Kraken’s Bitnomial moves to open crypto perpetual futures to U.S. traders
Hyperliquid Labs, the operator of one of crypto’s busiest decentralized derivatives platforms, is reportedly closing in on a deal that would let American traders access crypto perpetual futures tied to its markets for the first time. According to Bloomberg, the arrangement would run through Payward, the parent company of Kraken, using its regulated subsidiary Bitnomial as the U.S. gateway. If it clears regulators, the deal would mark a rare bridge between a decentralized exchange and the tightly supervised world of American derivatives trading.
Key takeaways
- Hyperliquid Labs and Kraken parent Payward are in advanced talks to offer crypto perpetual futures to U.S. traders through Payward’s subsidiary Bitnomial.
- Payward has already presented the CFTC with a proposed structure, but formal regulatory approval has not been granted.
- Former SEC counsel Ashley Ebersole estimates the approval process could take 10 to 12 months, involving both the SEC and CFTC.
- Hyperliquid’s decentralized exchange processes more than $4 billion in daily volume but currently excludes U.S. customers entirely.
- HYPE token is trading near $84, up more than 85% over the past year after touching an all-time high above $86.
Hyperliquid and Payward Move Toward a U.S. Crypto Perpetual Futures Deal
The core of the plan is straightforward: give registered American users a regulated way into a slice of Hyperliquid’s derivatives markets without touching the underlying decentralized exchange directly. Perpetual futures — derivatives that track an asset’s price without ever expiring — have exploded in popularity on offshore and decentralized platforms, but U.S. law has kept most of that activity out of reach for domestic traders.
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