Hyperliquid partners with Kraken parent Payward to bring crypto perpetual futures to US traders

Hyperliquid Labs is working with Payward, the parent company of crypto exchange Kraken, to offer perpetual futures to US traders. Perpetual futures are a type of derivative contract with no expiry date, often used in crypto trading.

Under the proposed deal, Payward’s subsidiary Bitnomial would give registered US users access to crypto perpetual futures tied to markets on Hyperliquid’s decentralized exchange and its underlying blockchain. Payward has already presented the plan to the Commodity Futures Trading Commission (CFTC), but regulatory approval is still pending.

Key details of the proposed deal

• Payward acquired Bitnomial earlier this year for up to $550 million, gaining a CFTC-licensed derivatives platform.
• Former SEC counsel Ashley Ebersole said the regulatory process could take at least 10 to 12 months, even if it moves quickly.
• The CFTC has recently taken steps toward allowing crypto perpetual futures, including greenlighting KalshiEX and Coinbase to list such products in May.

Regulatory and industry context

The push for US access to perpetual futures comes as the Hyperliquid Policy Center urged the SEC and CFTC to harmonize their rules for these products. A CFTC spokesperson said the agency is committed to promoting responsible innovation to keep financial markets competitive in the US.

Former President Donald Trump previously mentioned Hyperliquid in a press conference, stating that CFTC Chair Michael Selig was working to bring the platform to the US in a compliant way.

What is confirmed

• Hyperliquid Labs is in talks with Payward to offer perpetual futures to US traders.
• Payward has submitted a proposed structure to the CFTC, but approval is not yet final.
• Bitnomial, a Payward subsidiary, would facilitate access to Hyperliquid’s markets.
• The CFTC has begun exploring rules for crypto perpetual futures, including a request for comment on related contracts.

What is still unclear

• Whether the SEC will also need to be involved in revising rules for custody and routing standards.
• The exact timeline for regulatory approval and launch.

Sources

• The Block