The Hyperliquid Coverage Middle (HPC), a coverage advocacy group affiliated with decentralized crypto trade Hyperliquid, and TradeXYZ, which operates third-party markets on the trade, collectively submitted a remark letter to the U.S. Commodity Futures Buying and selling Fee (CFTC) on the twenty sixth, calling for the institution of a framework that will enable perpetual futures on power commodities resembling crude oil and pure fuel to be provided on U.S. regulated markets.
Perpetual futures are spinoff merchandise with no expiration date that keep value linkage to the underlying reference asset by way of funding charges—a mechanism that has grow to be extensively adopted in cryptocurrency buying and selling. Each events additionally expressed assist for continued 24/7 buying and selling.
The remark letter cites the army battle within the Center East that occurred on February 28 of this yr as concrete supporting proof. Whereas standard crude oil futures markets had been closed over the weekend, buying and selling in crude-linked perpetual futures on Hyperliquid continued, with roughly two-thirds of the worth motion being priced in on-chain earlier than benchmark markets reopened, the letter defined.
In accordance to HPC analysis, in roughly 75% of cases the place markets had been closed over the weekend, weekend costs for crude oil perpetual futures had been nearer to Sunday’s reopening value than to Friday’s closing value. The 2 events argue that this knowledge demonstrates that on-chain markets can serve a value discovery operate throughout hours when current exchanges are closed.
Stablecoin Margin and On-Chain Infrastructure Approval Requested
The remark letter additionally contains requests for modernizing buying and selling infrastructure. Particularly, it calls for allowing the usage of stablecoins and tokenized conventional belongings (real-world belongings, or RWAs) as margin collateral, in addition to approval of on-chain infrastructure for buying and selling, clearing, and settlement.
As benefits of on-chain infrastructure, the letter emphasizes the flexibility to conduct real-time margin administration and liquidation. Buying and selling positions are operated with pre-funded collateral, and margin is recalculated every time a commerce happens, the letter explains.
On the similar time, the teams acknowledge that power perpetual futures carry dangers together with leverage, weekend liquidity shortages, and cascading liquidations. In response, HPC really helpful that per-commodity leverage limits and extra protecting measures to guarantee market integrity must be utilized.
CFTC Has Already Authorized Perpetual Futures, Restricted to Crypto
The CFTC issued a call in Might of this yr allowing the itemizing of perpetual futures on U.S. exchanges. Nonetheless, the approval was restricted to cryptocurrencies resembling Bitcoin (BTC), and the company has indicated it’ll think about different asset lessons, together with power, individually.
Within the remark letter, HPC argues that power perpetual futures might be accepted beneath the prevailing Commodity Trade Act (CEA) framework, with no new laws required.
Since launching operations in October 2025, TradeXYZ has recorded cumulative buying and selling quantity exceeding $500 billion (roughly ¥79.6 trillion) throughout power markets together with WTI crude oil, Brent crude, and Henry Hub pure fuel. The corporate’s monitor report was cited within the remark letter as proof that there’s significant demand for on-chain power perpetual futures.
If the request is granted, it might mark the primary occasion of perpetual futures being accepted for a non-cryptocurrency asset class on U.S. regulated markets. The timing of when the CFTC will point out whether or not it’ll embrace power commodities stays unclear.
