Hyperliquid Policy Center calls for unified U.S. rules for perpetual contracts

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Hyperliquid calls for unified U.S. rules

Highlights

Hyperliquid Policy Center urges SEC and CFTC to adopt a harmonized regulatory framework for perpetual contracts based on economic structure, not underlying assets.
HPC's HIP-3 markets have achieved over $480 billion in trading volume and hold $4 billion in open interest in 10 months, intensifying scrutiny from traditional exchanges.
Regulatory urgency rises as President Donald Trump states the CFTC is working on bringing Hyperliquid’s onchain perpetuals exchange to the U.S. in a compliant manner.

Comment letter outlines regulatory overhaul

According to The Block, the Hyperliquid Policy Center said in a comment letter published Monday that the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission should adopt a harmonized framework for perpetual contracts.

The group argues these products should be classified by their economic structure rather than by whether they track bitcoin, oil or stocks. It says that approach would make it easier to fit newer contract designs into U.S. rules and reduce disputes over which regulator has authority.

HPC says the current framework for security futures has been commercially dormant for years and needs modernization for new product structures. Without a clearer taxonomy, disagreements over which registrants can list certain products could end up in court, while a unified regime would let exchanges compete more on execution quality and liquidity.

Market growth sharpens focus on U.S. access

The policy push coincides with the growth of Hyperliquid’s multi-asset perpetual offering, which includes markets tied to bitcoin, ether, oil, gold, currencies, stock indexes, individual stocks and ETFs.

According to HPC's letter, its HIP-3 markets have generated more than $480 billion in trading volume since launching 10 months ago and hold about $4 billion in open interest. That expansion is drawing pushback from traditional exchanges as the debate over whether and how perpetual contracts should operate in the U.S. intensifies.

Hyperliquid is also moving closer to the center of that regulatory discussion. President Donald Trump said last week that the CFTC was working to bring the onchain perpetuals exchange to the U.S. in a fully compliant and legal fashion.

In our earlier article on the U.S. Treasury’s plan to at least double buybacks of longer-dated Treasurys, we explained how the initiative was aimed at supporting market liquidity while also lifting market-based inflation expectations. We noted that the shift in long-term debt supply-and-demand dynamics could keep pressure on yields and weigh on the dollar as investors reassess inflation risks and potential Federal Reserve policy implications.

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