<h2 id="crypto-derivatives-regulation-news">Crypto Derivatives &amp; Regulation News</h2><p>Hyperliquid Labs is in advanced discussions to bring its<a href="https://coinmarketcap.com/academy/glossary/perpetual-futures" rel="noopener noreferrer"> perpetual futures</a> markets to US traders through Payward, the parent company of crypto exchange Kraken, according to a Bloomberg report published Aug. 31.</p><p>Under the <a href="https://www.bloomberg.com/news/articles/2026-08-31/hyperliquid-in-talks-with-kraken-parent-on-us-market-entry" rel="noopener noreferrer nofollow">proposed </a>arrangement, Payward's subsidiary, Bitnomial, would offer registered US users access to a selection of crypto perpetual contracts linked to markets on Hyperliquid's decentralized exchange and its underlying layer-1 blockchain. Representatives for both Payward and Hyperliquid Labs declined to comment to Bloomberg.</p><p>Payward acquired Bitnomial earlier in 2026 for up to $550 million, giving it control of a CFTC-licensed US derivatives stack spanning exchange, clearing, and brokerage operations. Routing Hyperliquid's perpetual futures through that infrastructure would provide the regulated operator and oversight framework that US regulators require, addressing the core obstacle that has kept the Singapore-based platform out of the American market.</p><h2 id="payward-has-already-pitched-the-cftc-on-the-structure">Payward Has Already Pitched the CFTC on the Structure</h2><p>Payward has already presented the Commodity Futures Trading Commission (CFTC) with an outline of the proposed structure, Bloomberg reported, though regulatory approval is still pending. Former SEC senior counsel Ashley Ebersole told The Block that bringing Hyperliquid to the US would likely require both the Securities and Exchange Commission (SEC) and the CFTC to write revised interpretive rules covering custody and routing standards. That process could take at least 10 to 12 months, "assuming things went quickly," Ebersole said. Ebersole is currently co-founder and chief legal officer at real-world assets platform tx.</p><p>The talks follow remarks made by President Donald Trump earlier in August 2026, when he said his administration was working to bring Hyperliquid onshore in a "fully compliant and legal fashion" during a press conference with tech leaders and federal agency chairs. Those comments sent Hyperliquid's native token, <a href="https://coinmarketcap.com/currencies/hyperliquid/" rel="noopener noreferrer">HYPE</a>, sharply higher. A CFTC spokesperson told The Block that "under Chairman Selig's leadership, the CFTC is committed to promoting fair access and responsible innovation so that the next generation of our financial markets are built here in America and not overseas."</p><h2 id="a-possible-template-for-offshore-platforms-entering-the-us">A Possible Template for Offshore Platforms Entering the US</h2><p>Hyperliquid's<a href="https://coinmarketcap.com/academy/glossary/decentralized-exchange" rel="noopener noreferrer"> decentralized exchange (DEX)</a> handles more than $4 billion in daily trading volume and has no central operator—a permissionless design that has kept it off-limits to American customers. Its scale makes it one of the largest offshore perpetual futures venues globally, operating in a market that dwarfs its US counterpart. A successful deal with Payward could offer a template for how other offshore, unregistered platforms might seek entry into the US under the current regulatory push to bring that trading volume onshore.</p><p>The Hyperliquid Policy Center added to that momentum the week before the Bloomberg report, urging the SEC and CFTC to harmonize their treatment of perpetual contracts. The center argued that clearer rules would help move more market share onto US platforms. The CFTC had already taken a first step toward allowing crypto perpetual futures in May 2026, greenlighting KalshiEX and Coinbase to list the products, followed by a request for comment on crude oil perpetual contracts and 24/7 trading in June.</p><p><strong>Related Article:<a href="https://coinmarketcap.com/academy/article/what-is-decentralized-finance" rel="noopener noreferrer"></a><a href="https://coinmarketcap.com/academy/article/hype-jumps-11-percent-trump-cftc-hyperliquid-us" rel="noopener noreferrer">HYPE Jumps 11% After Trump Says CFTC Is Working to Bring Hyperliquid to US</a></strong></p><p>Hyperliquid's HYPE token was trading at $84.25 at the time of publication, up 1.3% over the prior 24 hours, per CoinMarketCap data. The token reached an all-time high just above $86 the prior week and has gained more than 85% over the past year. Monetary terms of any potential deal between Payward and Hyperliquid Labs have not been disclosed, and the arrangement remains subject to final regulatory approval.</p>

Hyperliquid in Talks With Kraken Parent To Bring Crypto Perps to US Market

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