According to Bloomberg, which cited people familiar with the matter, Hyperliquid is in deep discussions with Kraken's parent company, Payward, planning to use its regulated Bitnomial trading and clearing platform in the United States to offer certain crypto perpetual contract products to American traders. This will be the first concrete move by the platform to advance into the U.S. market.
Bitnomial Provides compliance entry points
Reports indicate that the plan discussed by both parties is not to bring all Hyperliquid products directly to the United States, but rather to first expose American users to a portion of the perpetual contracts linked to crypto assets, and to complete the integration through Bitnomial's local trading and clearing system.
Bitnomial is a digital asset exchange and clearing institution regulated by the United States. If the cooperation is implemented, the related products will be operated within the existing compliance framework. Payward is said to have submitted a plan to the U.S. Commodity Futures Trading Commission, outlining the general structure of the cooperation, but final approval from regulators is still required.
Decentralized structure is an obstacle to entering the US market.
Hyperliquid has currently exceeded a daily trading volume of 4 billion US dollars, but American users have not been able to use its platform directly until now. The reason is that this platform adopts a decentralized and permissionless design; there is no central operator in the traditional sense, and any user who meets the access requirements can participate in trading.
For regulatory authorities, such structures are more difficult to incorporate into existing systems in terms of market manipulation prevention, identity verification, and tracking of illegal activities. If an entry point is provided through Bitnomial, regulators will face a clear licensed entity, as well as clearer trading and settlement processes.
The United States is promoting the return of offshore capital to the domestic market on a sustainable basis.
This round of negotiations also takes place amid the United States' ongoing tightening of regulations on offshore perpetual contracts. Reports indicate that the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are advancing relevant rules with the aim of bringing more offshore perpetual transactions, which are significantly larger in scale than the domestic U.S. market, back onto U.S.-based platforms.
Earlier this month, Trump mentioned Hyperliquid during an event at the White House, stating that his administration was working to bring the platform back to the United States and that the chairman of CFTC, Michael Selig, was seeking feasible pathways. This statement temporarily drove up the price of HYPE tokens. If a cooperation is ultimately established, it could also provide a reference path for other offshore crypto derivatives platforms.
