Hyperliquid and trade.XYZ Urge CFTC to Allow Energy Perpetuals

TL;DR

• Hyperliquid Policy Center and trade[XYZ] asked the CFTC to permit regulated energy perpetual contracts, arguing 24/7 markets help manage risk while futures are closed.
• trade[XYZ] markets have exceeded $500 billion in volume, while its study found crude perpetuals anticipated benchmark reopening prices more closely than Friday closes.
• The proposal seeks technology-neutral rules, stablecoin and tokenized collateral recognition, and approval for onchain execution, margining, clearing, settlement and recordkeeping.

Hyperliquid Policy Center and trade[XYZ] are urging the U.S. Commodity Futures Trading Commission to allow regulated energy perpetual contracts, arguing that nonstop markets could help businesses manage price risk when traditional venues are closed. The request follows a weekend Middle East shock that disrupted exports while oil futures remained unavailable, and global supply chains came under pressure. The core argument is that energy risk does not stop when exchanges do. During that weekend, Hyperliquid oil-linked perpetuals reportedly captured about two-thirds of the eventual move before benchmark futures reopened, highlighting the potential value of continuous price discovery.

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