[DigitalToday reporter Yoonseo Lee (이윤서)] Hyperliquid Policy Center (HPC) and crypto products operator TradeXYZ called for regulatory changes to allow the introduction of perpetual futures for crude oil and natural gas in U.S. regulated markets.

On Aug. 27 (local time), blockchain outlet CoinPost reported that HPC and TradeXYZ submitted a joint comment letter to the U.S. Commodity Futures Trading Commission (CFTC) on Aug. 26. They asked the CFTC to create a framework that allows perpetual futures in the energy sector and 24-hour, seven-day trading.

Perpetual futures are derivatives that trade without expiry. The structure, which spread in crypto markets, is designed so prices track the underlying asset through funding fees. The key is to expand such products beyond digital assets to energy markets such as crude oil and natural gas, and bring them into the U.S. supervisory framework.

HPC and TradeXYZ cited a Middle East military conflict on Feb. 28 as an example. They said that while the existing crude oil futures market was closed over the weekend, Hyperliquid’s oil-linked perpetual futures continued trading. They said about two-thirds of price moves were reflected on-chain before the benchmark market reopened.

The letter also included demands on trading infrastructure. The two groups asked regulators to recognise stablecoins and tokenised real-world assets as margin. They argued that regulatory approval is needed to use on-chain infrastructure for trading, clearing and settlement.

Since it began operations in October 2025, TradeXYZ has topped $500 billion in cumulative trading volume in markets including West Texas Intermediate (WTI), Brent crude and Henry Hub natural gas. It underscored that energy perpetual futures are attracting real demand.

U.S. regulators have already started related discussions. The CFTC in May allowed, for the first time, the listing of perpetual futures based on cryptocurrencies on U.S. exchanges. In June, it began collecting opinions on energy perpetual futures and 24-hour trading. The comment letter is seen as a call to expand the scope to energy markets.

Separately, HPC submitted another comment letter to the U.S. Securities and Exchange Commission (SEC) and the CFTC on Aug. 24. It asked that perpetual futures be classified uniformly as "futures contracts," rather than "swaps," regardless of the underlying asset. The group said inconsistent legal treatment of perpetual futures in past enforcement actions increased market uncertainty.

A key point to watch is how far the CFTC will bring energy perpetual futures and around-the-clock trading into the regulated system. It has also become more likely that discussions will cover whether stablecoins will be allowed as margin assets and the extent to which on-chain trading, clearing and settlement will be recognised.