Hyperliquid Explores U.S. Market Access Through Payward, Owner of Kraken
Hyperliquid Labs is in advanced discussions with Payward—the parent company of crypto exchange Kraken—about entering the U.S. market without acquiring a licensed exchange outright. The plan involves using Bitnomial, Payward’s regulated derivatives and clearinghouse platform, to offer selected perpetual futures tied to Hyperliquid to registered American traders. However, this arrangement does not unblock access for all users on Hyperliquid's app, which remains geoblocked in the U.S. The proposed structure has been submitted to the Commodity Futures Trading Commission (CFTC), but it is still pending approval and implementation. The deal would allow Hyperliquid to avoid a costly acquisition while leveraging Payward’s existing licenses. However, users will not gain access to all of Hyperliquid's features—such as its offshore order book or third-party exotic markets—and leverage levels may also be limited. Hyperliquid has continued strong performance despite being unavailable in the U.S., with HYPE reaching a record high recently. The token’s price rose 7.1% over the week following comments from President Donald Trump suggesting regulators were working to bring Hyperliquid onshore.
Topics: Bitnomial CFTC Hyperliquid Kraken Payward US market entry