Hyperliquid, the largest decentralized perpetual futures exchange by volume, is actively working to find a legally compliant way to serve US traders. The platform currently geo-blocks American users, but recent regulatory shifts have opened a narrow window that could change everything.
For years, perpetual contracts, the crypto-native instrument that lets traders bet on asset prices without expiration dates, existed in a gray zone under US law. The Commodity Exchange Act made offering them to American users a legal minefield, which is why platforms like Hyperliquid simply blocked US access entirely.
That changed on May 29, 2026, when the CFTC approved Kalshi’s BTCPERP contract. The approval was a landmark moment, essentially giving the green light for regulated US venues to list perpetual futures products. Kalshi even listed perpetual futures linked to Hyperliquid’s native HYPE token, a somewhat ironic development given that Hyperliquid itself can’t serve the very market where its token is now being traded.
Hyperliquid’s Washington play
Hyperliquid launched its Policy Center in Washington, D.C. in 2026, a dedicated operation focused on advocating for regulated access to on-chain markets. Jeff Yan, Hyperliquid’s founder, has been engaging directly with US policymakers to navigate the compliance landscape. The platform is reportedly exploring compliant partnerships and structural arrangements that would allow it to serve American traders without running afoul of CFTC jurisdiction.
