Hyperliquid US Market Entry
Hyperliquid in talks with Kraken partner Payward for regulated US market entry
Anonymous
Key Points
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Bitnomial, a US-regulated exchange and clearinghouse, would provide the onshore regulatory infrastructure for a subset of Hyperliquid's perpetual futures, enabling US-based access under CFTC oversight for trading, risk management, and market surveillance.
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This would mark Hyperliquid's first onshore entry into the US market and could serve as a template for other offshore platforms seeking access via regulated infrastructure after Payward has submitted a CFTC proposal outlining the basic structure.
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President Donald Trump has indicated his administration is pursuing a compliant onshore path for Hyperliquid, with engagement from the CFTC and emphasis from regulators on adapting to financial technology changes.
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The news has correlated with market moves, as Hyperliquid's native HYPE token rose roughly 5% on the session, alongside Hyperliquid’s reported daily trading volume of more than $4 billion, highlighting investor interest tied to a potential US entry.
Hyperliquid Labs is in advanced talks to bring its crypto futures trading to U.S. traders through Kraken's parent company, Payward, and its regulated subsidiary Bitnomial Bloomberg Law. The deal would let American users access Hyperliquid's perpetual futures—a type of leveraged bet on cryptocurrency prices—via a U.S.-regulated exchange, making it the first onshore entry for the offshore platform Decrypt. President Trump's administration is backing a compliant path for the move, signaling regulatory support from the highest level Benzinga.
Hyperliquid's native HYPE token jumped roughly 5% on the news, reflecting investor excitement about U.S. access Benzinga. The platform handles more than $4 billion in daily trading volume, making it one of the largest decentralized crypto exchanges in the world Benzinga.
How Bitnomial Brings Hyperliquid Onshore
Bitnomial, a U.S.-regulated digital asset exchange and clearinghouse, would serve as the gateway for American traders Decrypt. Rather than accessing Hyperliquid's offshore platform directly, U.S. users would route trades through Bitnomial, which provides the centralized oversight and surveillance that regulators demand Bloomberg Law. Payward has already submitted a proposal to the CFTC outlining this structure Benzinga.
Why Regulators Demand a Regulated Middleman
U.S. financial regulators have long warned that fully decentralized platforms can enable market manipulation, money laundering, and sanctions evasion Bloomberg Law. A regulated intermediary like Bitnomial lets the CFTC monitor trading activity, manage risk, and enforce rules Decrypt. This arrangement creates the accountability American regulators require while preserving Hyperliquid's offshore structure Bloomberg Law.
A Blueprint for Other Offshore Platforms
If approved, the Hyperliquid-Bitnomial arrangement could become a template for other offshore crypto exchanges seeking U.S. access Benzinga. Rather than building their own regulated infrastructure, platforms could piggyback on existing licensed venues Bloomberg Law. This approach accelerates the crypto industry's integration into mainstream U.S. financial markets Decrypt.
Trump Administration Signals Green Light
President Trump's public backing of a compliant U.S. entry for Hyperliquid underscores the administration's push to welcome crypto innovation within regulatory guardrails Benzinga. The CFTC and other regulators are emphasizing the need to adapt to financial technology changes, creating space for deals like this one Benzinga. Political alignment matters: without executive-level support, the deal would face steeper bureaucratic hurdles Bloomberg Law.
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