CFTC Seeks to Allow Energy Perpetual Contracts in US Markets

Hyperliquid Policy Center and tradeXYZ have asked the U.S. Commodity Futures Trading Commission (CFTC) to create a legal path for energy perpetual contracts in the United States.

The proposal, submitted jointly by both groups, covers products tied to WTI crude, Brent crude, and Henry Hub natural gas.

Unlike standard futures, perpetual contracts have no fixed expiry date. Funding payments help keep contract prices close to the assets they track, allowing traders to maintain exposure without moving their positions into new contracts each month.

The groups argue that 24/7 trading could improve hedging and price discovery when traditional futures markets are closed. They point to a recent Middle East conflict that disrupted energy exports, causing U.S. oil futures to close during part of the initial shock.

Oil linked perpetual contracts on Hyperliquid continued trading during the weekend, with about two-thirds of the oil price move between Friday's close and Sunday's reopening already occurring in on-chain markets.