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FollowingThe Hyperliquid Policy Center urges the CFTC to include perpetual futures in its innovation agenda and regulatory discussions.
Perpetual contracts are expanding from digital assets to stock and commodity markets, with nominal trading volume on the Hyperliquid platform exceeding US$500 billion. The CFTC has approved U.S. listings of perpetual futures and is reviewing their potential applications in energy and other markets.
Perpetual futures are gradually entering the scope of discussion on the U.S. Commodity Futures Trading Commission's (CFTC) innovation agenda. Previously, the Hyperliquid Policy Center submitted a statement that came after the CFTC Innovation Advisory Committee held its first meeting on August 20. At the meeting, members mentioned perpetual contracts in aspects such as digital assets, artificial intelligence and prediction markets.
Perpetual contracts attracted the attention of the CFTC Committee
According to the Hyperliquid Policy Center, although perpetual contracts were not included in the meeting agenda, members discussed them in three discussion sessions: digital assets, artificial intelligence and forecasting markets.
The Policy Center said its statement made four observations on this product category and the U.S. market. The statement regards perpetual contracts as part of the CFTC's innovation agenda and considers them an important tool for market participants.
The Center notes that CFTC's approach is driving sustainable markets back to the U.S. market while supporting the development of on-chain systems within existing legal frameworks.
Product Range Beyond Digital Assets
Perpetual contracts were initially used in the digital asset space and subsequently expanded to include stocks, commodities and other markets. On the Hyperliquid platform, third-party developers have recorded more than $500 billion in nominal transactions.
According to the policy center, these trading activities cover more than 80 commodity and stock markets. The organization specifically mentions commercial hedgers with open-term exposures. After traditional term futures contracts expire, users need to manage contract extensions, timing and transaction costs.
Perpetual contracts have no expiration date, rollover, or delivery, and the funding rate mechanism keeps their prices tied to the reference asset. The center stated that perpetual contracts and term futures form a complementary relationship. Term contracts are still applicable to hedging risks associated with fixed calendar dates.
The CFTC takes measures to promote market localization
The CFTC approved the first listed perpetual futures contract in the United States in May this year. In June, the agency solicited opinions on extending perpetual contracts to energy commodities. This week, the Policy Center and Trade XYZ jointly submitted a comment letter on energy sustainability contracts.
In addition, the CFTC also solicited opinions on calculated derivatives, including possible perpetual calculated futures. Currently, the CFTC regulates 30 designated contract markets, compared with 16 in 2003. Another 17 new applications are pending, and the number of listing contracts has more than tripled in three years.
The policy center also highlights the blockchain infrastructure used to record markets, orders and positions. It points out that such systems can continuously assess margin requirements and transfer collateral in real time.
