Hyperliquid Labs is in advanced talks with Payward, Kraken’s parent company, about bringing its perpetual futures to U.S. traders, Bloomberg reported on Aug. 31, citing people who were not authorized to discuss the matter.
According to the report, a deal would require regulatory sign-off and would allow U.S. traders to use Payward’s Bitnomial exchange for some perpetual futures tied to the prices of crypto tokens built on Hyperliquid’s blockchain. Representatives of Payward and Hyperliquid Labs declined to comment to Bloomberg.
The reported structure therefore centers on Bitnomial, a regulated derivatives entity. The talks remain unconfirmed by the companies, and Bloomberg described the prospective arrangement as subject to regulatory approval.
Payward announced an agreement to acquire Bitnomial in April. Kraken said Bitnomial had assembled U.S. derivatives licenses covering an exchange, clearinghouse and brokerage. The Commodity Futures Trading Commission designated Bitnomial Exchange as a contract market in 2020.
Kraken had already described how Bitnomial fits into its U.S. perpetual-futures business. In May, Kraken announced plans for CFTC-regulated perpetual futures to trade through Kraken Pro, with those contracts listed on Bitnomial. Kraken said the products would be offered through NinjaTrader Clearing, doing business as Kraken Derivatives US, a CFTC-registered futures commission merchant.
