Hyperliquid Policy Center Calls on U.S. CFTC to Allow Launch of AI Computing Power Perpetual Contracts and Futures

On October 20, the Hyperliquid Policy Council (HPC) stated it has submitted comment letters to the U.S. Commodity Futures Trading Commission (CFTC), recommending the approval of derivatives based on AI compute power for the U.S. market, including GPU-hours and inference tokens, while also promoting the development of term futures and perpetual contracts.

HPC pointed out that with the rapid growth in investments in AI data centers, chips, and network equipment, compute price volatility has become a risk that data centers, developers, and lending institutions need to manage. Citing data, it noted that private investment in U.S. AI data centers, chips, and network equipment accounted for approximately 0.8% of GDP in the first quarter of 2026, while the annual trading volume of compute services is estimated to reach between $430 billion and $1.3 trillion.

HPC recommended that the CFTC support derivatives referencing GPU-hours and inference tokens, allow multiple reference indices to be used concurrently for settlement, and address early-stage market manipulation risks through enhanced market surveillance, information sharing, and position limits. It also argued that perpetual contracts are better suited for covering compute price exposures inherent to data centers and inference platforms, which operate continuously without fixed maturity dates.