Blab Crypto
Hyperliquid Labs Eyes U.S. Perpetual Futures Access via Payward-Bitnomial Structure
Hyperliquid Labs is chasing a regulated foothold in the United States’ perpetual futures market by lining up a partnership with Payward, the parent company of Kraken, through its newly acquired subsidiary Bitnomial. The deal would let U.S. traders tap into a handful of on‑chain perpetual contracts that remain exclusive to Hyperliquid’s decentralized exchange.
Under the arrangement, Bitnomial would act as a licensed intermediary, offering U.S. users access to perpetual contracts that reference Hyperliquid’s Layer‑1 blockchain markets. Payward has already submitted the structure to the Commodity Futures Trading Commission (CFTC), but the agency’s final approval is still pending. If cleared, the model would allow Hyperliquid to serve a sizable U.S. derivatives audience without converting its entire platform into a conventional U.S. trading venue.
Bitnomial became fully CFTC‑licensed after Payward acquired the company in May for up to $550 million. The firm operates a designated contract market (DCM), a futures commission merchant (FCM), and a derivatives clearing organization (DCO), all of which fall under CFTC oversight. By leveraging Bitnomial’s infrastructure, Hyperliquid could connect its on‑chain liquidity to American customers while keeping trading, clearing, and brokerage functions within the existing regulatory framework.
Perpetual futures are leveraged contracts that have no expiration date, allowing traders to hold positions indefinitely. They dominate offshore crypto derivatives activity but have historically been difficult to offer to U.S. users because of registration, custody, clearing, and market‑structure restrictions. In May, the CFTC approved KalshiEX’s Bitcoin perpetual contract as a futures product and issued guidance on Coinbase Financial Markets’ crypto perpetuals listed on affiliated foreign markets. The agency has also examined 24/7 trading and the potential use of perpetual structures beyond crypto, laying a regulatory foundation that did not previously exist for U.S. perpetual markets.
The Payward‑Bitnomial model still faces legal and technical hurdles. Ashley Ebersole, former senior counsel at the Securities and Exchange Commission and chief legal officer at real‑world assets platform tx, said that the SEC and CFTC may need to revise interpretations covering custody and trade‑routing requirements. Ebersole estimated that the process could take at least 10 to 12 months, even if regulators moved quickly, making the Payward structure a medium‑term route into the U.S. rather than an imminent product launch.
Hyperliquid’s Policy Center has urged the SEC and CFTC to establish a harmonized framework for perpetual contracts. In an August 24 policy paper, the organization argued that uncertainty over whether perpetuals should be treated as futures or swaps has pushed much of the market outside the United States. For contracts that reference securities or other regulated assets, jurisdiction can involve both the securities and commodities frameworks, potentially limiting which Hyperliquid‑linked markets are initially available even if the overall structure receives approval.
If approved, the Payward‑Bitnomial model would give Hyperliquid exposure to a large pool of traders who currently cannot access its core perpetual products through a regulated domestic route. It would also test whether decentralized liquidity can be integrated into the U.S. derivatives system through licensed exchanges, brokers, and clearing infrastructure. The talks arrive during a strong period for Hyperliquid’s HYPE token, which recently reached a record above $86 and has gained more than 85 % over the past year.
The implications extend beyond Hyperliquid. A successful launch would demonstrate a viable pathway for other offshore or decentralized derivatives platforms to connect with U.S. traders without building an entire regulated operation themselves. For now, the main hurdle remains regulatory architecture rather than demand.
Hyperliquid has already built substantial perpetual futures liquidity outside the U.S.; the exchange has processed more than $5 trillion of cumulative perpetual futures volume and currently has around $13.3 billion of open interest, according to data from DefiLlama. The proposed Payward partnership is a test of whether that liquidity can be linked to American traders without moving the entire market onshore. Regulatory approval and a commercial launch remain unresolved, and the next steps will depend on the CFTC’s review and any necessary adjustments by the SEC.
Under the arrangement, Bitnomial would act as a licensed intermediary, offering U.S. users access to perpetual contracts that reference Hyperliquid’s Layer‑1 blockchain markets. Payward has already submitted the structure to the Commodity Futures Trading Commission (CFTC), but the agency’s final approval is still pending. If cleared, the model would allow Hyperliquid to serve a sizable U.S. derivatives audience without converting its entire platform into a conventional U.S. trading venue.
Bitnomial became fully CFTC‑licensed after Payward acquired the company in May for up to $550 million. The firm operates a designated contract market (DCM), a futures commission merchant (FCM), and a derivatives clearing organization (DCO), all of which fall under CFTC oversight. By leveraging Bitnomial’s infrastructure, Hyperliquid could connect its on‑chain liquidity to American customers while keeping trading, clearing, and brokerage functions within the existing regulatory framework.
Perpetual futures are leveraged contracts that have no expiration date, allowing traders to hold positions indefinitely. They dominate offshore crypto derivatives activity but have historically been difficult to offer to U.S. users because of registration, custody, clearing, and market‑structure restrictions. In May, the CFTC approved KalshiEX’s Bitcoin perpetual contract as a futures product and issued guidance on Coinbase Financial Markets’ crypto perpetuals listed on affiliated foreign markets. The agency has also examined 24/7 trading and the potential use of perpetual structures beyond crypto, laying a regulatory foundation that did not previously exist for U.S. perpetual markets.
The Payward‑Bitnomial model still faces legal and technical hurdles. Ashley Ebersole, former senior counsel at the Securities and Exchange Commission and chief legal officer at real‑world assets platform tx, said that the SEC and CFTC may need to revise interpretations covering custody and trade‑routing requirements. Ebersole estimated that the process could take at least 10 to 12 months, even if regulators moved quickly, making the Payward structure a medium‑term route into the U.S. rather than an imminent product launch.
Hyperliquid’s Policy Center has urged the SEC and CFTC to establish a harmonized framework for perpetual contracts. In an August 24 policy paper, the organization argued that uncertainty over whether perpetuals should be treated as futures or swaps has pushed much of the market outside the United States. For contracts that reference securities or other regulated assets, jurisdiction can involve both the securities and commodities frameworks, potentially limiting which Hyperliquid‑linked markets are initially available even if the overall structure receives approval.
If approved, the Payward‑Bitnomial model would give Hyperliquid exposure to a large pool of traders who currently cannot access its core perpetual products through a regulated domestic route. It would also test whether decentralized liquidity can be integrated into the U.S. derivatives system through licensed exchanges, brokers, and clearing infrastructure. The talks arrive during a strong period for Hyperliquid’s HYPE token, which recently reached a record above $86 and has gained more than 85 % over the past year.
The implications extend beyond Hyperliquid. A successful launch would demonstrate a viable pathway for other offshore or decentralized derivatives platforms to connect with U.S. traders without building an entire regulated operation themselves. For now, the main hurdle remains regulatory architecture rather than demand.
Hyperliquid has already built substantial perpetual futures liquidity outside the U.S.; the exchange has processed more than $5 trillion of cumulative perpetual futures volume and currently has around $13.3 billion of open interest, according to data from DefiLlama. The proposed Payward partnership is a test of whether that liquidity can be linked to American traders without moving the entire market onshore. Regulatory approval and a commercial launch remain unresolved, and the next steps will depend on the CFTC’s review and any necessary adjustments by the SEC.
