The Hyperliquid Policy Center is urging U.S. regulators to classify perpetual contracts based on their economic structure rather than the type of underlying asset, arguing that clearer rules could help bring the rapidly growing market onshore.
In a comment letter to the SEC and CFTC, the group called for a harmonized framework that would reduce jurisdictional disputes and allow exchanges to compete on liquidity and execution quality.
Hyperliquid currently offers perpetual markets tied to crypto, commodities, currencies, stock indexes, individual stocks and ETFs. Its HIP-3 markets have generated more than $480 billion in trading volume since launching 10 months ago and hold about $4 billion in open interest.
Traditional exchanges including CME and ICE have raised concerns over potential manipulation and regulatory gaps. CME sued the CFTC in June after the agency allowed the first U.S. perpetual futures products for Coinbase and Kalshi.
Hyperliquid handled nearly $3 trillion in notional volume in 2025 and more than $1.5 trillion so far in 2026. Its HYPE token has risen about 40% since President Donald Trump said last week that the CFTC was working to bring Hyperliquid into the U.S. in a fully compliant framework. $HYPE
In a comment letter to the SEC and CFTC, the group called for a harmonized framework that would reduce jurisdictional disputes and allow exchanges to compete on liquidity and execution quality.
Hyperliquid currently offers perpetual markets tied to crypto, commodities, currencies, stock indexes, individual stocks and ETFs. Its HIP-3 markets have generated more than $480 billion in trading volume since launching 10 months ago and hold about $4 billion in open interest.
Traditional exchanges including CME and ICE have raised concerns over potential manipulation and regulatory gaps. CME sued the CFTC in June after the agency allowed the first U.S. perpetual futures products for Coinbase and Kalshi.
Hyperliquid handled nearly $3 trillion in notional volume in 2025 and more than $1.5 trillion so far in 2026. Its HYPE token has risen about 40% since President Donald Trump said last week that the CFTC was working to bring Hyperliquid into the U.S. in a fully compliant framework. $HYPE