- Hyperliquid Labs is in talks with Kraken parent Payward about entering the U.S. market, Bloomberg reported.
- A potential deal could allow Hyperliquid clients to trade perpetual crypto futures through Bitnomial’s infrastructure.
- Payward has reportedly submitted a proposal to the CFTC outlining the core infrastructure.
- President Donald Trump said in August 2026 that the CFTC was “working to bring Hyperliquid to the US market legally.”
Hyperliquid Labs, the developer behind the decentralized exchange of the same name, is in talks with Payward, Kraken’s parent company, about entering the U.S. market, Bloomberg reported on Aug. 31, 2026, citing people familiar with the matter. The discussions matter because a deal could allow Hyperliquid clients to trade perpetual crypto futures through regulated U.S. infrastructure.
Under the potential arrangement, clients would trade the contracts through Bitnomial, a derivatives venue that Payward acquired in April 2026. Payward said at the time that Bitnomial would provide the infrastructure needed to launch new products and continue its U.S. expansion.
Bloomberg said the talks are currently limited to perpetual crypto futures. Payward has reportedly submitted a proposal to the Commodity Futures Trading Commission outlining the core infrastructure for the planned offering.
The outlet said the proposed partnership could provide a model for other offshore trading venues seeking to operate legally in the U.S.
HYPE, the token of the Hyperliquid network, showed little reaction to the report and was trading slightly lower on the daily chart. An hourly HYPE/USDT chart on KuCoin was available through TradingView.
U.S. regulatory debate
President Donald Trump met crypto industry representatives at the White House in August 2026. During the meeting, Trump said the CFTC was “working to bring Hyperliquid to the US market legally.”
HYPE rose 20% following the statement. Shortly after Trump’s remarks, the nonprofit Hyperliquid Policy Center proposed treating perpetual contracts as standard futures, an approach it said would simplify reporting and reduce requirements for exchanges offering them.
Traditional market operators Intercontinental Exchange and CME Group have argued that perpetual futures should, at least for the most part, be treated as swaps.
Traditional firms push back
ICE and CME Group urged U.S. regulators in May 2026 to bring Hyperliquid under regulatory oversight. Their request was driven by concerns about competition from the decentralized platform.
ICE said Hyperliquid could have a material effect on energy markets because its oil futures continue trading after stock markets close. According to ICE, that continued trading could make the company’s benchmark data irrelevant.
Source: Incrypted
