Hyperliquid Policy Center Calls for Simplified Perpetual Contract Regulation

The Hyperliquid Policy Center has submitted a 15-page comment letter to the CFTC and SEC, urging them to classify perpetual contracts based on their structure rather than the asset they reference. The group argues that a contract's economics should decide which regulatory category it falls into.

HIP-3 markets, where independent deployers configure their own contracts on Hyperliquid's infrastructure, have traded over $480 billion in ten months and hold about $4 billion in open interest, according to data from ASXN. The Hyperliquid Policy Center is not currently available to persons in the United States.

The group's three main requests are that regulators preserve the flexibility of venues over listing decisions, apply the same threshold classification across both agencies regardless of reference asset, and modernize a security futures framework commercially dormant since OneChicago closed in 2020. 'The Commissions can take each of these steps without formal rulemaking', the group stated.