Hyperliquid, the Singapore-based crypto perpetual futures platform processing over $4 billion in daily volume, is in advanced talks with Payward, Kraken’s parent company, to enter the US market through Bitnomial, a US-regulated exchange and clearinghouse. This arrangement would allow American traders to access a subset of Hyperliquid’s offerings while addressing the core issue preventing the decentralized platform from operating in the US: its lack of a central operator. Trump’s administration has signaled it is working to bring Hyperliquid onshore, and Payward has already presented a proposal to the CFTC outlining the basic structure. Regulatory approval remains required, and this deal could serve as a template for other offshore, unregistered venues seeking to enter the US market.
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