The Hyperliquid Policy Center (HPC) has urged the Commodity Futures Trading Commission (CFTC) to include perpetual futures in its innovation agenda and broader regulatory discussions.

Perpetual contracts are expanding beyond digital assets into equity and commodity markets, with more than $500 billion in notional volume recorded on Hyperliquid by third-party builders. The CFTC, for its part, has already approved U.S.-listed perpetual futures and is reviewing their potential use across energy and other markets. The engagement comes as the commission weighs how products pioneered on offshore crypto exchanges might fit within its regulated derivatives framework.

U.S. perpetual futures are moving closer to the CFTC's innovation debate after HPC submitted a statement. The filing followed the CFTC Innovation Advisory Committee's first meeting on Aug. 20, where members raised perpetual contracts across sessions on digital assets, artificial intelligence and prediction markets.

Perpetuals Draw CFTC Committee Attention

Perpetual contracts were absent from the meeting's formal agenda, according to HPC. Even so, members discussed them during all three sessions covering digital assets, AI and prediction markets.

HPC said its statement makes four points about the product class and U.S. markets. It described perpetuals as part of the CFTC's innovation agenda and as a tool for market participants.

HPC also said the CFTC's current approach is bringing perpetual markets onshore, and it supports onchain systems operating within existing legal frameworks. For years, most perpetual trading has occurred on offshore, crypto-native venues outside direct U.S. regulatory oversight, which is part of why onshore listings have drawn attention from both regulators and market operators.

Product Expands Beyond Digital Assets

Perpetual contracts first gained traction in digital assets before expanding into equities, commodities and other markets. On Hyperliquid, third-party builders have recorded more than $500 billion in notional volume.

According to HPC, that activity spans more than 80 commodity and equity markets. The group highlighted commercial hedgers whose exposures do not have fixed end dates. Dated futures expire, requiring users to manage contract rolls, timing and transaction costs.

Perpetuals, by contrast, have no expiry, rollover or delivery, while funding payments keep prices tied to reference assets. HPC said perpetuals complement dated futures, with dated contracts remaining suited to risks tied to fixed calendar dates.

CFTC Takes Steps Toward Onshore Markets

The CFTC approved its first U.S.-listed perpetual futures contract in May. In June, it sought comments on extending perpetual contracts to energy commodities, and HPC and Trade XYZ filed a joint comment letter on energy perpetuals this week.

Separately, the CFTC requested comments on compute derivatives, including possible perpetual compute futures — an early sign of how the product structure could be applied to newer asset classes such as computing capacity.

The CFTC now regulates 30 designated contract markets, compared with 16 in 2003. Seventeen new applications remain pending, while listed contracts have more than tripled in three years.

HPC also pointed to blockchain infrastructure for recording markets, orders and positions, saying such systems can reassess margin continuously and move collateral in real time. That stands in contrast to conventional clearing arrangements, where margin is typically recalculated at set intervals rather than continuously.

What happens next will depend on the CFTC's rulemaking and comment processes, including the pending reviews on energy and compute perpetuals.