Hyperliquid Seeks Unified Perpetual Regulation Amid Ongoing Classification Debate

Hyperliquid, a leading platform in the perpetual contracts market, has filed a formal comment with the SEC and CFTC urging a unified regulatory framework for these instruments. The company argues that perpetuals combine traditional futures contract features and should be listed as security futures under existing US law.

The Hyperliquid Policy Council (HPC) submission responds to ongoing debate over the classification of perpetuals, which remains unresolved in the United States. Federal commodities law distinguishes between futures and swaps, causing perpetuals to oscillate between categories.

Hyperliquid's document requests four concrete actions from regulators: confirming that security futures incorporate distinguishing features of futures contracts, preserving platforms' flexibility to make listing decisions, maintaining consistent classification across both agencies, and modernizing the security futures framework.