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Hyperliquid seeks US access for crypto perpetuals via Payward unit
Payward subsidiary Bitnomial would offer registered U.S. users access to Hyperliquid-linked perps, after Payward submitted a proposed structure to the CFTC and awaits final approval that could take 10 to 12 months.
Hyperliquid is seeking a U.S. foothold for crypto perpetual futures through a partnership involving Kraken parent Payward, according to The Block, citing Bloomberg.
Under the proposed structure, Payward subsidiary Bitnomial would provide registered U.S. users access to a selection of crypto perps tied to markets on Hyperliquid's decentralized exchange and underlying Layer 1 blockchain.
The Block reports that Payward has pitched the outline of the arrangement to the U.S. Commodity Futures Trading Commission, but regulatory approval is still pending.
The Block also notes that former SEC senior counsel Ashley Ebersole said the process could take at least 10 to 12 months, and that both the SEC and CFTC may need to engage in revised interpretive rules affecting custody and routing mechanics.