Hyperliquid Pushes for Unified Rules on Perpetual Futures

Hyperliquid Policy Center is pushing for clearer and more unified rules on perpetual futures in the US, citing gaps between the responsibilities of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

The proposal argues that regulators should focus on the economic characteristics of a contract rather than its underlying asset. This would help prevent similar products from falling under different regulatory regimes.

Perpetual futures are derivatives designed to track the price of an underlying asset without an expiry date, and have become extremely popular in cryptocurrency markets due to their continuous nature.

The Hyperliquid Policy Center's central argument is that regulators should examine how a product works, rather than just classifying it based on its underlying asset. This approach could make regulation more predictable.

Hyperliquid's HIP-3 perpetual markets have generated over $480 billion in trading volume since launching roughly ten months ago, and the platform has processed nearly $3 trillion in notional trading volume during 2025.