Hyperliquid is pursuing its first formal U.S. market entry through a proposed arrangement with Payward, Kraken's parent company, using Bitnomial's CFTC-regulated exchange infrastructure. CoinDesk reported that a proposal has been submitted to the Commodity Futures Trading Commission for review and would allow U.S. participants to trade a limited selection of Hyperliquid perpetual futures. Hyperliquid's offshore application remains geoblocked for American users. A separate U.S. product could impose know-your-customer checks, sanctions screening and customer-fund safeguards, with fewer markets, lower leverage and tighter risk controls than the existing platform. Legal specialists have said coordination between the CFTC and Securities and Exchange Commission on custody, order routing and perpetual-contract rules could take several months or as long as a year.