Decentralized exchange Hyperliquid is in advanced talks with Payward, the company that owns crypto‑exchange Kraken, to launch U.S.–regulated perpetual futures contracts through Payward’s subsidiary Bitnomial, pending approval from the Commodity Futures Trading Commission (CFTC). The move comes as President Donald Trump’s administration signals a renewed push to bring crypto platforms onto U.S. soil.
Deal to Bring Perpetual Futures to the U.S.
According to a Bloomberg report cited by multiple outlets, Payward has submitted a structural outline of the proposed partnership to the CFTC, outlining how Hyperliquid’s order‑book would be routed through Bitnomial, a broker‑dealer that already holds the necessary U.S. futures licence. The arrangement would mark Hyperliquid’s first entry into the regulated U.S. market, where most crypto‑derivatives are currently offered by a handful of CFTC‑registered entities.
Hyperliquid, which operates as a decentralized exchange (DEX) on the Solana blockchain, has attracted traders with low‑latency execution and zero‑fee pricing models. By partnering with a regulated U.S. broker, the platform hopes to tap a market estimated at $200 billion in crypto‑derived contracts, while giving U.S. investors access to its perpetual futures without the legal ambiguity that has plagued many offshore DEXs.
Industry analysts note that the partnership could also serve a strategic purpose for Payward, which has sought to expand beyond its flagship Kraken brand after a 2023 acquisition of the Bitnomial licence. The deal would give Payward a foothold in the fast‑growing decentralized‑finance (DeFi) sector, while offering Hyperliquid a compliance pathway that could appease regulators wary of unregistered crypto derivatives.
North Korean Hacker Activity Raises Security Questions
CoinDesk’s blockchain forensics team reported that wallets linked to North Korea’s Lazarus Group moved more than $30 million in Bitcoin through Hyperliquid over a three‑week period, selling the assets on the platform. The analysis described the activity as “tens of millions” of dollars, underscoring the scale of the illicit flow.
"North Korean hackers moved more than $30 million in Bitcoin through Hyperliquid in the past three weeks," CoinDesk reported.
While Hyperliquid has not publicly commented on the findings, the revelation adds to growing concerns among regulators about the exposure of U.S. investors to illicit actors on crypto exchanges, especially those that operate with limited on‑chain monitoring capabilities. The CFTC has previously warned that platforms facilitating derivatives trading must implement robust anti‑money‑laundering (AML) controls, a requirement that will likely be scrutinised during the approval process.
Trump’s administration has signaled an intent to “onshore” crypto services, arguing that U.S.‑based platforms can be more effectively overseen for consumer protection and national‑security risks. The White House’s stance aligns with the regulatory scrutiny facing Hyperliquid, where the convergence of a high‑profile partnership and a security incident could accelerate the CFTC’s review.
Market participants are watching closely. If approved, Hyperliquid could offer U.S. traders a hybrid product that combines the speed of a DEX with the regulatory safeguards of a traditional futures exchange. Conversely, the Lazarus Group activity may prompt tighter AML expectations for any future licence, potentially shaping the terms of the Payward‑Bitnomial arrangement.
For now, the deal remains in the “advanced talks” stage, with no definitive timeline for CFTC approval. Both Hyperliquid and Payward have indicated they will cooperate fully with regulators, but the outcome will hinge on how effectively the partnership can demonstrate compliance with U.S. derivatives and anti‑terrorism financing rules.
Market Snapshot
| Asset | Price | 24h | Market Cap |
|---|---|---|---|
 Bitcoin BTC | $78,803 | +0.26% | $1582.2B |
 Ethereum ETH | $2,471 | -0.24% | $298.2B |
 BNB BNB | $690.44 | -0.80% | $91.9B |
 XRP XRP | $1.38 | -0.78% | $86.6B |
 Solana SOL | $103.29 | -0.77% | $60.4B |
 Dogecoin DOGE | $0.0829 | -2.00% | $12.9B |
 Cardano ADA | $0.198 | -1.05% | $7.4B |
Live data: CoinGecko — 2026-08-31 21:21 UTC
