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BTC 
ETH Hyperliquid Energy Perpetual Contract applies to enter U.S. regulated markets, with targets covering WTI, Brent crude oil and Port Henry Natural Gas.
trade[XYZ] reported that its trading volume in more than 80 markets has exceeded US$500 billion.
The U.S. Commodity Futures Trading Commission's (CFTC) review covers ongoing trading, margins, market monitoring and physical market risk.
Hyperliquid Energy Perpetual Contract may enter the U.S. regulated market under a proposal submitted to the CFTC on August 26. Hyperliquid Policy Center and trade[XYZ] believe that current derivatives laws already provide a path for this. The documents it submitted involved contracts linked to WTI crude oil, Brent crude oil and Port Henry natural gas. The CFTC has initiated a consultation process but has not yet approved these products.
HPC and trade[XYZ] recommend that the CFTC allow energy sustainability contracts to enter the U.S. market
Hyperliquid energy sustainability contracts target weekend hedging gaps. Unlike futures with limited delivery, perpetual contracts never expire. A regular funding payment mechanism helps align each contract with its reference price. This structure eliminates the need for regular monthly changes.
trade[XYZ] Energy contracts are available from October 2025. Its broader market has processed more than $500 billion in transactions in more than 80 listed varieties. The figures cover multiple asset classes, including energy, the document said.
Relevant parties say the Hyperliquid Energy Sustainability Contract can help companies respond when traditional trading venues close. On a February weekend, about two-thirds of the price change in crude oil occurred on-chain, and futures for due delivery had not yet reopened. One study cited in the document looked at 19 weekend closures. In nearly 75% of the session, the closing price on the chain is a better indicator of the level of the reopening on Sunday than the benchmark price on Friday.
A standard WTI futures contract is worth approximately US$70,000 at recent prices. The median trading size of crude oil during non-trading hours on trade[XYZ] is approximately US$1300.
CFTC reviews and testing on-chain clearing and stablecoin margins
The CFTC's review covers manipulation, reference prices, margins, clearing, market monitoring and customer protection measures. The review also asked what impact all-weather energy trading might have on the physical market.
Thedocument states that the on-chain system can continue to operate and execute, margin inspection, settlement and record keeping. According to trade[XYZ] data, its order book handles 97.9% of cleared nominal transaction volume.
The submitting party stated that public ledgers facilitate real-time monitoring. However, any operator offering Hyperliquid Energy sustainability contracts will still have to comply with market integrity and customer protection rules.
Relevant parties are also seeking approval to use eligible stablecoins and tokenized assets as margins for clearing derivatives. A current CFTC pilot project allows the use of Bitcoin, Ethereum and USDC under a reporting and risk control framework.
The document also seeks to establish clear rules for weekend collateral transfers and trading day deadlines. The listing of any Hyperliquid Energy sustainability contract requires separate regulatory approval. The deadline for soliciting opinions has been extended to August 26.
