Kraken’s parent company, Payward, is reportedly exploring a partnership with Hyperliquid Labs to bring selected Hyperliquid-linked perpetual futures to eligible U.S. customers. The proposed arrangement would use Bitnomial, a Commodity Futures Trading Commission-regulated derivatives exchange owned by Payward, instead of giving American traders direct access to Hyperliquid’s decentralized platform.
The discussions highlight the growing effort to combine on-chain trading technology with the compliance standards required by U.S. financial regulators. However, the plan remains under review, and regulatory approval would be needed before any products could launch.
Payward Discusses Hyperliquid Perps
According to a Bloomberg report cited by crypto.news, Payward and Hyperliquid Labs are in advanced talks over a structure that could list selected perpetual futures on Bitnomial. Payward has reportedly presented an outline of the proposed arrangement to the CFTC.
Perpetual futures, often called perpetual contracts or perps, are derivative products that allow traders to speculate on the price of an asset without owning it directly. Unlike traditional futures, they do not have a fixed expiration date. Traders typically use funding payments to keep the contract price close to the underlying asset’s market price.
Hyperliquid has become one of the most prominent platforms for crypto perpetual trading. Its model uses blockchain-based infrastructure while offering a trading experience that resembles a centralized exchange. The platform has attracted users with deep liquidity, fast execution, and access to a wide selection of leveraged markets.
The proposed Payward arrangement could give U.S. traders access to selected markets connected to Hyperliquid technology through a regulated venue.
Bitnomial Would Handle U.S. Access
Under the reported structure, Bitnomial would serve as the trading venue for eligible American customers. This means users would not connect directly to Hyperliquid’s permissionless interface to trade the proposed contracts.
Instead, Bitnomial would be responsible for operating the regulated market and meeting the relevant compliance requirements. Customer access, trading supervision, and other operational duties would also be handled within the regulated framework.
This distinction is important because access to crypto derivatives in the United States is subject to strict regulatory rules. A product that is widely available on an offshore or decentralized platform may not be offered to American customers in the same way.
Using Bitnomial could allow Payward and Hyperliquid Labs to create a separate access route designed specifically for the U.S. market. The final structure, however, would depend on regulatory feedback and the terms agreed by the companies.
Which Assets Could Be Listed?
The companies have not disclosed which assets would serve as the underlying markets. They have also not confirmed how many contracts could be listed or whether HYPE, Hyperliquid’s native token, would be included.
The selection of available markets could be a major factor in the product’s appeal. Bitcoin and Ethereum perpetual futures would likely attract the broadest interest because they are among the most actively traded crypto assets. Other contracts could depend on liquidity, market demand, regulatory considerations, and the ability to establish reliable pricing.
There is also no confirmed launch date. The financial terms of the proposed partnership have not been made public either.
Until the CFTC and other relevant parties provide clearance, the discussions should be viewed as exploratory rather than a finalized product announcement.
Kraken Expands Regulated Derivatives
The reported talks follow Payward’s broader push to expand regulated derivatives access in the United States. Kraken introduced perpetual futures for eligible American clients through Bitnomial in June, placing the products alongside spot trading, margin services, and traditional futures on Kraken Pro.
That earlier launch gave Payward an established framework for offering crypto derivatives within a regulated environment. A potential Hyperliquid-linked product could build on that foundation while adding markets connected to one of the industry’s leading on-chain trading ecosystems.
The move would also strengthen Kraken’s position in a competitive U.S. derivatives market. Crypto exchanges and financial technology companies are seeking new ways to offer leverage and futures products while complying with domestic rules.
For Payward, the arrangement could provide access to Hyperliquid’s trading infrastructure without requiring U.S. customers to use the decentralized platform directly. For Hyperliquid, it could create a path toward greater exposure in the American market through a regulated partner.
Why the Proposal Matters
The potential partnership reflects a wider shift in the digital asset industry. Platforms that began outside traditional financial structures are increasingly exploring licensed or permissioned models for institutional and U.S. participation.
This trend is being driven by several factors:
- U.S. traders require access through approved and compliant market structures.
- Institutions often prefer regulated venues with defined customer protections.
- Crypto platforms want to preserve fast, flexible trading technology while meeting legal requirements.
- Demand for perpetual futures remains strong among professional and advanced traders.
A regulated version of Hyperliquid-linked perps could therefore serve as a bridge between decentralized exchange technology and traditional derivatives infrastructure.
At the same time, regulation may limit the number of markets available, the amount of leverage offered, and the types of customers allowed to participate. The product may not replicate the full experience available on Hyperliquid’s native platform.
Regulatory Approval Remains Key
The proposal still faces regulatory uncertainty. Payward’s reported submission to the CFTC does not mean the plan has been approved, and the companies have not announced that a launch is guaranteed.
Regulators may examine how the contracts are structured, how prices are calculated, how risks are managed, and which entity is responsible for market oversight. They may also review customer eligibility, margin requirements, liquidation procedures, and safeguards against market manipulation.
These requirements could influence the final design of the product. They may also determine whether the offering is available to retail customers, institutional traders, or only a limited group of eligible participants.
For now, Payward and Hyperliquid Labs appear to be testing whether Hyperliquid-linked perpetual futures can operate within a U.S.-regulated framework. If approved, the arrangement could become an important example of how blockchain-based trading systems enter traditional financial markets.
The proposal also shows that competition in crypto derivatives is moving beyond simple exchange listings. Companies are now competing over infrastructure, regulatory access, liquidity, and the ability to connect decentralized markets with compliant financial products.
