Hyperliquid Urges EU to Classify Perpetual Futures Under Existing MiFID II Rules

Hyperliquid Policy Council (HPC) has submitted its first regulatory response to the European Commission's consultation on the MiCA review. The document proposes adapting existing rules to the growth of onchain markets, rather than building a new framework.

The HPC argues that perpetual futures should be classified under MiFID II, regardless of whether they are executed on a public blockchain. This position is consistent with current ESMA guidelines and distinguishes perpetual futures from CFDs, which are bilateral agreements between the firm and client.

The organization emphasizes the transparency provided by onchain markets, where trades, funding payments, and liquidations are publicly recorded on a ledger verifiable by supervisors, researchers, and market participants. This structural transparency is seen as meeting regulatory objectives without requiring parallel reporting.