Hyperliquid is gearing up to break into the US market: the company is in talks with Payward, the parent company of Kraken. The main route for this move could be through Bitnomial, a CFTC-regulated derivatives exchange that Payward snapped up back in April. If the deal gets the green light, it would mark Hyperliquid’s first legal foothold in the States.

How the deal might work

Bitnomial could open the door for US traders to access a slice of Hyperliquid’s futures lineup. Payward has already submitted the proposed structure to the CFTC, laying the groundwork for launching these products under the watchful eye of the US derivatives regulator.

What this means for the market

If the CFTC signs off, Hyperliquid would finally have a legit presence in the US, and traders could tap into some of its futures contracts through Bitnomial—all within CFTC rules. The regulator hasn’t made a decision on the application yet.