Hyperliquid Policy Center calls for unified US rules on perpetual contracts

Hyperliquid Policy Center asks US regulators to simplify rules for perpetual contracts

The Hyperliquid Policy Center (HPC) has formally asked the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to create a single set of rules for perpetual contracts. These contracts are a type of financial agreement that never expires and are widely used in crypto trading.

The HPC argues that the current rules are outdated and cause confusion about which regulator oversees these contracts. The group says clearer rules would help bring more trading of these contracts to the U.S. and allow exchanges to compete fairly.

The request comes as Hyperliquid, a trading platform that offers these contracts, has grown rapidly. Hyperliquid’s contracts cover many assets, including cryptocurrencies like bitcoin and ether, commodities like oil and gold, and even stocks and ETFs.

Key details from the request

• The HPC wants perpetual contracts to be classified by how they work, not by what asset they track.
• The group says the current rules were designed for products that are no longer widely used and need updating.
• Without clear rules, disputes over which regulator can approve a contract often end up in court.
• Hyperliquid’s contracts have generated over $480 billion in trading volume in the last 10 months.
• The platform handled nearly $3 trillion in trading volume in 2025.

What the Hyperliquid Policy Center said

In a letter published on August 24, 2026, the HPC wrote that both the SEC and CFTC already oversee a type of contract called security futures. The group says these contracts have been mostly unused for years but could be updated to include newer types of perpetual contracts.

The HPC also posted on X (formerly Twitter) that a single framework would let exchanges compete based on the quality of their trading services rather than on regulatory disputes.

Why traditional exchanges are concerned

Some traditional exchanges, like CME and ICE, have raised concerns about platforms like Hyperliquid. They worry that these platforms could be used to manipulate prices or that they should be registered with the CFTC.

In June 2026, CME sued the CFTC after the agency allowed Coinbase and Kalshi to offer perpetual contracts in the U.S. CME argued that the CFTC suddenly changed its position on these contracts.

What is confirmed

• The Hyperliquid Policy Center submitted a formal request to the SEC and CFTC on August 24, 2026.
• The request asks for a single framework for perpetual contracts.
• Hyperliquid’s contracts have generated over $480 billion in trading volume since October 2025.
• Hyperliquid handled nearly $3 trillion in trading volume in 2025.
• Some traditional exchanges have publicly opposed the growth of perpetual contracts in the U.S.

What is still unclear

• It is not confirmed whether the SEC or CFTC will agree to create a single framework for perpetual contracts.
• The outcome of CME’s lawsuit against the CFTC is still pending.
• It is unclear how long it might take for any new rules to be put in place.

Why this matters for crypto trading

Perpetual contracts are a popular tool for traders because they allow betting on the price of an asset without owning it. Clearer rules could make it easier for U.S. traders to use these contracts and could bring more trading volume to U.S.-based platforms.

The HPC argues that without a single framework, disputes over which regulator can approve a contract will continue to create uncertainty and could push trading to other countries with clearer rules.

Sources

• The Block
• Hyperliquid Policy Center comment letter
• Hyperliquid Policy Center post on X