Hyperliquid Plans to Enter the US Market via Kraken’s Parent Company — Bloomberg

• According to media reports, Hyperliquid is preparing to enter the US market.
• The platform could offer perpetual crypto futures via Bitnomial’s infrastructure.
• It is a subsidiary of Payward, Kraken’s parent company.
• Earlier, Trump said the CFTC is 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 US market. Bloomberg reported this, citing sources familiar with the matter. 

According to the outlet, the deal would allow Hyperliquid clients to trade perpetual futures via the Bitnomial platform. It is a derivatives venue that Payward acquired in April 2026.

At the time, the company said Bitnomial would provide the infrastructure needed to launch new products and continue expanding in the US.

Bloomberg’s article suggests that, for now, the talks are limited to perpetual crypto futures. Payward has reportedly already submitted a proposal to the CFTC outlining the core infrastructure. 

The outlet noted that the partnership could serve as a model for other offshore venues that want to operate legally in the US. 

Despite the positive news, HYPE barely reacted. The asset is trading slightly lower on the daily chart. 

Regulators Are Ready to Give the Platform the “Green Light”

In August 2026, US President Donald Trump held a meeting with representatives of the crypto industry at the White House. Among other things, the head of state said the CFTC is “working to bring Hyperliquid to the US market legally.”  

HYPE, the token of the network of the same name, rose 20% on the back of the statement. Shortly after Trump’s remarks, the nonprofit Hyperliquid Policy Center proposed its own approach to regulating perpetual contracts. 

The idea is to treat them as standard futures. This would simplify reporting and reduce the requirements for exchanges where they are traded. 

At the same time, traditional firms in this space — ICE and CME Group — argue that perpetual futures should be treated as swaps, at least for the most part. 

TradFi Players Push Back

Back in May 2026, ICE and CME Group urged US regulators to bring Hyperliquid under oversight. The move was driven by concerns about competition from the decentralized platform. 

In particular, ICE said Hyperliquid could have a material impact on the energy markets due to oil futures. They continue trading after the stock market closes, making the company’s benchmark data irrelevant. 

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