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Hyperliquid Policy Center writes to the CFTC: Promoting perpetual contracts as a key focus of derivatives innovation in the United States

The Hyperliquid Policy Center stated on platform X that perpetual contracts should be at the core 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, pointing out that perpetual contracts are gradually expanding beyond the digital asset market to 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, making them 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. Compared to futures with fixed expiration dates, perpetual contracts do not require rolling over, and there are no expiration and delivery issues; they anchor contract prices to the underlying assets through periodic funding rates. Currently, on Hyperliquid, perpetual contracts deployed by third-party developers cover over 80 traditional commodity and stock markets, with a cumulative notional trading volume exceeding $500 billion.This year, the CFTC has taken several measures 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 continuous trading guidance regarding the listing of perpetual contracts; in June, the CFTC sought public opinion on extending perpetual contracts to energy commodities and further consulted on computing power derivatives.In addition, the Hyperliquid Policy Center believes that on-chain infrastructure can also promote the modernization of the U.S. derivatives market within the existing regulatory framework. Public blockchains can openly 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 committee 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 be further developed in the U.S. market.

Data: NVDA contracts had a trading volume of approximately 232 million USD in 24 hours, with Binance, Hyperliquid, and OKX accounting for about 88.3% of the trading volume

According to RootData market data, the price of Nvidia (NVDA) contracts on 10 platforms is concentrated between $213.6 and $213.9, with a 24-hour increase ranging from 0.96% to 1.24%. The total 24-hour trading volume is approximately $232 million, with an open interest value of about $184 million.Among them, Binance has a trading volume of about $123 million, accounting for approximately 52.9% of the total trading volume, with an open interest of about $41.5375 million; Hyperliquid has a trading volume of about $59.3152 million, with an open interest of about $97.9711 million, accounting for about 53.2% of the total platform open interest, making it the market with the largest position. The disclosed platforms have a total liquidity depth of ±2% of approximately $12.6731 million, with Hyperliquid at about $4.432 million and Binance at about $3.4173 million.In terms of market concentration, Binance, Hyperliquid, and OKX contribute approximately 88.3% of the trading volume; Hyperliquid and Binance together account for about 75.8% of the open interest. Currently, the funding rates across platforms are generally low, and there has not yet been a significant extreme bullish premium.Previous report indicates that Nvidia will announce its second-quarter financial report after the U.S. stock market closes on Wednesday, with the market's focus mainly on five aspects: AI infrastructure financing, progress on Vera Rubin servers, open model layout, sales in China, and gross margin pressure.
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