Hyperliquid Policy Center Seeks Harmonized Framework for Perpetual Contracts

The Hyperliquid Policy Center has urged the SEC and CFTC to create a harmonized framework for perpetual contracts. The current framework was designed for products that have been dormant for years, but new structures like those offered by Hyperliquid require modernization.

Hyperliquid offers markets tied to various assets, including Bitcoin, ether, oil, gold, currencies, stock indexes, individual stocks, and ETFs. Its HIP-3 markets generated over $480 billion in trading volume since launching 10 months ago and hold about $4 billion in open interest.

The debate around perpetual contracts has sparked concerns among traditional exchanges, such as CME and ICE, who believe that platforms like Hyperliquid could be used to manipulate or distort prices. The CFTC has approved the first such product for Coinbase and Kalshi.