Hyperliquid Policy Center Urges CFTC to Greenlight US Energy Perpetual Futures

Hyperliquid-focused outlet Hyperliquid News says the Hyperliquid Policy Center (HPC) has asked the Commodity Futures Trading Commission (CFTC) to establish a regulated pathway for energy perpetual contracts in U.S. markets, arguing that round-the-clock trading and onchain infrastructure could improve risk management when traditional venues are closed. HPC and trade[XYZ] submitted a joint comment letter as the CFTC broadens its review of perpetual contracts beyond digital assets. In May, the agency permitted the first perpetuals to trade as futures on a U.S. exchange, though the products were limited to digital-asset underliers. The CFTC later said other asset classes, including energy, required additional analysis. In June, the Commission sought public feedback on energy perpetuals linked to physically delivered, storable commodities. Topics under review include contract structure, reference pricing, clearing, customer protections, market integrity, and continuous trading. HPC said energy perpetuals could complement, not replace, dated futures. Because perpetuals do not expire, traders can maintain exposure without rolling from one contract month to the next. HPC also emphasized accessibility and sizing. A standard WTI futures contract represents 1,000 barrels, while the median off-hours crude oil trade on trade[XYZ] is about $1,300, according to Hyperliquid News. The group tied its proposal to recent market events, pointing to the Middle East conflict as an example of how major energy price moves can occur while U.S. markets are shut. HPC said that when exports were disrupted and oil markets were closed, traders outside the U.S. used oil-linked perpetuals on Hyperliquid, with roughly two-thirds of the total move between Friday's close and Sunday's reopening occurring onchain before conventional markets resumed. CME Group CEO Terry Duffy has also highlighted the growing influence of 24/7 markets. At a CFTC meeting on August 20, Duffy said CME wants to launch a 24/7 oil trading market in the U.S., noting that decentralized finance markets are already affecting traditional finance. On market safeguards, HPC argued that onchain systems can support continuous clearing, margining, and surveillance. It said positions are prefunded and margin is checked on every trade. HPC data also indicated that ordinary order-book liquidation accounted for 97.9% of liquidated notional volume across trade[XYZ] markets. Liquidity and usage were central to the submission. Trade[XYZ], described as the first and largest third-party deployer of perpetual markets on Hyperliquid, lists WTI, Brent, and Henry Hub natural gas perpetuals. HPC said these markets have generated more than $500 billion in cumulative trading volume since launching in October 2025, which it cites as evidence of demand for energy exposure via perpetual contracts. HPC also reported that in nearly 75% of sampled weekend closures, the crude oil perpetual price ended closer to the benchmark's Sunday reopening price than to the benchmark's Friday close. It added that the presence of the perpetual market did not produce a statistically significant decline in the quality of CME WTI reopenings. The policy center proposed five steps for the CFTC, including a technology-neutral framework, clearer rules for 24/7 exchanges, and clarification of business-day requirements. It also urged the CFTC to recognize stablecoins and tokenized traditional collateral as eligible margin, and to allow regulated markets to use onchain infrastructure when CFTC rules are met. HPC said it is not seeking new legislation. It argued the existing CFTC framework could accommodate energy perpetuals with safeguards such as leverage limits and clear disclosures around funding and liquidation rules.