Hyperliquid Policy Center and tradeXYZ have submitted a joint letter to the U.S. Commodity Futures Trading Commission (CFTC) asking the regulator to allow regulated energy perpetual contracts. The groups argue that trading these products around the clock would give market participants a better way to hedge and discover prices when traditional futures markets are closed.
The case for round-the-clock energy trading
The letter lays out a straightforward case. Energy markets don't stop when the traditional futures exchanges close. Events like weather disruptions, pipeline outages, or shifts in global supply can move prices at any hour, and a perpetual contract that trades without interruption would let traders react immediately rather than waiting for the next session.
Perpetual contracts, which have no expiry date, are already common in crypto markets. The request to the CFTC is to bring that structure to regulated energy futures. The letter argues that a regulated version would offer the same benefit: continuous hedging and price discovery for a commodity that is always in motion.
What the letter asks the CFTC to do
The letter is a formal request for the CFTC to consider approving these contracts. It does not ask for a specific rule change or a pilot program, but it makes the case that the commission has the authority to allow them. The submission is a step toward bringing energy perpetuals into the federally regulated futures space.
For now, the joint letter sits with the CFTC. There is no timeline for a response, and the commission has not publicly acknowledged the request. The next move is up to the agency.
