Hyperliquid in talks to route U.S. perpetuals through Kraken parent and Bitnomial

Hyperliquid Labs is negotiating a way to give U.S. traders access to selected perpetual futures through Kraken parent Payward and the CFTC-regulated Bitnomial exchange, according to reporting that cites people familiar with the matter.

The proposed structure would not bring the Hyperliquid protocol itself onshore in direct form. Instead, the plan described in the report would route a subset of Hyperliquid-linked contracts to registered U.S. customers through Bitnomial, while keeping the decentralized platform off-limits to them.

Payward has reportedly shown an outline of the arrangement to the Commodity Futures Trading Commission. Any launch would still depend on regulatory approval, and the report says the commercial terms and the specific contracts under discussion have not been disclosed.

A regulated path for selected contracts

The reporting suggests Bitnomial would handle the compliance requirements needed for U.S. trading, including customer checks and monitoring obligations, while Hyperliquid’s permissionless setup remains outside that framework. That distinction matters because it points to a limited, regulated entry point rather than a full U.S. rollout of the decentralized venue itself.

Kraken’s parent company acquired Bitnomial earlier this year, giving it a U.S. derivatives venue and clearing infrastructure that could be used for the arrangement if regulators agree. The report also notes that Kraken began offering perpetual futures to eligible U.S. clients through Bitnomial in June.

No official statement from Hyperliquid, Payward or Bitnomial was cited in the report, and the discussions remain subject to regulator review. For now, the development points to an early attempt to adapt a popular offshore crypto derivatives product for U.S. trading rules rather than a completed market launch.