HPC Pushes Regulators for Harmonized Perpetual Contract Rules

The Hyperliquid Policy Center is urging regulators to harmonize perpetual contract rules. In a recent filing, HPC argued that equity perpetual contracts should be eligible to trade as security futures under US derivatives law.

US law divides derivatives into futures and swaps, with different rules governing their market entry, trading, and listing venues. Perpetual contracts blur this distinction by sharing characteristics with futures, such as standardized terms and fungibility, but without a fixed expiry date.

The CFTC approved the first US-listed perpetual contracts in May, allowing them to trade as futures. The agency later suggested that equity perpetuals could be reviewed by both the SEC and CFTC. Regulators sought feedback on how existing definitions apply to newer products, including cash-settled equity perpetuals.

HPC argued that classification should depend on a contract's structure and trading characteristics rather than its underlying asset. Under this approach, contracts with similar features would receive the same initial classification, regardless of whether they reference Bitcoin or crude oil. The group suggested that qualifying equity perpetuals could fit within the existing security futures framework.