Hyperliquid Policy Center said perpetual contracts should be a core part of the U.S. Commodity Futures Trading Commission's innovation agenda. According to ChainCatcher, the group submitted a statement ahead of the CFTC Innovation Advisory Committee's first meeting on August 20, saying demand for perpetual contracts is rising among U.S. market participants and that the product is expanding beyond digital assets into traditional asset classes such as stocks and commodities.

The group said perpetual contracts can serve risk-management needs for users with ongoing exposures that do not have a fixed expiration date, including airlines hedging fuel costs, investment funds managing portfolio exposure, and AI developers dealing with compute costs. It added that, unlike futures with fixed expirations, perpetual contracts do not require rolling positions or handling expiration and delivery, and use periodic funding rates to keep prices anchored to the underlying asset. On Hyperliquid, third-party developers have deployed perpetual contracts across more than 80 traditional commodity and stock markets, with cumulative notional trading volume exceeding $500 billion.

The CFTC has taken several steps this year to support the U.S. perpetual contracts market. In May, it approved the first perpetual futures contract listed in the United States and issued policy guidance on perpetual contract listings and continuous trading. In June, it sought public comment on extending perpetual contracts to energy commodities and separately consulted on compute derivatives. Hyperliquid Policy Center also said blockchain infrastructure could modernize U.S. derivatives markets within the existing regulatory framework by publicly recording markets, orders, and positions, continuously assessing margin programmatically, and enabling real-time collateral transfers to reduce counterparty credit and settlement risk.