Hyperliquid Policy Center Seeks Security Futures Classification for Equity Perps

The Hyperliquid Policy Center has submitted a request to the SEC and CFTC to classify qualifying equity perpetual contracts as security futures.

This move comes after HIP-3 markets processed over $480 billion in notional trading volume in their first 10 months, with some of these contracts already being traded on US exchanges.

The Hyperliquid Policy Center argues that the structure and characteristics of perpetual contracts are similar to those of futures contracts, despite having no predetermined expiration date.

They point out that courts and regulators have historically used standardized terms, fungibility, fixed unit quantities, and the ability to close a position through an offsetting trade as features of futures contracts.