Payward pursues U.S. crypto perpetuals entry with Hyperliquid structure

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Payward pursues U.S. crypto perpetuals

Highlights

Payward subsidiary Bitnomial plans to offer registered U.S. users access to select crypto perpetual contracts via Hyperliquid's decentralized exchange, pending final CFTC approval.
Regulatory approval for Hyperliquid's U.S. entry could take 10 to 12 months as the SEC and CFTC consider revised rules for custody and routing standards.
Hyperliquid's HYPE token is trading at $84.25, up 1.3% in 24 hours and more than 85% over the past year, after an all-time high above $86 last week.

Proposed structure for U.S. market access

As reported by The Block, citing Bloomberg, the proposed arrangement would allow Payward subsidiary Bitnomial to offer registered U.S. users access to selected crypto perpetual contracts tied to markets on Hyperliquid's decentralized exchange and its underlying Layer 1 blockchain.

Payward has already presented the Commodity Futures Trading Commission with an outline of the structure, but final regulatory approval has not yet been granted. Earlier this year, Payward acquired Bitnomial for up to $550 million, giving the Kraken parent control of a CFTC-licensed U.S. derivatives platform spanning exchange, clearing and brokerage operations.

Kraken did not immediately respond to a request for comment. Hyperliquid's push comes as more companies seek a workable U.S. framework for perpetual contracts, a product that remains common offshore but faces unresolved regulatory questions domestically.

Regulatory timeline and market implications

For Hyperliquid to enter the U.S., both the Securities and Exchange Commission and the CFTC may need to help shape revised interpretive rules covering custody and mechanics around current routing standards, former SEC senior counsel Ashley Ebersole told The Block. She said that process could take at least 10 to 12 months, assuming it moves quickly.

Pressure for clearer rules is increasing. Last week, the Hyperliquid Policy Center urged the SEC and CFTC to harmonize their treatment of perpetual products, arguing that a clearer framework would help bring more market share onshore. A CFTC spokesperson also said the agency, under Chairman Michael Selig, is committed to fair access and responsible innovation so that the next generation of financial markets is built in the U.S. rather than overseas.

The policy push follows recent steps by the regulator. In May, the CFTC allowed KalshiEX and Coinbase to list crypto perpetual futures, and in June it issued a request for comment on crude oil perpetual contracts and 24/7 trading. Hyperliquid's native HYPE token is trading up 1.3% over the past 24 hours at $84.25 after reaching an all-time high above $86 last week, extending gains of more than 85% over the past year.

In our earlier article on Kalshi’s lifetime ban of George Santos, we explained how the platform accused him of manipulating event-contract prices tied to his expected State of the Union attendance through strategic trades and public statements. We also noted that the CFTC was alerted and later imposed civil penalties and a trading ban, underscoring intensifying U.S. regulatory scrutiny around market integrity in novel derivatives-style products.

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