Hyperliquid Seeks CFTC Approval for Regulated Energy Perpetuals

Hyperliquid Policy Center and trade[XYZ] have submitted a joint filing to the Commodity Futures Trading Commission (CFTC) requesting permission to offer regulated perpetual contracts tied to WTI crude, Brent crude, and Henry Hub natural gas. The proposal aims to provide continuous trading opportunities for U.S. firms to hedge their energy exposure during weekends.

The groups argue that perpetual contracts can help fill the weekend hedging gap, citing a study that found that prices on Hyperliquid's perpetual market finished closer to Sunday's opening price than the benchmark's previous Friday close in nearly 75% of the weekend closures studied. They also highlight the potential benefits of stablecoin margin and leverage limits.

trade[XYZ] has operated perpetual markets on Hyperliquid since October 2025, generating over $500 billion in cumulative trading volume. The filing proposes that the CFTC adopt a technology-neutral framework for energy contracts, allowing exchanges and clearinghouses to demonstrate compliance with existing core principles before operating continuously.