Hyperliquid and trade[XYZ] petition CFTC for energy perpetuals

The Hyperliquid Policy Center and trade[XYZ] have submitted a joint formal request to the U.S. Commodity Futures Trading Commission (CFTC) to establish a regulated pathway for energy perpetual contracts. The proposal seeks to allow continuous, 24/7 trading for contracts linked to West Texas Intermediate (WTI) crude, Brent crude, and Henry Hub natural gas.

Proponents argue that energy perpetuals would provide essential hedging tools for industries such as airlines and refiners, particularly during weekends when traditional U.S. futures markets are closed. The filing highlights a market-structure gap where geopolitical events can shift oil prices while established venues are inactive, leaving hedgers unable to adjust their exposure.

Unlike standard futures, perpetual contracts do not expire, using recurring funding payments to maintain price alignment with the underlying asset. The groups also requested that the CFTC recognize stablecoins and tokenized traditional collateral as eligible margin to facilitate trading during non-traditional market hours. trade[XYZ] reported that its markets on Hyperliquid have handled over $500 billion in cumulative volume since October 2025.