Hyperliquid Labs is in advanced talks with Payward to launch a U.S.-regulated trading venue for crypto derivatives, according to reporting confirmed by multiple sources. Under the proposed structure, Payward's CFTC-regulated Bitnomial exchange and clearinghouse would allow registered users to trade a subset of perpetual futures linked to crypto assets on Hyperliquid. Payward has submitted the proposed structure to the CFTC for regulatory review. Financial terms were not disclosed, and neither company commented on the talks.
Payward completed its acquisition of Bitnomial in May 2026, adding the first fully CFTC-licensed crypto derivatives stack to its regulatory arsenal. Bitnomial operates as a futures commission merchant, designated contract market, and derivatives clearing organization, licenses that position it as a gateway for crypto products into the U.S. regulated market. The structure would allow Hyperliquid, which operates as an off-chain derivatives platform, to offer its trading pairs through a compliant U.S. venue without requiring its own regulatory licenses.
Hyperliquid has grown into one of the largest decentralized derivatives platforms by notional volume, with tens of billions in open interest. The platform operates primarily offshore, serving users globally without formal U.S. registration. Entry into the regulated U.S. market would require limiting functionality to a subset of Hyperliquid's product suite and subjecting trading to CFTC oversight, position limits, and customer protection rules.
Payward operates Kraken, one of the oldest U.S.-regulated crypto exchanges. The company has positioned itself as a builder of institutional infrastructure, acquiring Bitnomial to expand beyond spot trading into derivatives clearing. A successful Hyperliquid arrangement would demonstrate that model's viability and could open the door to other platforms seeking regulated U.S. pathways.
Regulatory approval is not assured. The CFTC has oversight authority over the structure and must confirm that Bitnomial's role as DCM and clearing organization adequately protects customers and maintains financial integrity. The agency has not taken a formal position on the proposal. If approved, the arrangement would represent Hyperliquid's first formal entry into the U.S. market and a test case for how offshore derivatives platforms can operate under CFTC jurisdiction.
Payward and Hyperliquid have both declined to comment beyond confirming talks are underway. The timeline for CFTC review and any regulatory decision remains unannounced. The regulatory filing would need to detail customer segregation, margin requirements, and position limits before the agency can evaluate whether the structure meets its standards for clearing organization licensing.
