On August 24, Hyperliquid Policy Center filed a 15-page comment letter with the CFTC and SEC requesting that regulators classify perpetual contracts by their economic structure rather than by their reference asset. The letter argues that cash-settled equity perpetuals should be treated as security futures, noting that standardized terms, fungibility, and continuous funding rate convergence make them economically equivalent to traditional futures despite lacking expiration dates.
According to the filing, HIP-3 markets have generated over $480 billion in notional trading volume in ten months and currently hold approximately $4 billion in open interest, citing ASXN data. HPC called for regulators to preserve exchange flexibility in listing decisions and adopt harmonized classification standards across both agencies without requiring formal rulemaking.
