Huoxing Finance reports that the Hyperliquid Policy Center has published a statement asserting that perpetual swaps should be at the core of the U.S. Commodity Futures Trading Commission’s (CFTC) innovation agenda. The organization has submitted a statement regarding the CFTC’s Innovation Advisory Committee’s inaugural meeting on August 20, noting that perpetual swaps are increasingly expanding beyond digital assets into traditional asset classes such as equities and commodities, with growing demand from U.S. market participants. Perpetual swaps effectively address risk management needs across diverse market participants—particularly suitable for airlines hedging fuel costs, investment funds managing portfolio exposures, and AI developers mitigating ongoing, open-ended risks such as computing power expenses. Unlike futures with fixed expiration dates, perpetual swaps eliminate the need for monthly rollovers and settlement issues, anchoring contract prices to underlying assets through periodic funding rates. Currently, on Hyperliquid, perpetual swaps deployed by third-party developers cover more than 80 traditional commodity and equity markets, with cumulative notional trading volume exceeding $500 billion. This year, the CFTC has taken several steps to facilitate the adoption of perpetual swaps in the U.S. In May, the CFTC approved the first perpetual futures contract listed in the United States and issued policy guidance and continuous trading recommendations for perpetual swaps. In June, the CFTC sought public comment on extending perpetual swaps to energy commodities and further consulted on derivatives linked to computing power. Additionally, the Hyperliquid Policy Center believes that on-chain infrastructure can modernize the U.S. derivatives market within the existing regulatory framework. Public blockchains enable transparent recording of markets, orders, and positions; automate ongoing margin assessments; and facilitate real-time collateral transfers, thereby reducing counterparty credit risk and settlement risk. The organization will continue providing relevant research and technical documentation to the CFTC Innovation Advisory Committee and its staff, while advocating for a compliant pathway for U.S. market participants to access on-chain markets. The center considers perpetual swaps one of the most significant financial innovations of the past decade and urges their further development in the U.S. market.
Hyperliquid Policy Center Urges CFTC to Prioritize Perpetual Contracts in U.S. Derivatives Innovation
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Summary
The Hyperliquid Policy Center has urged the CFTC to prioritize perpetual futures in U.S. derivatives innovation. The group noted that these contracts are now widely used in traditional markets such as stocks and commodities, with over $5 trillion in notional volume. Perpetual futures help manage ongoing risks in areas like fuel costs and AI computing. The CFTC approved its first perpetual futures contract in May and is exploring expansion into energy markets. Traders are also monitoring altcoins as regulatory clarity improves.
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