Hyperliquid is rumored to be entering the United States through Kraken parent company Payward, and the perpetual contract structure is submitted to the CFTC for review

For a perpetual contract exchange that has long been outside the U.S. regulatory circle, if it wants to enter the market legally, the fastest way may not be to apply for a license yourself, but to find a partner who has already obtained a license. Bloomberg reported that Hyperliquid is trying to gain a foothold in the United States through Kraken parent company Payward, and the transaction structure discussed by the two parties has been submitted to the U.S. Commodity Futures Trading Commission (CFTC).

According to reports, Payward has submitted a preliminary explanation to the CFTC on the structure of this cooperation, which involves how Hyperliquid’s cryptocurrency perpetual contract products can be implemented through Payward’s regulatory status in the United States. However, the report also pointed out that this arrangement is still in the regulatory review stage and has not yet been approved by the CFTC.

Kraken, owned by Payward, is one of the few cryptocurrency exchanges in the United States that has been continuously operating for many years, and it has a certain regulatory foundation in the derivatives business. Hyperliquid is a platform famous for its on-chain perpetual contract trading. In the past, it mainly served users outside the United States. If the two can cooperate, it will give Hyperliquid's products the opportunity to enter the U.S. market through existing compliance channels without having to establish its own regulatory relationship from scratch.

At present, the specific structure of this proposal, the details of the division of labor between the two parties, and the timetable have not been made public. Whether it is approved or not still depends on the results of the CFTC’s subsequent review.