Trung tâm Chính sách Hyperliquid kêu gọi CFTC ưu tiên hợp đồng vĩnh cửu trong đổi mới phái sinh tại Hoa Kỳ

The Huoxing Finance report states that the Hyperliquid Policy Center has published an article asserting that perpetual contracts should be at the core of the U.S. Commodity Futures Trading Commission’s (CFTC) innovation agenda. The agency has submitted a statement regarding the CFTC Innovation Advisory Committee’s first meeting on August 20, noting that perpetual contracts are increasingly expanding beyond digital asset markets into traditional asset classes such as equities and commodities, with growing demand from U.S. market participants. Perpetual contracts can meet the risk management needs of diverse market participants, particularly suited 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 contracts eliminate the need for rollovers and avoid delivery and expiration issues, anchoring contract prices to underlying assets through periodic funding rates. Currently, on Hyperliquid, perpetual contracts 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 multiple steps to facilitate the adoption of perpetual contracts in the U.S. In May, the CFTC approved the first perpetual futures contract listed in the U.S., and issued policy statements and guidance on perpetual contract listings and continuous trading; in June, the CFTC sought public comments on extending perpetual contracts to energy commodities and further consulted on computing power derivatives. Additionally, the Hyperliquid Policy Center believes that on-chain infrastructure can also modernize the U.S. derivatives market within the existing regulatory framework. Public blockchains can publicly record market data, orders, and positions, continuously perform margin assessments programmatically, and enable real-time collateral transfers, thereby reducing counterparty credit risk and settlement risk. The organization will continue to provide relevant research and technical documents to the CFTC Innovation Advisory Committee and its staff, and promote the establishment of a compliant pathway for U.S. market participants to access on-chain markets. The agency believes that perpetual contracts are among the most representative financial innovations of the past decade and should be further developed in the U.S. market.