Hyperliquid and trade[XYZ] Push for Regulated Energy Perpetual Contracts with CFTC
Two major players in the crypto and energy markets have jointly asked the Commodity Futures Trading Commission (CFTC) to allow regulated perpetual contracts for energy commodities. Hyperliquid Policy Center and trade[XYZ] filed a comment letter with the CFTC, citing $500 billion traded offshore.
The joint filing frames energy perpetuals as complementary to dated futures, arguing that they provide continuous exposure and consolidate liquidity into a single order book. The authors recommend five actions, including adopting a technology-neutral framework for evaluating energy perpetuals and around-the-clock trading.
The central technical question is whether perpetual contracts can reliably track their reference price. Data cited in the filing suggests that the mechanism has held up in live markets, with nearly 75% of weekend closures sampled showing the crude oil perpetual's weekend price landing closer to the CME benchmark's Sunday reopening than the benchmark's own Friday close.
The comment fits into a broader agenda the CFTC has been assembling through 2026. The agency approved Kalshi's Bitcoin perpetual as the first perpetual contract to trade as a futures contract on a U.S. exchange in May, but this order remains contested.