Hyperliquid in Talks with Kraken Parent for US Perps Launch

This potential partnership is significant because it would test whether a decentralized venue can operate within U.S. commodity derivatives regulation without losing its core premise. The structure proposed to the CFTC would likely place Bitnomial as the regulated intermediary, which could set a precedent for how other DEXs approach the U.S. market. The key tension is whether Hyperliquid's on-chain execution can satisfy the compliance and surveillance demands of a registered entity. Watch whether the CFTC's response signals openness to hybrid models, as that would shape the broader landscape for offshore platforms seeking U.S. access.