Hyperliquid is in advanced discussions to bring its perpetual futures to American traders through Payward's Bitnomial, a US-regulated digital asset exchange and clearinghouse. ^[1] Shares of the Intercontinental Exchange (ICE) and Nasdaq declined on Monday following a Bloomberg report that decentralized crypto trading platform Hyperliquid is in talks with Kraken's parent company about entering the U.S. market. ^[2] Hyperliquid Labs is in talks with Payward, the parent company of Kraken, regarding a structure to offer US traders access to perpetual futures linked to Hyperliquid's markets. ^[3] A deal would mark the first push into the US market by Singapore-based Hyperliquid Labs, whose fast-growing platform has been off-limits to American customers. ^[4] Hyperliquid is a decentralized platform handling more than $4 billion in daily volume with no central operator, a setup regulators worry exposes such venues to manipulation. ^[5] The talks, reported Monday and attributed to people familiar with the matter, would let US-based traders access a subset of Hyperliquid's crypto-linked perpetual futures through Bitnomial. ^[6] The Intercontinental Exchange dropped 1.5% in value, while Nasdaq fell 1.4%. ^[7] The proposed deal would allow U.S.-based traders to use Payward's Bitnomial exchange to trade some perpetual futures tied to the price of crypto tokens built on Hyperliquid's blockchain technology. ^[8] Hyperliquid's own app remains geoblocked for Americans, and the reported structure does not change this restriction. ^[9] Payward has already sent the proposed structure to the Commodity Futures Trading Commission (CFTC) for review. ^[10] Payward's subsidiary Bitnomial would allow registered US traders to access a selection of crypto-linked perpetual futures tied to assets associated with Hyperliquid's blockchain. ^[11] The potential agreement would represent Hyperliquid's first direct push into the US market, where its main trading interface currently bars American users. ^[12]