Hyperliquid, a decentralized exchange for perpetual futures, is developing a compliant framework to extend its offerings to U.S. customers—a direct response to recent regulatory action by the U.S. Commodity Futures Trading Commission.
The CFTC approved perpetual contracts linked to Bitcoin spot prices on May 29. The agency also formalized a pathway for registered U.S. platforms to offer perpetual futures tied to digital assets. That includes clearance of Kalshi's BTCPERP contract and treatment of specific Coinbase-linked Deribit perpetuals as foreign futures. The moves signal regulatory intent to bring crypto derivatives trading into the U.S. onshore market.
Hyperliquid has blocked U.S. users due to regulatory uncertainty around crypto derivatives. Its core product—on-chain perpetual futures—sits squarely in the market segment the CFTC is now moving to regulate.
Industry experts outline what compliant distribution requires. Edwards said a fully regulated venue, a compliant customer funds path, an approved product scope, robust surveillance, comprehensive disclosures and accountable corporate counterparties are essential.
Without that infrastructure, routing Hyperliquid liquidity to U.S. customers risks being interpreted as directing users to an unapproved offshore venue.
To address those requirements, Hyperliquid established its Policy Center. Jake Chervinsky, formerly general counsel for the Blockchain Association, leads the initiative—a signal the platform is serious about meeting U.S. derivatives regulations.
Hyperliquid operates as a dedicated Layer 1 blockchain for on-chain perpetual futures using its own BFT consensus mechanism. The platform has reported $1 billion in revenue. Its native token, HYPE, ranks among the largest crypto tokens by market capitalization.
A regulated pathway for U.S. traders to access decentralized perpetual products is expected within 18 months, driven by the CFTC's April 17 statement and the launch of Hyperliquid's Policy Center.
