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

Traders Union
All News
Crypto
Payward US crypto perpetuals

Highlights

Payward proposes to the CFTC a structure allowing registered U.S. users to trade crypto perpetual contracts linked to Hyperliquid via Bitnomial.
Regulatory approval could take at least 10 to 12 months, as the SEC and CFTC may need to revise custody and routing rules for Hyperliquid's U.S. entry.
Hyperliquid's HYPE token trades at $84.25, up 1.3% in 24 hours and over 85% in the past year, following regulatory momentum for U.S. perpetuals.

Proposed market structure for U.S. traders

As reported by The Block, citing Bloomberg, Payward has presented the Commodity Futures Trading Commission with an outline for a structure that would let registered U.S. users access selected crypto perpetual contracts tied to markets on Hyperliquid's decentralized exchange and its Layer 1 blockchain.

Under the proposed arrangement, the offering would run through Payward subsidiary Bitnomial. Payward acquired Bitnomial earlier this year for up to $550 million, giving it control of a CFTC-licensed U.S. derivatives platform covering exchange, clearing and brokerage operations.

A Kraken spokesperson declines to comment. Former SEC senior counsel Ashley Ebersole tells The Block that both the Securities and Exchange Commission and the CFTC may need to help write revised interpretive rules on custody and mechanics around current routing standards for Hyperliquid to enter the U.S. market, a process she says could take at least 10 to 12 months if it moves quickly.

Regulatory momentum and sector implications

The discussions are taking place as the crypto sector presses regulators to establish a clearer path for perpetual contracts in the U.S. Last week, the Hyperliquid Policy Center urged the SEC and CFTC to align their treatment of these products, arguing that clearer rules would help bring more trading activity onshore.

A CFTC spokesperson tells The Block that the agency, under Chairman Selig, is committed to fair access and responsible innovation so the next generation of financial markets is built in the U.S. rather than overseas. The week before, President Donald Trump also mentions Hyperliquid at a press conference, saying CFTC Chair Michael Selig is working to bring the platform into the U.S. in a fully compliant and legal fashion.

Regulatory groundwork is already developing. In May, the CFTC greenlit 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 HYPE token is up 1.3% over the past 24 hours at $84.25. The token reached an all-time high just above $86 last week and is up more than 85% over the past year.

Our earlier article on Wall Street’s late-summer rally highlighted how August’s rebound lifted several previously out-of-favor S&P 500 names across biotech, enterprise software, mining, and digital-asset exposure. We noted that improving fundamentals helped reverse bearish narratives, while also cautioning that September seasonality can turn less supportive and increase volatility.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.