The American version of Hyperliquid may not be called Hyperliquid Just as Trump said he wanted it to enter the United States legally, it was revealed that Hyperliquid was in deep negotiations with Kraken's parent company Payward Are competitors really ready to 'join if they can't beat', or is Hyperliquid becoming the underlying system behind licensed exchanges? According to Bloomberg, if the plan is approved by regulatory authorities, Payward's US regulated exchange and clearing institution Bitnomial will allow registered US users to trade a portion of perpetual contracts linked to cryptocurrency assets, which will use Hyperliquid related technology According to informed sources, Payward has submitted the proposed structure to the CFTC At present, both parties have refused to comment and the financial terms have not been disclosed, so this is not yet an official announcement, let alone indicating that Hyperliquid has obtained market access in the United States But compared to previous policy statements, the biggest difference this time is: The path of Hyperliquid entering the United States has seen the emergence of specific licensed partners for the first time Over the past few months, we have been discussing what the US version of Hyperliquid may look like. It is highly unlikely that it will change all existing global markets to KYC mode, nor will it require all users to accept US regulation More likely to adopt a "US branch" structure: Hyperliquid continues to provide underlying trading technology, while Payward and Bitnomial provide US licenses, user registration KYC、 Market supervision, liquidation, and compliance responsibilities US users enter a regulated, limited product range licensing market, while global users continue to use the existing permissionless market Two markets can use the same or similar underlying technologies, but user access, product scope, and regulatory responsibilities are separated from each other Why does Hyperliquid require Payward? The real difficulty in entering the US derivatives market is not just technology The platform needs to address a complete set of issues including exchange registration, clearing qualifications, customer identity verification, customer asset management, market monitoring, transaction reporting, and anti money laundering If Hyperliquid applies for all licenses from scratch, it will require a significant investment of time, funds, and compliance resources Payward already has Kraken's user and distribution capabilities, while Bitnomial has regulated trading and clearing infrastructure in the United States Instead of creating a new set of American financial institutions on its own, Hyperliquid's more realistic choice is to make existing licensed institutions the front-end and compliance shell, and provide its own back-end trading system In plain language, Hyperliquid is responsible for ensuring the success of the trading system, while Payward is responsible for bringing in American users legally If this route is ultimately implemented, American users will not receive the full version of Hyperliquid first Bloomberg currently discloses "a portion" of perpetual contracts for cryptocurrency assets, which means that the initial product range may be strictly limited Users need to complete registration and KYC, which assets can be traded, how much leverage to use, and what collateral to use, which may also be jointly determined by Bitnomial and regulatory agencies There is currently no clear answer on whether the order book is shared with the global market, how liquidity is connected, whether transactions ultimately occur directly in HyperCore, and how transaction fees are allocated But looking at recent actions together, the American mainline of Hyperliquid has become increasingly complete Trump publicly stated that he hopes Hyperliquid can enter the United States in a fully compliant and legal manner, opening a political window The Hyperliquid Policy Center continues to submit opinion letters to the SEC and CFTC, discussing on chain matching, stock perpetuity, and securities futures classification, laying a regulatory track The test website has added the allow list and account control functions, and is preparing licensed market and securities risk management tools The current negotiation with Payward may involve the most realistic aspect: which licensed institution will truly bring this system to American users? This matter is equally attractive to Kraken. If on chain perpetual contracts continue to steal users from centralized exchanges, simply copying a DEX product may not necessarily catch up with Hyperliquid's already formed order book, users, and brands But Payward can compete in a different way, without having to defeat Hyperliquid at the bottom, but using its own license, customer relationships, and compliance infrastructure to package Hyperliquid technology into products that can serve the US market So although 'join if you can't beat' is a joke, it points out a more important change Hyperliquid and Kraken are not necessarily just competitive relationships between exchanges In the future, they may be at different levels of the same financial system Kraken and Payward are responsible for users, licenses, and compliance, while Hyperliquid is responsible for trading and settlement technology What should the American version of Hyperliquid look like? At least, the entry of Hyperliquid into the United States is no longer limited to slogans and policy recommendations HYPE Hyperliquid Kraken Bitnomial DeFi