Hyperliquid stays on US trail as HPC, tradeXYZ court CFTC on energy perp contracts

The Hyperliquid Policy Center (HPC) and trade[XYZ] asked the Commodity Futures Trading Commission (CFTC) on Wednesday, August 26, to build a regulated US market for energy perpetual contracts.

Should the CFTC grant the request, it will give American oil and gas traders a domestic venue to hedge crude and natural gas exposure around the clock, and this includes nights and weekends when conventional futures are closed.

A joint letter aimed at oil and gas

The two groups filed a joint comment letter with the CFTC covering contracts tied to WTI crude, Brent crude, and Henry Hub natural gas. 

HPC is an independent research and advocacy organization with ties to the Hyperliquid Foundation. 

trade[XYZ] is a HIP-3 deployer that runs traditional-asset perpetual markets on Hyperliquid. 

The project launched in October 2025, and since then, it has reportedly handled more than $500 billion in cumulative volume.

In May, the CFTC cleared the first perpetual contracts to trade as futures on a US exchange. 

However, the regulator limited them to crypto underliers, and its policy statement singled out energy as a class needing further review. 

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