Hyperliquid Pushes for Unified Rules on Perpetual Contracts

The Hyperliquid Policy Center is pushing for unified rules from the SEC and CFTC to classify perpetual contracts. The group argues that classification should be based on economic structure, not underlying asset.

Perpetual contracts have no expiration date and use funding payments to keep prices in line with their tracked assets. They fall into a grey area between futures and swaps under current U.S. law.

The Hyperliquid Policy Center says that cash-settled equity perpetuals with futures-like characteristics could qualify as security futures, which both the SEC and CFTC already oversee.

Without clear taxonomy, disputes over regulatory oversight can end up in court. The group wants a unified framework to allow exchanges to compete on liquidity and execution quality instead of regulatory ambiguity.