HYPE, the native token of on-chain perpetual futures platform Hyperliquid, was trading at $83.90, up 0.28%, after Bloomberg reported that Payward, Kraken’s parent company, is in talks with Hyperliquid about entering the U.S. market. The proposed arrangement could bring selected Hyperliquid perpetual futures to U.S. traders through Bitnomial, Payward’s CFTC-licensed exchange, and would require regulatory approval. HYPE gained more than 35% over the week, while its market capitalization reached between $17 billion and $21 billion during the rally. The move accelerated after President Donald Trump said on August 19-20 that the Commodity Futures Trading Commission was taking steps to onboard Hyperliquid in a compliant manner. Payward’s Bitnomial acquisition provides derivatives infrastructure that could support a regulated U.S. offering, while Hyperliquid’s HIP-3 framework enables third parties to deploy markets on its platform. Hyperliquid remains an offshore venue that restricts U.S. users. Payward has also launched tokenized equities through xStocks on Hyperliquid’s HyperCore infrastructure and is developing partnerships with traditional financial firms including Nasdaq.