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HYPE Hyperliquid Policy Center and trade[XYZ] jointly call on the CFTC to establish a regulated market for energy sustainability contracts
Hyperliquid Policy Center (HPC) and trade[XYZ] submitted a request to the U.S. Commodity Futures Trading Commission (CFTC) on Wednesday, August 26, hoping to establish a regulated market for energy sustainability contracts in the United States.
If the CFTC approves the request, U.S. oil and gas traders will have a venue to hedge crude oil and natural gas risks around the country around the clock-including overnight and weekend periods when traditional futures markets are closed.
Joint letter focusing on the oil and gas industry
The two institutions jointly submitted a comment letter to the CFTC on contracts linked to WTI crude oil, Brent crude oil and Henry Hub natural gas. HPC is an independent research and advocacy organization associated with the Hyperliquid Foundation. trade[XYZ] is a HIP-3 deployer that operates the traditional asset sustainability market on the Hyperliquid platform. The project was launched in October 2025 and is reported to have processed a cumulative transaction volume of more than US$500 billion.
In May this year, the CFTC approved perpetual contracts for trading as futures on U.S. exchanges for the first time, but regulators limited them to underlying underlying crypto assets and listed energy categories as an object requiring further review in a policy statement. In June, the CFTC publicly solicited opinions on perpetual contracts for storable and physically deliverable commodities. HPC and trade[XYZ] are responding to this request, and in their view energy is the next logical asset class after digital assets.
Taking the February oil shock as an example
The letter cited the incident on February 28: the conflict in the Middle East interrupted regional energy exports, and U.S. oil futures were suspended for some periods during the initial shock phase. The conflict continued to escalate, and Brent crude oil prices approached US$120 per barrel on March 9, causing jet fuel prices to double in an extremely short period of time. Airlines that had locked in fuel costs weathered the storm safely, while those that lacked adequate emergency measures suffered losses. Oil-linked perpetual contracts continue to be traded on Hyperliquid even during futures breaks.
HPC and trade[XYZ] said that between Friday's close and the benchmark index's re-opening on Sunday, about two-thirds of price movements were completed on-the-chain before traditional trading venues resumed.
How no expiration contract tracks price
Perpetual contracts have no settlement date, but instead use a regular funding rate to pull their price back to the asset price they refer to. HPC and trade[XYZ] pointed out that they are not advocating the elimination of futures with expiration dates-such contracts are still suitable for traders who require a specific delivery month or physical delivery.
The two institutions said that standard WTI futures are traded in 1000 barrels and have a nominal value of close to US$70,000 based on recent prices. The median off-peak trading in the trade[XYZ] crude oil market is about $1300. HPC also cited its research,"Perpetual Contracts as a Supplement to Expires Futures," which found that in nearly 75% of sampled weekend closures, crude oil perpetual contracts were closer to the benchmark index's Sunday re-opening price rather than its own Friday closing price.
HPC and trade[XYZ]What actions are required of the CFTC?
In a comment letter, the author asked the CFTC to take five steps to include energy sustainability contracts in the regulated U.S. market. They said the CFTC does not require new legislation to achieve this goal.
The first is to adopt a technology-neutral framework to support round-the-clock transactions. Second, HPC and trade[XYZ] believe that regulators should confirm that exchanges and clearing houses can continue to operate under existing core principles. The third item requires the CFTC to clarify the definition of "working day" for never closing the market. Fourth, regulators should recognize stablecoins and tokenized collateral as qualified margins. Finally, they asked regulators to confirm that regulated sites can use on-chain channels for clearing and settlement respectively.
Hyperliquid's broader push to enter the U.S. market
A few days ago, the HPC urged the U.S. Securities and Exchange Commission (SEC) to coordinate with the CFTC to classify perpetual contracts based on economic structure rather than underlying assets. The lobbying campaign received political cover-President Donald Trump said CFTC Chairman Michael Selig was working to bring Hyperliquid to the United States "in a fully compliant and legal manner." HYPE tokens rose 40% after President Trump's announcement.
However, not everyone agrees with the arrangement, and the Chicago Mercantile Exchange (CME) filed a lawsuit in June over the CFTC's decision to approve perpetual futures. Exchanges, including CME and the Intercontinental Exchange (ICE), have said Hyperliquid should be registered with regulators. According to CoinMarketCap data, HYPE traded at approximately $82.12 on Wednesday.
