure from the more restrictive regulatory posture of recent years.

This Payward deal may represent the practical middle ground: Hyperliquid retains its decentralized structure and technology while complying with US regulations through a licensed partner. Bitnomial's existing regulatory framework provides the guardrails needed for American traders to access Hyperliquid's perpetual futures market legitimately.

Market Implications for Crypto Derivatives

The potential partnership highlights the growing sophistication of the crypto derivatives market and how decentralized platforms are navigating regulatory complexity. As crypto trading infrastructure matures, we're seeing more hybrid models emerge—combining the innovation and user experience of decentralized platforms with the compliance infrastructure of regulated entities.

For traders, this represents expanded access to decentralized perpetual futures in a regulated environment. For Hyperliquid, it's a gateway to millions of US-based traders who've been unable to access the platform due to geographic restrictions.

The deal also underscores how traditional crypto firms like Kraken and Payward are positioning themselves as infrastructure providers for the broader crypto ecosystem, not just direct competitors to decentralized platforms.