Hyperliquid's perpetual contracts cover over 80 traditional commodities and stock markets, with a notional trading volume exceeding $500 billion

Odaily Planet Daily reports that perpetual contracts should become a core part of the U.S. Commodity Futures Trading Commission (CFTC) innovation agenda. The agency submitted a statement regarding the first meeting of the CFTC Innovation Advisory Committee on August 20, indicating that perpetual contracts are gradually expanding beyond the digital asset market into traditional asset classes such as stocks and commodities, and that demand for this product among U.S. market participants is rising. Perpetual contracts can meet the risk management needs of different market participants, particularly suitable for airlines hedging fuel costs, investment funds managing portfolio exposure, and AI developers addressing ongoing risks related to computing costs that do not have a clear expiration date. Unlike futures with fixed expiration dates, perpetual contracts do not require month-end rollovers and do not have expiration or delivery issues, anchoring contract prices to the underlying assets through periodic funding rates. Currently, perpetual contracts deployed by third-party developers cover over 80 traditional commodity and stock markets, with a cumulative notional trading volume exceeding $500 billion. The CFTC has taken several measures this year to promote the establishment of the perpetual contract market in the U.S. In May, the CFTC approved the first perpetual futures contract listed in the U.S. and issued a policy statement and guidance on continuous trading for perpetual contracts; in June, the CFTC sought public comment on extending perpetual contracts to energy commodities and further consulted on computing derivatives. Additionally, it believes that on-chain infrastructure can also modernize the U.S. derivatives market within the existing regulatory framework. Public blockchains can publicly record markets, orders, and positions, continuously conduct margin assessments programmatically, and enable real-time collateral transfers, thereby reducing counterparty credit risk and settlement risk. The agency will continue to provide relevant research and technical documents to the CFTC Innovation Advisory Committee and its staff, and promote the establishment of a pathway for U.S. market participants to compliantly access on-chain markets. The agency believes that perpetual contracts are one of the most representative financial innovations of the past decade and should further develop in the U.S. market.

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