Hyperliquid has ramped up its lobbying of U.S. regulators in search of a compliant way to bring perpetual futures to the country.
The Information reporter, Yueqi Yang, who interviewed Hyperliquid Policy Center on the matter, revealed that the perp exchange “has stepped up outreach to U.S. regulators as it looks for path to U.S. markets.”
Hyperliquid is not open to U.S. users due to regulatory constraints.
Perps are not banned outright in the United States, but they do not fit neatly under the Commodity Exchange Act, which sets the clearing, margin, and execution rules for derivatives traded on registered venues.
That gap has fueled enforcement actions against both centralized and DeFi platforms offering off-exchange derivatives.
Hyperliquid pushes for friendly regulatory coverage in Washington, D.C.
Hyperliquid, while operating offshore, has been funding outreach to effect a regulation change that allows for a clear path to introduce perps in U.S. markets.
Per the report, the Hyperliquid Policy Center, funded by the Hyper Foundation, has been running policy research and advocacy in Washington, D.C., with the aim of a regulated access framework for on-chain perpetual contracts and decentralized market infrastructure inside the United States.
Both the CFTC and SEC “will have a big role to play in shaping some of the fastest-growing parts of crypto, such as perpetual futures and vaults, which aren’t covered by the Clarity Act,” according to Yang.
U.S. regulators are already adjusting to accommodate perpetual-style products inside compliant structures.
In May, the Commodity Futures Trading Commission (CFTC) approved the listing of a perpetual contract tied to the spot price of bitcoin, with future plans to review perpetual contracts tied to other assets on a case-by-case basis.
In June, the CFTC opened public comment on two proposed changes on 24/7 energy futures and perp contracts tied to oil, Cryptopolitan reported.
Crypto perp volume slid in July
In other news, the crypto market saw a decline in perps volume in July, according to CryptoRank.
Total centralized-exchange futures volume slid to $4.0 trillion in July, its lowest since December 2023 and down sharply from peaks above $10 trillion in late 2025.
A similar trend was observed across the DEX perp markets. Monthly volume dropped by roughly 21% in July to $531 billion. The decline ended the two-month recovery from April, according to CryptoRank.
