Hyperliquid seeks U.S. market entry via Payward and Bitnomial

Hyperliquid is exploring a regulated entry into the United States market through a potential collaboration with Payward, the parent company of Kraken. The proposal involves utilizing the regulatory infrastructure of Bitnomial, which Payward acquired earlier this year.

Bitnomial holds the necessary licenses as a CFTC-registered Designated Contract Market, Derivatives Clearing Organization, and Futures Commission Merchant. Under this arrangement, Hyperliquid would likely offer a limited selection of perpetual futures to American traders, featuring tighter leverage and mandatory KYC protocols compared to its global platform. This structure would allow Hyperliquid to maintain its existing global venue while operating a separate, compliant product within the U.S. derivatives framework.

The proposal has reportedly been submitted to the Commodity Futures Trading Commission (CFTC) for review. The outcome of this regulatory assessment will determine if Hyperliquid can successfully leverage Bitnomial’s exchange, clearing, and brokerage stack to serve U.S. clients.