Hyperliquid Policy Center and TradeXYZ have formally requested the U.S. Commodity Futures Trading Commission establish a regulatory framework for 24/7 trading of energy perpetual contracts tied to WTI crude, Brent crude, and Henry Hub natural gas.
The proposal targets weaknesses exposed during recent Middle East conflicts, when traditional oil markets closed and left hedgers without adequate tools. Offshore traders used Hyperliquid's existing oil perpetuals during these closures, capturing significant price moves before traditional markets reopened Monday.
The groups argue perpetuals improve both hedging and price discovery compared to dated futures. Perpetuals carry no expiration, offer continuous exposure, and eliminate the rolling costs built into dated contracts. Smaller contract sizes also provide businesses more accessible crude exposure than traditional futures.
Hyperliquid's on-chain infrastructure enables automatic margin checks, liquidations, and transparent order records—allowing participants to manage positions through weekends and market holidays. The proposal emphasizes this operational continuity as a feature, not a replacement for dated benchmarks.
The groups proposed leverage limits and transparent trading rules as safeguards. They are seeking CFTC guidance on 24/7 market operations, official acceptance of stablecoins and tokenized assets as margin for cleared derivatives, and regulatory precedent—noting the CFTC has already approved regulated perpetuals in other asset classes.
