Hyperliquid Policy Center said its latest research found that perpetual futures expand hedging options and improve price discovery, with no statistically significant evidence of harm to benchmark futures markets. According to ChainCatcher, the report said perpetual contracts and traditional futures with expiration dates are complementary rather than zero-sum substitutes.

The study compared 205 Bitcoin trading weekends and 19 weekends of on-chain oil perpetuals using a natural experiment based on traditional markets closing on weekends while perpetual markets trade continuously. It said expiring futures require forced calendar rollovers, with the cost of rolling a $10 million position in April 2026 estimated at about $950,000 on Monday and about $110,000 on Friday, while perpetual positions do not face this forced cost. The report also said median weekend trading in on-chain oil perpetuals was about $1,300, roughly 1% of the median benchmark WTI trade size.

HPC cited the week of March 6, 2026, when oil repriced 15.8% over the weekend while benchmark markets were closed. It said hedging a $10 million position through on-chain oil perpetuals could have reduced losses from about $1.58 million to about $62,000 after all costs.