U.S. Regulators Told to Harmonize Perpetual Contract Rules Amid $480 Billion Trading Volume

The Hyperliquid Policy Center is urging U.S. regulators to harmonize perpetual contract rules based on their economic structure rather than the underlying asset type.

This push for regulatory change comes as the crypto-linked and multi-asset markets expand in scale in the U.S., with a growing debate over how perpetual contracts should be regulated.

The Hyperliquid Policy Center reports that Hyperliquid's HIP-3 markets generated over $480 billion in trading volume since launching 10 months ago, holding about $4 billion in open interest.

The group argues that a harmonized framework would reduce disputes over which regulator's registrants can list particular products and help prevent those conflicts from ending up in court.

According to the Hyperliquid Policy Center, the current framework was built for products that have been commercially dormant for many years and needs modernization to accommodate newer market structures.