Hyperliquid-Backed Group Seeks CFTC Approval for Energy Perpetual Futures

A policy advocacy group affiliated with decentralized crypto exchange Hyperliquid has urged the U.S. Commodity Futures Trading Commission (CFTC) to approve energy perpetual futures, which are derivative products that maintain price linkage to underlying reference assets through funding rates.

The Hyperliquid Policy Center and TradeXYZ jointly submitted a comment letter to the CFTC on February 26, citing the military conflict in the Middle East as evidence of the need for such a framework. While conventional crude oil futures markets were closed over the weekend, trading in crude-linked perpetual futures on Hyperliquid continued, with roughly two-thirds of the price movement being priced in on-chain before benchmark markets reopened.

The data demonstrates that on-chain markets can serve a price discovery function during hours when existing exchanges are closed. The groups argue that energy perpetual futures carry risks including leverage, weekend liquidity shortages, and cascading liquidations, and recommend that per-commodity leverage limits and additional protective measures be applied to ensure market integrity.

The CFTC has already approved perpetual futures, but only for cryptocurrencies such as Bitcoin (BTC). The Hyperliquid Policy Center argues that energy perpetual futures can be approved under the existing Commodity Exchange Act framework, with no new legislation required. TradeXYZ has recorded cumulative trading volume exceeding $500 billion across energy markets since launching operations in October 2025.