主要洞察：
- Hyperliquid News reports that HPC is asking the CFTC to approve regulated energy 永续 contracts in U.S. markets.
- 加密货币监管 随着 HPC 寻求建立 24/7 能源交易和链上基础设施的规则，CFTC 正在受到关注。
- Hyperliquid liquidity remains strong as trade[XYZ] energy markets surpass $500 billion in cumulative 量.
Hyperliquid news is drawing attention following a request by the Hyperliquid Policy Center (HPC) for the CFTC to permit energy 永续 contracts in the U.S. HPC explained that regulated, round-the-clock markets could assist companies in managing oil and Gas price risk when conventional exchanges are shut during unexpected market events.
Hyperliquid News 推动 CFTC 批准相关合约
根据 Hyperliquid 政策中心 and trade[XYZ] submitted a joint comment letter to the Commodity 期货 Trading Commission, requesting that the regulatory body establish a compliant pathway for energy 永续 contracts within the United States.
This appeal follows the CFTC’s initial exploration of perpetual contracts beyond the digital asset sector. Back in May, the CFTC permitted the first perpetual contracts to operate as futures on a U.S. 交易所, though those offerings were restricted to digital asset underliers. The Commission later noted that additional asset classes, including energy, required deeper evaluation.
6 月，CFTC 就与实物交割、可仓储大宗商品挂钩的能源永续合约公开征求意见。此项审查涵盖合约设计、参考定价、清算机制、客户保护、市场完整性以及连续交易参数。
HPC 强调，能源永续合约可以与标准的定期期货并行运行，而非取代它们。与传统定期期货不同，永续合约没有到期日，这让交易者无需在不同合约月份之间展期即可保持头寸。
According to the Hyperliquid updates, the advocacy group also emphasizes smaller contract sizes. While a standard WTI futures contract accounts for 1,000 barrels, the median off-hours crude oil transaction on trade[XYZ] sits at approximately $1,300.
加密监管与 CFTC 的辩论备受关注
The push surrounding 加密货币监管 CFTC arrives as the industry tests whether traditional financial markets can sustain trading activity around the clock. HPC referenced a recent Middle East conflict as a prime example: when energy exports suffered disruptions and oil markets were closed, traders outside the U.S. 杠杆 oil-linked perpetual contracts available on Hyperliquid.
根据 Hyperliquid 的报告，该组织指出，在周五收盘到周日重新开盘期间产生的整体价格波动中，大约有三分之二在传统市场重新开盘之前就已经在链上实现了。
CME CEO Terry Duffy has similarly emphasized the rising influence of 24/7 markets. Speaking at an August 20 CFTC meeting, Duffy expressed the CME’s intent to introduce a 24/7 oil trading venue in the U.S., pointing out that 智能合约 之上的金融服务，取代了银行和经纪商。">去中心化金融 markets are already impacting traditional finance.
For ongoing 加密货币监管 CFTC discussions, this dynamic increases pressure to evaluate how U.S. marketplaces can function effectively when significant price action occurs outside standard trading hours.
HPC maintains that onchain systems are capable of supporting continuous clearing, margining, and market surveillance. It notes that positions are pre-funded and that 保证金 requirements are verified for every single transaction. Additionally, its metrics demonstrate that standard order book liquidations successfully absorbed 97.9% of 杠杆 仓位的 保证金 不足以抵消亏损时触发。">清算 notional 量 across trade[XYZ] markets.
Hyperliquid 流动性彰显强劲需求
The Hyperliquid liquidity argument remains fundamental to the petition. Trade[XYZ], recognized as the first and largest third-party deployer of perpetual markets on Hyperliquid, provides trading pairs for WTI, Brent, and Henry Hub natural Gas.
这些市场自 交易量 2025 年 10 月推出以来，累计交易额已超过 5000 亿美元。Hpc 利用这一交易活动来说明市场对通过永续合约进行能源敞口投资的现有需求。
该机构透露，其研究发现，在抽样的周末休市情况中，近 75% 的情况下，原油永续合约价格比基准指数原有的周五收盘价更接近基准指数周日的开盘价。此外，分析得出结论，永续市场的存在并未对 CME WTI 市场重新开盘的质量造成任何具有统计学意义的下降。
HPC outlined five key recommendations for the CFTC, advocating for a technology-neutral framework, explicit guidelines for 24/7 exchanges, and a clarification of business-day mandates. The proposal also requests that 稳定币 and tokenized traditional collateral be acknowledged as eligible 保证金, alongside permission for regulated markets to leverage onchain infrastructure provided CFTC standards are satisfied.
The initiative does not call for brand-new legislation. Instead, HPC asserts that the current CFTC framework is fully capable of accommodating energy perpetual contracts when paired with appropriate safeguards like leverage caps and transparent disclosures regarding 资金 and liquidation terms.
常见问题
Hyperliquid 向 CFTC 提出了什么诉求？
Hyperliquid 政策中心（HPC）正呼吁 CFTC 建立一条合规通道，允许在美国市场推出能源永续合约。
trade[XYZ] 能源市场的累计交易量达到了多少？
Trade[XYZ] energy markets have surpassed $500 billion in cumulative trading 量 since launching in October 2025.
为什么 HPC 认为永续合约在市场休市期间很有用？
HPC 认为，在发生突发市场动荡且传统交易场所关闭时，24/7 全天候永续合约能够帮助企业管理价格风险。
HPC 的提案是否需要新的立法？
No, the proposal does not seek new legislation, arguing that existing CFTC frameworks can 支撑 these contracts with proper safeguards.
