Hyperliquid plans to enter the US derivatives market through Kraken's CFTC-regulated Bitnomial licenses, a compliance-first route that regulators could take up to a year to approve.
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Hyperliquid US perpetuals entry via Bitnomial faces 12-month review
Hyperliquid is preparing its first US market entry through Kraken's CFTC-regulated Bitnomial exchange rather than opening its offshore perpetuals venue to American users, a structure that could take up to a year to clear regulators.
"The likely result is a separate US-focused product built on Hyperliquid infrastructure, with know-your-customer checks, sanctions screening, customer fund protections and a clearly accountable legal entity," Nicolai Sondergaard, research analyst at Nansen, said.
The arrangement lets Hyperliquid contribute technology, liquidity or market design without exposing its global venue directly to US users. Payward, Kraken's parent, is working with the Commodity Futures Trading Commission to offer registered American users access to select Hyperliquid-linked crypto perpetuals through Bitnomial, a CFTC-regulated platform. The proposal, submitted to the regulator for review, would mark Hyperliquid's first formal US presence after years of geoblocking its offshore application for American users.
Rule changes at the SEC and CFTC could take up to a year even if regulators move quickly, leaving the effort exposed to political change after the 2028 presidential election, according to Ashley Ebersole, former SEC senior counsel and now co-founder and chief legal officer at tx.
A Separate US Product With Tighter Controls
President Donald Trump says his administration is working to bring Hyperliquid into the US "in a fully compliant and legal fashion," The Block reported. The US product would probably offer fewer markets, lower leverage and tighter risk controls than the permissionless global venue, Sondergaard said, while avoiding a blanket know-your-customer model across the entire platform.
The distinction matters because US users can technically reach Hyperliquid through the underlying chain even though the platform's terms restrict them, Sondergaard added. A formal access layer would give the exchange an accountable legal entity and customer protections its offshore venue lacks.
CFTC, SEC Rule Changes Could Take a Year
Both the CFTC and the Securities and Exchange Commission would likely need to craft revised interpretive rules covering custody and current routing mechanics, Ebersole said. The Bitnomial link gives the project a regulatory head start that could shorten a process that otherwise might take months or years.
Policy groups are pressing for a joint framework. In a letter last month, the Hyperliquid Policy Center urged the SEC and CFTC to adopt a harmonized approach for perpetual contracts, while the CFTC has already moved to allow bitcoin perpetual futures listings in the US after greenlighting KalshiEX and Coinbase in May. Coinbase said Thursday it filed a notice registration form with the SEC to begin listing equity perpetuals.
If Hyperliquid establishes a functioning US venue, it could add pressure on traditional exchanges to accelerate the shift toward extended-hours trading, Ebersole said. Critics including Americans for Financial Reform and Demand Progress warn that easier access for crypto platforms could increase instability across US financial markets.
The compliance-first route also gives Hyperliquid a path to the deep US derivatives market without redesigning its offshore protocol, a model other decentralized exchanges may follow as regulators tighten scrutiny of offshore venues. Prediction markets show moderate optimism that Hyperliquid reaches price milestones by year-end, though the outcome hinges on the CFTC's review.
This article is for informational purposes only and does not constitute investment advice.
