Hyperliquid Labs, the Singapore-based decentralized exchange that has become a dominant force in offshore crypto derivatives, is in advanced negotiations to open a regulated pathway into the U.S. market through Payward, the parent company of the Kraken exchange.

The proposed structure would route a selected subset of Hyperliquid’s crypto-linked perpetual futures through Bitnomial, the Chicago-based derivatives exchange and clearinghouse that Payward acquired earlier this year. If regulators approve the arrangement, registered American traders would gain access to products tied to Hyperliquid’s blockchain without interacting directly with its permissionless platform.

Perpetual futures, which carry no expiration date and use recurring…