Hyperliquid Urges Clear U.S. Rules for Perpetual Contracts

Hyperliquid Policy Center is calling on U.S. regulators to establish consistent rules for perpetual contracts, arguing that clearer classifications could allow more perpetual markets to operate within the country’s regulated financial system.

The group submitted comments urging the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to coordinate their approach. It said perpetual contracts should be classified according to their structure and trading characteristics rather than solely by the assets they reference.

U.S. derivatives law generally separates products into futures and swaps. Perpetual contracts, however, can contain characteristics of both. Unlike traditional futures, they do not expire, while recurring funding payments are typically used to keep contract prices aligned with underlying assets.

Hyperliquid Policy Center said the underlying asset could determine which agency has jurisdiction without changing whether the contract itself is considered a future or swap. This approach could give similar perpetual products consistent regulatory treatment across asset classes.

Cash-settled equity perpetuals with futures-like characteristics could potentially be classified as security futures, which fall under joint SEC and CFTC oversight. Existing rules already allow registered securities and futures exchanges to list security futures.

The proposal comes as U.S. regulators increasingly examine perpetual derivatives. In May, the CFTC approved the first U.S.-listed perpetual contracts and allowed them to trade as futures. Both agencies have also sought feedback on how existing definitions for futures, swaps, security-based swaps and security futures should apply to newer derivatives products.

Hyperliquid Policy Center recommended preserving flexibility for exchanges when listing products and updating the security futures framework to accommodate modern contract designs. Regulators could initially provide clarity through interpretive guidance, policy statements or staff actions before pursuing formal rulemaking.

The debate also comes amid growing attention on Hyperliquid’s potential U.S. expansion. President Donald Trump recently said CFTC Chairman Michael Selig is working toward a compliant route for Hyperliquid to enter the U.S. market.

According to the policy group, Hyperliquid markets have processed more than $480 billion in perpetual contract volume over the past ten months, spanning commodities, currencies, equity indexes and individual stocks.