Hyperliquid urges unified rules for perpetual contracts amid $3 trillion surge
The crypto derivatives world is quietly waiting on Washington to answer a question that sounds simple but isn’t: what exactly is a perpetual contract? The Hyperliquid Policy Center wants regulators to settle that once and for all, and it has just told the SEC and CFTC why the push for unified rules on perpetual contracts can’t wait any longer.
Key takeaways
- Hyperliquid Policy Center filed a comment letter urging the SEC and CFTC to build a harmonized framework for perpetual contracts, classified by economic structure rather than underlying asset.
- Perpetual contracts have no expiration date and rely on recurring funding payments, leaving them stuck in a legal grey zone between futures and swaps.
- CME sued the CFTC in June once the agency granted approval for the first U.S.-listed perpetual contracts offered by Coinbase and Kalshi.
- Hyperliquid processed nearly $3 trillion in notional volume in 2025 and more than $1.5 trillion so far in 2026, with its HIP-3 markets alone generating over $480 billion since launching.
- President Trump said CFTC Chairman Michael Selig is endeavoring to facilitate Hyperliquid’s entry into the U.S. market through a “fully compliant and legal” approach.”
Hyperliquid Urges Unified Regulatory Framework for Perpetual Contracts
Hyperliquid Policy Center wants federal regulators to stop treating identical financial products differently just because they reference different assets. In a comment letter filed this week, the group asked the SEC and CFTC to adopt a unified regulatory framework for perpetual contracts, arguing that classification should follow how a product actually functions rather than what it tracks.
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