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BTC Hyperliquid Policy Center: 24/7 oil perpetual contracts help U.S. traders manage price risk
The Hyperliquid Policy Center (HPC) points out that all-weather oil perpetual contracts provide U.S. traders with another way to manage price risk. Its August 2026 report compared perpetual contract trading with fixed-term futures during weekend closures, studying data from 205 Bitcoin weekends and 19 early oil weekends.
Weekend trading fills the gap between closed markets
The report focuses on the weekend period when the benchmark futures market is closed and the sustainable market remains open. In March, WTI crude oil closed at US$91.03 and rose to US$106.61 when it reopened, an increase of 15.8%. Between these two prices, the chain oil perpetual contract continued to trade for a full 49 hours.
HPC stated that perpetual contracts also avoid the mandatory rollover required for term futures. On a Monday in April 2026, the cost of rolling over a benchmark position worth US$10 million was approximately US$950,000; the cost of the same transaction on Friday was only approximately US$110,000, and the perpetual contract did not need to be rolled over regularly.
Thereport also found that small-scale traders also participated in on-chain markets. The median amount of oil traded during non-trading hours is approximately US$1300, which is only about 1% of the median amount of WTI's benchmark transactions. HPC believes this reflects additional risk transfer activity rather than a need to divert from the WTI market.
Perpetual price tracking subsequent benchmark reopening points
HPC examined whether weekend sustainability prices provided useful information before traditional markets reopened. Out of 205 Bitcoin weekends, benchmark Bitcoin futures almost fully confirmed weekend perpetual prices. The on-chain oil market also showed the same pattern over 19 early sample weekends.
HPC also tested a $10 million oil hedging operation during the March price revaluation. Hedgers using perpetual contracts can reduce the loss of US$1.58 million to approximately US$62,000 after deducting costs.
WTI benchmark market has not been significantly damaged
Research further examined whether perpetual trading affects the WTI market. After the launch of the on-chain oil market, the spread narrowed slightly when WTI reopened, and trading activity returned to normal about 46 minutes faster than when the sustainable market was not introduced. However, volatility remained higher than model forecasts, and HPC pointed out that oil perpetual contracts had only been traded for several months. The report found no statistically significant damage to benchmark markets, and also responded to questions from the U.S. Commodity Futures Trading Commission (CFTC) about all-weather futures trading and commodity-linked perpetual contracts.
