Hyperliquid Eyes US Entry Via Kraken Parent: What Users Actually Get

Hyperliquid Labs is in advanced talks with Payward, the parent company of crypto exchange Kraken, over a route into the US market, Bloomberg reported Monday. The plan would avoid buying a licensed exchange outright.

Bitnomial, Payward's US-regulated derivatives exchange and clearinghouse, would let registered American traders reach a subset of crypto perpetual futures tied to Hyperliquid. Payward has already sent the structure to the Commodity Futures Trading Commission (CFTC).

What US Traders Would Actually Get

Less than the headlines suggest, as Hyperliquid's own app stays geoblocked for Americans, and nothing in the reported structure changes that.

Registered users would trade on Bitnomial under US rules, with identity checks and a limited menu. Bloomberg described a subset of crypto perpetual futures, not the full offshore order book.

The exotic markets built through Hyperliquid's third-party framework, covering commodities and pre-IPO names, sit outside the reported plan. So does the leverage available offshore today.

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