TL;DR
- Hyperliquid Policy Center and trade[XYZ] asked the CFTC to permit regulated energy perpetual contracts, arguing 24/7 markets help manage risk while futures are closed.
- trade[XYZ] markets have exceeded $500 billion in volume, while its study found crude perpetuals anticipated benchmark reopening prices more closely than Friday closes.
- The proposal seeks technology-neutral rules, stablecoin and tokenized collateral recognition, and approval for onchain execution, margining, clearing, settlement and recordkeeping.
Hyperliquid Policy Center and trade[XYZ] are urging the U.S. Commodity Futures Trading Commission to allow regulated energy perpetual contracts, arguing that nonstop markets could help businesses manage price risk when traditional venues are closed. The request follows a weekend Middle East shock that disrupted exports while oil futures remained unavailable, and global supply chains came under pressure. The core argument is that energy risk does not stop when exchanges do. During that weekend, Hyperliquid oil-linked perpetuals reportedly captured about two-thirds of the eventual move before benchmark futures reopened, highlighting the potential value of continuous price discovery.
Energy perpetuals gain a case for regulated U.S. access
The filing points to trade[XYZ]’s WTI, Brent and Henry Hub markets, which have generated more than $500 billion in cumulative volume since launching in October 2025. Perpetuals have no expiry, allowing hedgers to maintain one continuous position instead of repeatedly rolling dated contracts. That structure could reduce operational complexity while concentrating liquidity in a single order book. The size difference is also notable: a standard WTI future represents 1,000 barrels, around $70,000 recently, while the median off-hours trade in trade[XYZ]’s crude market is near $1,300 for participants seeking smaller and more flexible exposures.
![Hyperliquid Policy Center and trade[XYZ] asked the CFTC to permit regulated energy perpetual contracts](https://crypto-economy.com//wp-content/uploads/2026/08/Hyperliquid-and-trade.XYZ-Urge-CFTC.jpg)
The central technical question is whether a contract without expiry can reliably track its benchmark. Hyperliquid Policy Center argues that funding rates continuously encourage traders to close deviations from reference prices. Its study found that in nearly 75% of sampled weekend closures, crude perpetual prices finished closer to Sunday’s benchmark reopening than Friday’s official close. The evidence is intended to show that continuous markets can complement, rather than undermine, dated futures. The same study found no statistically significant deterioration in CME WTI reopening quality after the crude perpetual market launched without waiting for conventional markets to reopen.
The proposal also emphasizes onchain clearing, margining and surveillance. Positions are pre-funded, margin is reassessed on every trade and liquidations follow staged rules, with ordinary order-book liquidations resolving 97.9% of trade[XYZ] liquidated notional so far. The policy ask is broader than approving one product: it seeks a technology-neutral path for 24/7 derivatives markets. The groups want the CFTC to recognize stablecoins and tokenized collateral for margin, clarify continuous-operation rules and confirm that onchain execution, clearing, settlement and recordkeeping can comply with existing Core Principles without new legislation under American oversight and established derivatives law.
