Hyperliquid Policy Center urged the CFTC to include perpetual futures in its innovation agenda and regulatory discussions. Perpetual contracts are expanding beyond digital assets into equity
U.S. perpetual futures are moving closer to the Commodity Futures Trading Commission’s innovation debate after Hyperliquid Policy Center submitted a statement. The filing followed the CFTC Innovation Advisory Committee’s first meeting on Aug. 20, where members raised perpetual contracts across sessions on digital assets, artificial intelligence and prediction markets.
Perpetual contracts were absent from the meeting’s agenda, according to Hyperliquid Policy Center. However, members discussed them during all three sessions covering digital assets, AI and prediction markets.
HPC said its statement makes four points about the product class and U.S. markets. It described perpetuals as part of the CFTC’s innovation agenda and a tool for market participants.
HPC said the CFTC’s approach is bringing perpetual markets onshore. It also supports onchain systems within existing legal frameworks.
Perpetual contracts first gained use in digital assets before expanding into equities, commodities and other markets. On Hyperliquid, third-party builders have recorded more than $500 billion in notional volume.
According to HPC, the activity covers more than 80 commodity and equity markets. The group highlighted commercial hedgers with exposures that do not have fixed end dates. Dated futures expire, requiring users to manage contract rolls, timing and transaction costs.
Perpetuals have no expiry, rollover or delivery, while funding payments keep prices tied to reference assets. HPC said perpetuals complement dated futures. Dated contracts remain suited to risks tied to fixed calendar dates.
The CFTC approved its first U.S.-listed perpetual futures contract in May. In June, it sought comments on extending perpetual contracts to energy commodities. HPC and Trade XYZ filed a joint comment letter on energy perpetuals this week.
Separately, the CFTC requested comments on compute derivatives, including possible perpetual compute futures. The CFTC regulates 30 designated contract markets, compared with 16 in 2003.
Seventeen new applications remain pending, while listed contracts have more than tripled in three years. HPC also pointed to blockchain infrastructure for recording markets, orders and positions. It said such systems can reassess margin continuously and move collateral in real time.
