Hyperliquid is working on a route into the United States through Payward, the parent company of Kraken, using CFTC-licensed subsidiary Bitnomial to offer American traders perpetual futures tied to Hyperliquid markets. The structure has been outlined to regulators but remains unapproved, and one former SEC lawyer puts the timeline at 10 to 12 months at best. HYPE trades near $84, about 3% below its record.
What Hyperliquid and Payward Have Proposed
Hyperliquid Labs is reportedly in talks with Payward to bring perpetual futures to American traders. Payward subsidiary Bitnomial would let registered US users trade crypto perpetuals linked to markets on Hyperliquid’s decentralised exchange and its Layer 1.
As per sources, US citizens would not be trading on the decentralised exchange itself. They would use a regulated venue whose contracts reference Hyperliquid markets, keeping the compliance perimeter inside a CFTC-registered entity, and approval is still pending.
For readers new to the product, this guide to crypto perpetual futures covers funding rates and leverage mechanics.
Why Bitnomial Is Central to the Hyperliquid Deal
Payward bought Bitnomial earlier in 2026 for up to $550 million, gaining a licensed derivatives stack across exchange, clearing and brokerage. Perpetual futures are a regulated derivative in the United States, so without a contract market and clearing, an offshore venue has no lawful route to US traders.
How Long Hyperliquid US Approval Could Take
Ashley Ebersole, a former SEC senior counsel now chief legal officer at real-world assets platform tx, said the SEC and CFTC may need to rewrite interpretive rules on custody and order routing. His estimate was at least 10 to 12 months, assuming the process moved quickly.
Policy momentum is building behind the scenes, because the CFTC cleared KalshiEX and Coinbase to list perps in May and President Donald Trump named Hyperliquid directly in August, saying CFTC Chair Michael Selig was working to bring the platform onshore. The regulators have converged on definitions in their joint guidance on digital asset classification.
HYPE Coin Price Today and Key Levels
HYPE changed hands near $83.90 on 1 September, roughly 3% under its record of $86.71, with a market capitalization around $20.4 billion and a ninth-place ranking.
HYPE/USDT, Source: TradingView
The trend remains intact, with the 20, 50, 100 and 200-day exponential moving averages at $75.15, $67.78, $62.47 and $54.99, stacked in bullish order and price above all four. Momentum has cooled, because the 14-day RSI has slipped to 68.23 and sits below its moving average at 73.74 after peaking above 80 last week.
Longer-horizon scenarios appear in this HYPE token price prediction analysis.
That usually marks a pause rather than a reversal, though it leaves HYPE about 12% above its 20-day EMA, and gaps that wide tend to close through drift or a pullback. HYPE jumped 20% on 20 August when Trump signalled CFTC involvement, and Monday’s report drew a far smaller move, suggesting the optimism is priced in.
What US Access Means for HYPE Token Liquidity
Hyperliquid leads decentralised perpetuals by a wide margin, holding $12.25 billion to $13.22 billion of the roughly $20.9 billion in perp DEX open interest in late August, against rival Aster near $2 billion. A US channel would add distribution, and deeper books usually mean tighter spreads.
The link to the token is weaker, because fees, staking and buybacks tie platform activity to HYPE demand, while contracts merely referencing those markets do not expand its use.
What HYPE Traders Should Watch Next
The CFTC’s supportive stance on perpetual futures is a policy position rather than law, so a future administration could reverse it, and the deal still needs an approval nobody has granted.
On the charts, HYPE has to clear $86.71 to set a new record. Going the other way, $80 has held as the floor of the past week’s trading range, and the 20-day moving average at $75.15 is the next level below it. A CFTC filing covering the Bitnomial structure would be the first hard sign the deal is moving, and until one appears this is a story measured in quarters rather than days.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Crypto assets are unregulated and highly volatile. Readers should conduct their own research before making any trading decisions.
FAQs
1. Is Hyperliquid available to US traders right now?
Hyperliquid perpetual futures are not available to registered US users, and the Payward and Bitnomial structure that would change that has only been outlined to the CFTC. Approval is pending, so nothing is live for American traders.
2. Will the HYPE price rise if Hyperliquid gets US approval?
HYPE would not automatically rise on approval, because the token accrues value through fees, staking and buybacks rather than a contract listed elsewhere. Much of the optimism also appears priced in, given HYPE jumped 20% on the first CFTC signal in August but barely moved on the Bloomberg report.
3. When could Hyperliquid launch in the United States?
No launch date for Hyperliquid in the US has been confirmed. Former SEC senior counsel Ashley Ebersole estimated the launch to take at least 10 to 12 months. This is because the SEC and CFTC may need to revise custody and order routing rules first.
4. How high can HYPE coin price go?
CoinDCX's Hyperliquid price prediction analysis puts the December 2026 target at $100, with a 2026 range of $62 to $120, and a 2030 base case of $95 within a $45 to $180 band. How far HYPE actually runs depends on two things: whether Hyperliquid holds its lead in on-chain perpetuals, and how the market absorbs an emission schedule with close to three-quarters of total supply still to release. That dilution is why the fully diluted valuation sits near $77 billion against a market cap of roughly $20 billion.
