Contributor
HPC submitted a statement to the CFTC's Innovation Advisory Committee today: perpetual contracts are central to the innovation agenda, serve real-world hedging needs, and are already onshoring under the Commission's 2026 policy moves. $500B+ in notional volume on Hyperliquid alone says the demand is already here.
HPC and trade[XYZ] filed a joint comment letter urging the CFTC to bring energy perpetual contracts into regulated U.S. markets, pointing to $500B+ in trading volume and a February oil shock that U.S. futures couldn't react to over the weekend.
For a product trading hundreds of billions in volume, perpetual contracts still don't have a settled answer to the most basic question under U.S. law: are they futures, or are they swaps? One federal judge described the exercise as deciding "whether tetrahedrons belong in square or round holes." In a new comment letter to the SEC and CFTC, HPC argues the fix has been sitting in plain sight — treat qualifying equity perpetuals as security futures, a category both agencies already oversee, and let exchanges compete on execution instead of jurisdiction. The stakes: more than $480 billion in perpetual contract volume that's traded on Hyperliquid over the past ten months alone, waiting on a framework that lets it come onshore.
Perpetual futures are entering the U.S. market for the first time, raising an important question: do they compete with traditional futures markets, or complement them? New research from the Hyperliquid Policy Center finds that perpetuals expand hedging opportunities, lower barriers to risk management, and provide valuable price discovery during off-hours, with no statistically significant evidence of harm to benchmark markets.
Americans should have access to pre-IPO perpetuals. Cerebras opened 89% above its IPO price. SK Hynix 14%. SpaceX 11%. Each time, a public market on Hyperliquid signaled the gap before trading began.IPO modernization offers a chance to put that price signal to work for issuers and investors. Today, with @tradexyz , we filed a joint comment letter introducing pre-IPO perpetuals (IPOPs) to the SEC. Inside, we describe the five IPOP markets that trade[XYZ] has launched so far on Hyperliquid and outline the questions that the SEC must resolve before these markets can serve Americans.
Equity market structure was built for the technology of another era. As the SEC considers rescinding Rule 611 of Regulation NMS, onchain markets have an opportunity to reshape how securities trade in the U.S. This article explores why the existing framework struggles with onchain execution, how best execution rules could evolve, and the role independent reference prices like Pyth could play in bringing tokenized equities and other financial markets onchain.
HPC advocates for regulations that allow Americans to access onchain markets, including those for perpetual futures. Our goal is to ensure that end users in the U.S. derivatives markets can benefit from innovative technologies and novel products such as these.
Today, HPC and Phantom filed a joint comment in response to the CFTC’s request for information to carry that distinction into onchain markets. We support the Commission’s decision to examine whether its rules remain fit-for-purpose as financial technology evolves, and write to recommend that it tailor its rules so that developers can build, registrants can modernize, and regulation falls on the firms actually performing regulated financial activities.
Today, HPC filed a comment letter with the Commodity Futures Trading Commission (“CFTC” or “Commission”) in response to its Advance Notice of Proposed Rulemaking on Prediction Markets (the “ANPRM”).
Hyperliquid represents the next era of market evolution.
Americans taking to the markets to express their views on major events is nothing new. For decades before political polling existed, Americans were able to trade openly on organized markets for presidential races in the United States, and they enjoyed prices that were widely regarded as the most accurate election forecasts of their day. These markets allow Americans to trade on everything from Federal Reserve rate decisions to election outcomes, and the financial industry has noticed: major exchanges and Wall Street trading firms are moving into the space.
![HPC and trade[XYZ] Ask the CFTC to Bring Energy Perpetual Contracts to U.S. Markets](/_next/image?url=https%3A%2F%2Fokcjmvpzoviticlqzawe.supabase.co%2Fstorage%2Fv1%2Fobject%2Fpublic%2Fassets%2Fimg%2Fblog%2F1787753927432687088.png&w=3840&q=75)
![HPC and trade[XYZ] Introduce Pre-IPO Perpetuals to the SEC](/_next/image?url=https%3A%2F%2Fokcjmvpzoviticlqzawe.supabase.co%2Fstorage%2Fv1%2Fobject%2Fpublic%2Fassets%2Fimg%2Fblog%2F1787055328833677572.png&w=3840&q=75)
