The Hyperliquid Policy Center (HPC) and trade[XYZ], a third-party market deployer on Hyperliquid, are urging the U.S. Commodity Futures Trading Commission to permit energy perpetual contracts in the U.S. market. The recommendation was detailed in a report published by Wublockchain covering the groups’ push for CFTC action.
The request lands at a delicate moment for U.S. crypto derivatives oversight. Trump: CFTC Chair Working to Bring Hyperliquid Into the U.S. in Full Compliance shows that Hyperliquid-related compliance questions are already on the regulator’s agenda, making the energy perpetual proposal part of a broader push for domestic market access.
What HPC and trade[XYZ] Are Asking the CFTC to Do
The groups argue that energy perpetual contracts would give U.S. participants a regulated way to gain exposure to energy prices without holding physical commodities. The report frames the recommendation as a market-structure fix rather than a new speculative product class. CFTC Chair: Crypto Market Structure Rules Will Come Regardless of Clarity Act Outcome provides important context: the agency has signaled it intends to build rules for crypto market structure even while congressional clarity remains unresolved.
A formal CFTC review would likely evaluate margining, custody, market surveillance and settlement standards. CFTC Warns Prediction Markets Over Faulty Incentive Filings underscores that the agency is already scrutinizing novel contract listings and incentive disclosures, so any energy perpetual application would face a detailed compliance review.
Why the Timing Matters for U.S. Crypto Markets
The proposal arrives as U.S. platforms and international venues compete to offer products that blend crypto-native infrastructure with traditional market exposure. If the CFTC permits energy perpetuals, it could open the door for other non-crypto perpetual products to be listed through crypto market structures, expanding the industry beyond token-to-token trading.
At the same time, this is a request to a regulator rather than a binding policy change. The CFTC will need to determine whether energy perpetuals fall within its statutory authority and how they align with existing commodities rules. Approval is not guaranteed, and the agency may solicit public comment or issue guidance before any product reaches the market.
