Hyperliquid Pushes Regulators to Harmonize Perpetual Rules

The Hyperliquid Policy Center has called on U.S. regulators to harmonize their rules for perpetual contracts, which currently exist in a regulatory gray area.

Perpetuals are a type of derivative that share features with both futures and swaps, but have no fixed expiration date. Instead, funding payments help keep their prices aligned with the underlying asset.

The Hyperliquid Policy Center wants regulators to classify perpetual contracts based on their structure and trading characteristics, rather than trying to fit them into existing categories.

This approach would provide clarity for exchanges and investors, and could pave the way for more perpetual markets to operate under U.S. regulatory oversight.