Overview
- Multiple outlets reported on Aug. 31 that Payward, Kraken’s parent, is in advanced talks with Hyperliquid and has presented a proposal to the Commodity Futures Trading Commission seeking a Bitnomial‑based route for selected perpetual futures.
- Under the proposed model Bitnomial would list and clear a subset of contracts tied to Hyperliquid markets so U.S. traders could trade those products through a CFTC‑regulated venue rather than by connecting to Hyperliquid’s decentralized platform.
- The plan is still unapproved and could require CFTC and possibly SEC sign‑off plus changes to custody, order‑routing and compliance rules that industry lawyers say could take many months to settle.
- Payward completed its acquisition of U.S. derivatives firm Bitnomial earlier in 2026, giving it a designated contract market, clearing organization and FCM that would support onshore trading and oversight if regulators agree.
- The talks have lifted interest in Hyperliquid’s HYPE token and matter because the proposed structure could become a template for letting offshore, permissionless venues offer limited U.S. access while meeting U.S. AML, surveillance and market‑integrity requirements.