Hyperliquid Seeks Harmonized Perpetuals Rules from U.S. Regulators

The Hyperliquid Policy Center has called on U.S. regulators to harmonize rules for perpetual contracts, which share features with both futures and swaps.

The group wants classification to depend on each contract's structure and how it trades.

Perpetuals have no fixed expiration date, unlike conventional futures, but their prices are kept aligned with the referenced assets through funding payments.

In a comment filed with the SEC and CFTC, Hyperliquid Policy Center urged regulators to consider the underlying asset when determining which regulator oversees a contract.

For equity perpetuals, cash-settled contracts with traditional futures characteristics could qualify as security futures, which are overseen by both the SEC and CFTC.