September 21, 2026
Hyperliquid has become one of crypto’s largest derivatives venues without direct access to the US market (Exhibit 1). That may soon change. In August, President Donald Trump announced that CFTC Chair Michael Selig was working to bring Hyperliquid into the country legally.1
Since then, Payward, the parent company of the crypto exchange Kraken, has confirmed plans to offer US clients onchain perpetual futures through permissioned Hyperliquid HIP-3* markets.2 Subject to regulatory approval, Payward’s CFTC-regulated Bitnomial exchange and clearinghouse would create and administer the markets and clear and settle the contracts.3
Hyperliquid has a strong starting position. It averaged approximately $9 billion of open interest during the second quarter of 2026, an increase of 54% year-over-year. Hyperliquid was the only major perpetuals venue4 with any growth. It also supports 24/7 markets tied to equities and commodities. S&P Dow Jones Indices recently licensed the S&P 500 Index to Trade [XYZ] for a Hyperliquid perpetual market.5
For HYPE investors, the opportunity depends on fee-bearing volume. Hyperliquid directs nearly all revenue from trading fees toward HYPE token purchases. In our view, a US venue could strengthen this flywheel if it runs on Hyperliquid infrastructure and pays protocol fees.
Key Takeaway: A regulated US path could expand Hyperliquid’s market, validate its infrastructure, increase fee revenue, and potentially bolster the value of HYPE, the protocol’s native token
Exhibit 1: Hyperliquid has gained market share from the largest centralized exchanges
