Key highlights:
- Grayscale highlighted a proposed U.S. expansion structure where Bitnomial would offer CFTC-regulated perpetual futures linked to Hyperliquid markets
- HYPE gained a Binance spot listing as Hyperliquid hit a record $18B in open interest
- Hyperliquid is expanding beyond derivatives: manual USDC/USDT borrowing launched, trailing stops, and S&P 500 perpetual markets are live via S&P Dow Jones Indices licensing
Hyperliquid is moving toward a potential expansion into the U.S. market as the derivatives platform continues to grow globally and its native HYPE token gains a spot listing on Binance.
The developments come as Hyperliquid builds a sizable derivatives business outside the U.S., where its main platform remains unavailable to American traders because of regulatory restrictions.
According to Grayscale, that could change under a proposed structure involving Payward, the parent company of Kraken, and its U.S.-regulated subsidiary Bitnomial.
Could a U.S. expansion give HYPE a new growth catalyst?
Under the proposal submitted to the Commodity Futures Trading Commission, Bitnomial would create and administer U.S.-regulated perpetual futures contracts linked to Hyperliquid markets.
Although the arrangement would not give U.S. traders direct access to Hyperliquid’s existing platform, American customers would instead trade through Bitnomial under U.S. regulatory requirements. They would also face identity checks, compliance measures, and lower leverage than users of the offshore platform
Bitnomial would handle customer onboarding, accounts, margin, and clearing, while Hyperliquid would provide the underlying infrastructure for liquidity, order books, trade matching, and on-chain recordkeeping.
The potential U.S. expansion comes as Hyperliquid’s derivatives business continues to scale.
Grayscale said the platform averaged about $9 billion in open interest during the second quarter of 2026, up 54% from a year earlier. Its open interest later climbed to a record $18 billion.
Hyperliquid has also expanded beyond traditional crypto perpetuals, offering markets linked to equities and commodities. S&P Dow Jones Indices has licensed the S&P 500 Index for a perpetual market on the platform.
For Hyperliquid, access to the U.S. market could open the platform to retail traders, professional firms, and institutional participants currently unable to use its offshore venue. Increased trading activity could also generate additional fees for the protocol.
That could have implications for HYPE, which is tied to Hyperliquid’s revenue model. The protocol directs most of its trading-fee revenue toward HYPE purchases, with about $1.3 billion worth of tokens reportedly repurchased since December 2024.
Hyperliquid’s HYPE token is currently trading at $92.58, up 3.2% over the past 24 hours, after reaching an intraday high of $95.68.
However, the proposed U.S. structure remains subject to regulatory approval, and the economic terms between Bitnomial and Hyperliquid have not been disclosed.
HYPE hits Binance as Hyperliquid pushes beyond its derivatives roots
The timing also coincides with Binance adding HYPE to its global spot market. The exchange opened trading for HYPE against USDT, USDC, and TRY on Sept. 24, more than 15 months after launching HYPEUSDT perpetual futures in May 2025.
Binance applied its Seed Tag to HYPE, warning users that the token may face higher volatility and will be subject to periodic risk assessments.
The listing comes as Hyperliquid continues expanding beyond its core derivatives market.
On Sept. 21, the network added trailing stops for perpetual contracts, allowing traders to set triggers that follow the mark price as a position moves in their favor.
It also introduced manual borrowing on Sept. 18, allowing users to deposit HYPE or BTC as collateral and borrow USDC or USDT through HyperCore.
The system had about $269 million in borrowed assets when launched. HYPE carries a 65% loan-to-value ratio, compared with 50% for BTC, while interest on borrowed stablecoins varies with utilization.
Notably, yesterday the perpetual exchange said its open interest reached an all-time high of $18B.
The expansion comes as regulatory access remains central to Hyperliquid’s U.S. ambitions. Its offshore structure has supported global growth but limits direct access to American customers under the current framework.
The proposed Bitnomial structure would separate Hyperliquid’s decentralized infrastructure from regulated customer-facing and clearing functions, offering a potential path for the platform to access U.S. markets without restructuring the entire protocol.
The effort has also drawn political attention, with President Donald Trump previously saying CFTC Chair Michael Selig was working to bring Hyperliquid into the U.S. legally.
Source:: Grayscale Sees U.S. Opening for Hyperliquid as HYPE Gains Binance Listing