Hyperliquid Seeks CFTC Approval for Energy Perpetual Contracts

Two major groups associated with the Hyperliquid blockchain platform have petitioned US regulators to approve a new type of energy trading contract. The Hyperliquid Policy Center and trade[XYZ] filed a joint letter with the Commodity Futures Trading Commission (CFTC) on August 26, requesting permission for regulated perpetual contracts tied to West Texas Intermediate crude, Brent crude, and Henry Hub natural gas.

Perpetual contracts work differently from standard futures, as they do not expire and traders make ongoing funding payments to keep the contract price close to the real market price. trade[XYZ] has offered these energy contracts on Hyperliquid since October 2025, generating more than $500 billion in total trading volume across several asset types.

The groups argue that continuous trading could help firms hedge energy risk over weekends when US futures markets are closed. A study cited in the letter found that crude perpetual prices predicted nearly 75% of Sunday reopening levels. The CFTC is reviewing the idea but has not yet approved energy perpetuals.