Hyperliquid Pursues Compliant Path into US Perpetual Futures Market

Hyperliquid, an offshore exchange offering perpetual futures, is seeking a compliant route to enter the U.S. market. The company has stepped up its outreach to regulators, including the CFTC and SEC, in search of a clear path for introducing on-chain perpetual contracts and decentralized market infrastructure.

The Commodity Exchange Act sets rules for derivatives traded on registered venues, but perpetual futures do not fit neatly into this framework. Enforcement actions have been taken against both centralized and DeFi platforms offering off-exchange derivatives, which has fueled the need for a regulatory change.

Hyperliquid's lobbying efforts aim to establish a regulated access framework for its services in the U.S., according to reports from The Information. This push comes as regulators are already adjusting to accommodate perpetual-style products within compliant structures.