Hyperliquid Group Urges Unified US Perpetuals Framework

Key Point

The Hyperliquid Policy Center published a formal comment letter on Aug. 25 urging the SEC and CFTC to jointly regulate perpetual contracts. The group said regulators should classify perpetual contracts by their economic structure rather than by the underlying asset. Hyperliquid's HIP-3 markets have recorded more than $480 billion in trading volume and about $4 billion in open interest, according to the letter. The Block price data shows HYPE gained approximately 40% after President Donald Trump publicly backed Hyperliquid on Aug. 20.

Market Sentiment

Neutral, Regulatory-driven.

Reason: The Hyperliquid Policy Center urged the SEC and CFTC to adopt a shared framework for perpetual contracts.

Similar Past Cases

Requests for joint regulatory treatment typically create a longer policy process rather than an immediate market change. Difference: this proposal is a formal comment letter, so any response from the SEC and CFTC remains uncertain.

Ripple Effect

A unified framework could reduce uncertainty over which registrations exchanges need for perpetual contracts. If regulators retain separate approaches, exchanges could face continued compliance and legal uncertainty.

Opportunities & Risks

Opportunities: Monitor whether the SEC and CFTC respond to the request for a shared framework. A common approach could improve regulatory clarity for perpetual-contract venues.

Risks: Monitor developments in the CME lawsuit and agency jurisdiction debate. Continued disagreement could delay clearer rules for perpetual contracts.