Kraken Parent Payward in Talks to Bring Hyperliquid Perp DEX to Regulated US Market

• Kraken’s parent, Payward, is reportedly in advanced talks with Hyperliquid to facilitate its regulated entry into the US market via Bitnomial.
• In the UK, Payward has partnered with the London Stock Exchange Group (LSEG) to launch tokenized shares by 2027.

Hyperliquid Labs, the software developer behind the leading perpetual decentralized exchange (perp DEX) Hyperliquid (HYPE), is reportedly in advanced negotiations with Payward, the parent company of Kraken. The talks center on the potential regulated entry of the popular perp DEX into the United States.

This potential move comes shortly after President Donald Trump instructed the Commodity Futures Trading Commission (CFTC) Chair Michael “Mike” Selig to explore pathways to bring perp DEXs onshore. According to Bloomberg, citing an anonymous source close to the discussions, the parties are in “advanced talks” to integrate a selection of crypto perpetual futures from Hyperliquid’s chain onto Bitnomial’s regulated trading platform.

Kraken Parent Payward in Advanced Talks with Hyperliquid

Payward completed its 100% acquisition of Bitnomial in May in a $550 million cash-and-stock deal, which valued the parent company of Kraken at approximately $20 billion. The report indicates that Payward has already submitted a proposal to the CFTC detailing how Hyperliquid could integrate into its regulated ecosystem. It is unclear if this proposal was drafted before or after President Trump’s recent comments. All parties involved have declined to comment on the matter.

Hyperliquid currently dominates the global perpetual DEX market, handling over $6.96 billion in Open Interest (OI) and a 24-hour trading volume of roughly $7.38 billion. This dwarfs competitors like Aster (ASTER), which holds $1.16 billion in OI and a $1.7 billion 24-hour volume, placing it far behind in the market segment.

Despite its massive growth, Hyperliquid currently restricts access for US-based users due to regulatory hurdles. A successful integration via Payward’s regulated platforms could open the door for US traders to access the liquidity-heavy perp DEX.

Payward to Launch Tokenized Stocks on LSEG

In a separate development, Payward has secured a major milestone in the UK. Reuters reported that the company reached an agreement with the London Stock Exchange Group (LSEG) to explore innovative approaches to equity trading.

The discussions have progressed to a plan targeting the launch of tokenized shares in the UK market by 2027. The LSEG expects this framework to enable 24/7 operations and near-instant settlement, unlocking deeper liquidity and driving cost-efficient transactions.

The initiative follows warnings from the World Federation of Exchanges regarding the potential risks tokenized stocks pose to investors and market integrity. However, the push for tokenized equity continues as major financial institutions explore the technology.

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