Hyperliquid Policy Center Urges CFTC to Create Path for US Energy Perpetual Futures
Forecast Trend Report by Period
The Hyperliquid Policy Center, or HPC, and perpetual futures platform TradeXYZ have asked the US Commodity Futures Trading Commission to create a regulatory framework that would allow perpetual futures tied to energy assets such as crude oil to trade in the US.
The Block reported on August 26 that HPC and TradeXYZ told the CFTC in a comment letter that the agency should establish a regulatory path for energy perpetual futures. Perpetual futures are derivatives with no expiration date, allowing traders to take positions on price moves without directly holding the underlying asset.
The two groups pointed to turmoil in energy markets following US and Israeli strikes on Iran earlier this year. The supply shock in the Middle East hit over a weekend, when traditional crude futures markets were closed, while 24-hour on-chain venues such as Hyperliquid continued trading.
US companies should not have to wait until Sunday evening to manage risk if another crisis breaks out on a Saturday night, HPC wrote, arguing for energy derivatives that trade around the clock.
The CFTC has already shown openness to bringing perpetual futures to the US. In May, CFTC staff allowed KalshiEX and Coinbase to list Bitcoin perpetual futures. In June, the agency sought market feedback on crude oil perpetual futures and 24-hour trading.
HPC and TradeXYZ said they are not proposing to replace traditional dated futures with perpetual contracts. Instead, they argued that both products should be allowed to trade side by side under regulation. They also called for a principles-based framework that is not tied to any specific technology and for clarity on how the term "business day" should apply across rules in a 24-hour trading environment.
Earlier this week, HPC also submitted a letter to the CFTC and the US Securities and Exchange Commission urging the two agencies to coordinate oversight of perpetual futures. It also cited comments from last week in which President Donald Trump said CFTC Commissioner Michael Selig is working to bring Hyperliquid to the US market in a "fully compliant and legal manner."
HPC said it is focused on ensuring that US market participants can access on-chain perpetual futures markets under the supervision of US authorities and that it will continue discussions with the CFTC.
