TheBlock
President Donald Trump says his administration is working to bring Hyperliquid into the United States in a “fully compliant and legal fashion,” after saying the CFTC would work on the effort last month. Payward, Kraken's parent company, is working with the CFTC through regulated platform Bitnomial to give registered US users selected perpetuals linked to Hyperliquid markets and its Layer 1. Nansen analyst Nicolai Sondergaard said the US product would likely offer fewer markets, lower leverage and tighter risk controls. Former SEC counsel Ashley Ebersole said the required rule changes could take up to a year.
Why it matters
That distinction matters: the proposal would create a separate US access layer rather than open Hyperliquid's permissionless venue. It could include KYC, sanctions screening, customer-fund protections and a responsible legal entity. Sondergaard said blanket KYC would hurt privacy and push legitimate liquidity offshore.
Both the CFTC and SEC would likely need revised rules for custody and routing. Bitnomial and Kraken offer a regulatory head start, but the 2028 election could shift policy priorities.
Market impact
A US Hyperliquid-linked venue would bring around-the-clock perpetuals into regulated markets and pressure exchanges to extend hours beyond 9:30 a.m. to 4 p.m. ET. The CFTC has cleared bitcoin perpetuals for KalshiEX and Coinbase; Coinbase has also filed with the SEC to list equity perpetuals.
Critics warn of financial-stability risks. Americans for Financial Reform raised that concern, while CME CEO Terrence Duffy called crypto perpetuals a “disaster waiting to happen” and sued the CFTC over its approval. Approved assets, leverage and risk controls will define the US model.
Frequently asked questions
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What US access route is being discussed for Hyperliquid perpetuals?
The proposal would use CFTC-regulated Bitnomial as a separate US access layer. Payward, Kraken's parent company, is working with the CFTC on selected perpetuals linked to Hyperliquid markets and its Layer 1.
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Would Hyperliquid open its existing permissionless venue to US users?
Not under the proposed structure. It would create a separate US product around Hyperliquid rather than open the existing permissionless venue.
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What protections and limits could apply to registered US users?
The US layer could include KYC, sanctions screening, customer-fund protections and a responsible legal entity. Users would likely get fewer markets, lower leverage and tighter risk controls.
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How long could the required regulatory changes take?
Former SEC counsel Ashley Ebersole said revisions for custody and routing could take up to a year. Bitnomial and Kraken provide a regulatory head start.
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What broader market effects could a US Hyperliquid venue have?
Around-the-clock perpetual trading could pressure traditional exchanges to extend hours beyond the 9:30 a.m. to 4 p.m. ET model. Americans for Financial Reform warned of financial-stability risks, while CME CEO Terrence Duffy called crypto perpetuals a “disaster waiting to happen.”
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