Hyperliquid to Offer Perpetual Futures to US Traders via Kraken Partnership
Hyperliquid, a decentralized derivatives platform, is set to make its perpetual futures accessible to American traders through a strategic partnership with Payward, the regulated parent company of cryptocurrency exchange Kraken. This collaboration aims to bridge the gap between decentralized finance (DeFi) and regulated markets, allowing U.S. clients to access Hyperliquid’s trading services.
Navigating Regulatory Hurdles
Currently, Hyperliquid’s web interface is geo-blocked in the United States to comply with the nation’s derivatives regulations. However, this new partnership leverages Kraken’s established regulatory framework. According to an announcement from Payward, the deal will enable U.S. clients to trade Hyperliquid perpetual futures.
The platform’s global operations have seen significant growth, with its total value locked reaching $6.7 billion since 2023 and accounting for approximately 9% of global open perpetual positions. This surge in DeFi derivatives has previously drawn scrutiny from traditional exchanges concerned about user financial risks on unregulated platforms.
A Regulated Path Forward
To address these compliance concerns in the U.S. market, Payward and Hyperliquid have devised a structure where users will access Hyperliquid’s order book. However, the perpetual contracts will operate under the purview of Bitnomial Exchange and Bitnomial Clearinghouse, both of which are regulated by the Commodity Futures Trading Commission (CFTC) and owned by Payward.
Prospective traders will be required to have their accounts approved by both the NinjaTrader Clearing broker and Bitnomial.
Awaiting Regulatory Approval
The partnership is currently awaiting approval from the CFTC, with more operational details expected to be released upon clearance. Industry experts anticipate that the full implementation of the project could take several months. Furthermore, the U.S. offering will be subject to stringent regulations, including sanctions screening and lower leverage limits compared to its global counterpart.
This initiative is seen as a potential blueprint for how traditional finance can integrate with DeFi architecture in a compliant manner. Payward has indicated that this is the first of several similar partnerships it plans to pursue.
Market Reaction and Price Outlook
Following the announcement, the price of Hyperliquid’s native token, HYPE, saw an increase of 1.71%, trading at $78.23. This positive movement was also attributed to fee-funded token buybacks and record open interest.
Analysts suggest that if the positive sentiment persists, HYPE could retest its upper resistance level at $82.30. Conversely, a failure to maintain this momentum might lead to a decline below the support zone of $75.83, potentially triggering a more significant correction.
