Hyperliquid Seeks CFTC Approval for Energy Perpetual Contracts
The Hyperliquid Policy Center and trade[XYZ] have submitted a joint comment letter to the U.S. Commodity Futures Trading Commission (CFTC) requesting permission to trade energy perpetual contracts in U.S. markets.
The submission, filed on August 26, argues that allowing crude oil and natural gas perpetuals to trade around the clock would give hedgers continuous price exposure without the cost and timing risk of rolling expiring futures.
trade[XYZ] reports that its WTI, Brent, and Henry Hub natural gas markets have handled more than $500 billion in cumulative volume since launching in October 2025. The group wants the CFTC to adopt a technology-neutral framework and confirm that exchanges and clearinghouses may operate around the clock where they satisfy the agency's Core Principles.
The request is tied to a market-structure gap when conventional energy markets close for the weekend, leaving hedgers without a regulated venue to adjust crude exposure. The filing also asks the CFTC to recognize stablecoins and tokenized traditional collateral as eligible margin for cleared derivatives.