Payward Talks Offer a More Concrete U.S. Route
The discussion around bringing Hyperliquid onshore is moving beyond policy proposals.
According to The Block, citing Bloomberg, Hyperliquid Labs is in talks with Payward about giving U.S. traders access to selected Hyperliquid-linked perpetual futures through Bitnomial.
That would provide a very different route from simply opening Hyperliquid’s existing platform to U.S. users.
Payward completed its acquisition of Bitnomial in May, giving the Kraken parent a U.S. derivatives stack that includes a CFTC-regulated futures commission merchant, designated contract market and derivatives clearing organization. Payward said at the time that the infrastructure was designed to support regulated perpetuals and other derivatives for eligible U.S. clients.
The reported Hyperliquid structure still requires regulatory approval. It therefore represents a potential route into the market rather than confirmation that Hyperliquid perpetuals are launching in the U.S.
Hashdex Adds HYPE to Its Crypto Index
A separate institutional development arrived on September 1.
A new SEC prospectus supplement confirms that HYPE has been added to the Nasdaq CME Crypto Index used by the Hashdex Nasdaq CME Crypto Index ETF.
The filing estimates HYPE’s new index weight at 3.36%, behind Bitcoin, Ethereum, XRP and Solana but ahead of ADA, LINK, XLM and BCH.
That inclusion gives HYPE a place inside a regulated multi-asset crypto benchmark and reflects the token’s rapid rise in market significance.
It should not be treated as evidence that 3.36% of the fund was purchased in HYPE immediately on September 1. The filing establishes the updated benchmark composition and investment weighting. Actual fund holdings and rebalancing still need to be distinguished from the index update itself.
The U.S. Story Has Changed Since Last Week
When we covered HYPE on August 25, the focus was on a policy proposal seeking clearer U.S. rules for perpetual contracts.
The latest development moves that discussion closer to implementation. Rather than only debating how perpetuals could be regulated, Hyperliquid Labs is reportedly exploring a structure built around an existing U.S.-regulated derivatives operator.
The Hashdex addition creates a separate form of institutional exposure at the same time.
Neither development guarantees higher HYPE demand. The Payward talks still depend on regulatory approval, while index inclusion does not tell us how much incremental buying will ultimately reach HYPE. What they do show is that both U.S. market access and institutional exposure are becoming more concrete than they were a week ago.
HYPE Technical Analysis on the Daily Chart
HYPE is trading near $83.74 after setting an all-time high around $86.70 on August 27.
The first test remains $86.70. A completed daily close above the ATH would confirm fresh price discovery. Using the roughly $12.20 structure between $74.50 and $86.70 gives a measured-move objective near $99 if that breakout develops.
The more important change is underneath price. $79.50 has become the key support after HYPE repeatedly found buyers around $79-$80 during the late-August consolidation. Holding it would keep the current ATH retest intact.
A daily close below $79.50 would weaken the setup and bring $74.50 back into focus. That level supported the earlier breakout and now acts as the deeper invalidation point for the current price-discovery attempt.
The daily structure therefore remains bullish while HYPE holds $79.50. Buyers still need a close above $86.70 before the $99 measured target becomes active.
What to Expect Next
- Bullish case: HYPE closes above $86.70, putting the $99 measured-move target in focus.
- Bearish case: A daily close below $79.50 exposes $74.50.
- Key catalyst: Regulatory progress on the reported Payward structure could clarify whether a real U.S. launch path exists.
- Invalidation: A completed daily close below $74.50 would invalidate the immediate price-discovery structure.
FAQs
Is Hyperliquid launching in the U.S.?
Not yet. Hyperliquid Labs is reportedly discussing a regulated route through Payward and Bitnomial, but approval is still pending.
What does Hashdex adding HYPE mean?
HYPE is now a constituent of the Nasdaq CME Crypto Index tracked by Hashdex’s ETF, with an estimated 3.36% benchmark weight.
