Hyperliquid in talks with Payward to bring US perpetual futures access
In brief
- Hyperliquid Labs negotiates with Payward to bring perpetual futures to US traders via Bitnomial
- Arrangement requires Commodity Futures Trading Commission regulatory approval before launch
- Platform currently handles $4 billion in daily volume but remains unavailable to US customers
- HYPE token gained more than 5% over 24 hours following news of the talks
The regulatory pathway
Hyperliquid is currently unavailable to US customers despite becoming one of the largest venues for perpetual futures trading globally. The platform handles more than $4 billion in daily volume, yet its decentralized structure has kept it out of reach for American traders.
Under the proposed structure, Payward subsidiary Bitnomial would provide the regulated venue through which eligible US traders could access selected Hyperliquid-linked futures. This arrangement sidesteps a core regulatory problem: the decentralized platform wouldn't need to register itself as a US exchange. Instead, a regulated intermediary handles customer onboarding and compliance.
Any agreement would still require regulatory approval from the CFTC. Payward has already presented the regulator with the proposal, signaling momentum behind the effort.
Market context and timing
President Donald Trump said his administration was working to bring Hyperliquid into the US market just weeks before these talks surfaced. The timing suggests alignment between the platform's ambitions and the current regulatory environment's stance toward crypto infrastructure.
Regulators have historically raised concerns around permissionless trading platforms. Their structure can complicate oversight related to market manipulation, money laundering, and sanctions compliance. The Bitnomial model addresses these concerns by layering traditional compliance infrastructure on top of Hyperliquid's on-chain futures engine.
Market reaction was swift. HYPE rose more than 5% over the past 24 hours, with most of the move coming after news of the talks emerged. The token is now up roughly 230% since the start of the year.
