Hyperliquid has intensified its lobbying efforts with U.S. regulators as it searches for a compliant pathway to bring perpetual futures trading to the American market. The push comes as the decentralized perpetual futures exchange ranks among the highest-volume DEX derivatives platforms globally, giving its regulatory outreach potential significance beyond a single project.

The Information reporter Yueqi Yang, who interviewed the Hyperliquid Policy Center on the matter, reported that the perpetual futures exchange "has stepped up outreach to U.S. regulators as it looks for path to U.S. markets." Yang shared the findings in a post on X.

Currently, Hyperliquid is not available to U.S. users due to regulatory constraints. While perpetual futures are not explicitly banned in the United States, they do not fit neatly within the framework of the Commodity Exchange Act, which governs clearing, margin, and execution rules for derivatives traded on registered venues. This regulatory gap has triggered enforcement actions against both centralized and decentralized finance platforms that offer off-exchange derivatives.

Hyperliquid Advocates for Regulatory Clarity in Washington, D.C.

Although Hyperliquid operates offshore, it has been funding outreach aimed at securing regulatory changes that would establish a clear path for introducing perpetual futures to U.S. markets. According to the report, the Hyperliquid Policy Center — funded by the Hyper Foundation — has been conducting policy research and advocacy in Washington, D.C., with the goal of creating a regulated access framework for on-chain perpetual contracts and decentralized market infrastructure within the United States.

Yang noted that both the CFTC and SEC "will have a big role to play in shaping some of the fastest-growing parts of crypto, such as perpetual futures and vaults, which aren't covered by the Clarity Act."

U.S. regulators are already taking steps to accommodate perpetual-style products within compliant structures. In May, the Commodity Futures Trading Commission (CFTC) approved the listing of a perpetual contract tied to the spot price of bitcoin, with plans to review perpetual contracts tied to other assets on a case-by-case basis. In June, the CFTC opened a public comment period on two proposed rule changes regarding 24/7 energy futures and perpetual contracts tied to oil, as reported by Cryptopolitan. The outcome of these proceedings could influence how other DeFi derivatives platforms approach U.S. market access.

Crypto Perpetual Futures Volume Declines in July

Separately, the broader crypto market experienced a downturn in perpetual futures volume during July, according to data from CryptoRank. Total centralized-exchange futures volume fell to $4.0 trillion in July — its lowest level since December 2023 and a sharp decline from peaks exceeding $10 trillion in late 2025.

A comparable trend surfaced across decentralized-exchange perpetual markets. Monthly DEX perp volume dropped approximately 21% in July to $531 billion, ending a two-month recovery that had begun in April, per CryptoRank.

The original report was published by The Information.