Hyperliquid is stepping up efforts in Washington, D.C., as it pushes for a compliant route to offer perpetual futures to U.S. traders. The Information reporter Yueqi Yang reported that the exchange has increased outreach to U.S. regulators, with the Hyper Foundation-funded Hyperliquid Policy Center leading policy research and advocacy. The center, launched in February 2026 and led by crypto lawyer Jake Chervinsky, is seeking a “clear, regulated path” for Americans to access on-chain perpetual contracts and decentralized market infrastructure.
Currently, Hyperliquid is not open to U.S. users, and its terms of use classify U.S. persons as restricted. Although perpetual futures are not outright banned in the United States, they do not fit neatly under the Commodity Exchange Act, which governs clearing, margin, and execution rules for registered derivatives venues. That regulatory gap has driven enforcement actions against centralized and DeFi platforms offering off-exchange derivatives.
Regulators are already making moves. In May, the CFTC approved the listing of a perpetual contract tied to the spot price of bitcoin and plans to review other perpetual contracts on a case-by-case basis. In June, the CFTC opened public comment on proposed changes covering 24/7 energy futures and oil-linked perpetual contracts. Both the SEC and CFTC are expected to shape rules for perpetual futures and vaults, which are not covered by the Clarity Act.
Hyperliquid has strong economic incentives to pursue the U.S. market. According to a Q2 report cited by The Information, HYPE rose 79.2% in the second quarter, marking its second consecutive quarter of substantial outperformance versus the broader crypto market. However, the broader perps market cooled in July: centralized-exchange futures volume fell to $4.0 trillion, the lowest since December 2023, while DEX perp monthly volume dropped about 21% to $531 billion.
