Sources: Hyperliquid is in talks to enter the US market through Kraken parent Payward, weeks after Trump said he was working to bring the platform onshore
Hyperliquid Labs is in advanced talks to bring its perpetual futures to US traders through Kraken's parent company Payward …
Context & Ripple Effects
Trump’s public push to bring Hyperliquid onshore put the platform’s U.S. status on the policy agenda. Separately, Kraken had been positioning for broader regulated-market participation after the SEC agreed to drop its case in 2025.
Payward is a consequential prospective partner because Kraken had already bought a U.S.-licensed futures exchange in 2025. The reported discussions therefore pair a perpetuals venue with an operator that has been building regulated U.S. market infrastructure.
First-order effects
- If the reported advanced talks produce an arrangement, Hyperliquid Labs would gain a route to offer perpetual futures to U.S. traders through Payward rather than attempting a standalone entry.
- Payward would add Hyperliquid’s perpetuals product to its U.S. futures-market ambitions, subject to whatever regulatory structure the parties secure.
Second-order effects
- A Payward-mediated launch would put pressure on U.S.-focused crypto venues to match the combination of regulated access and perpetuals liquidity that Hyperliquid brings.
- The arrangement would channel U.S. perpetuals demand toward venues able to pair crypto-native products with licensed market infrastructure, making regulatory access a competitive asset.
Third-order effects
- If similar partnerships proliferate, U.S. crypto derivatives may split between global decentralized liquidity pools and regulated access points run by established intermediaries.
- The episode points to a legitimacy gap being bridged through partnerships: crypto-native platforms seeking U.S. distribution may increasingly need regulated operators rather than relying on direct market access.
The trend: Crypto derivatives platforms are pursuing U.S. growth through regulated intermediaries that can connect offshore-style liquidity and products to domestic market infrastructure.