Hyperliquid.

Americans should have access to pre-IPO perpetuals. Cerebras opened 89% above its IPO price. SK Hynix 14%. SpaceX 11%. Each time, a public market on Hyperliquid signaled the gap before trading began.IPO modernization offers a chance to put that price signal to work for issuers and investors. Today, with @tradexyz , we filed a joint comment letter introducing pre-IPO perpetuals (IPOPs) to the SEC. Inside, we describe the five IPOP markets that trade[XYZ] has launched so far on Hyperliquid and outline the questions that the SEC must resolve before these markets can serve Americans. Read it here ⬇️

https://x.com/i/article/2089683815434272768

The stock market’s rulebook was built for 2005’s technology. The SEC is proposing to retire the trade-through rule and protect investors through best execution: a duty that follows your order to any venue, at any hour. Together with @DouroLabs we filed a joint comment supporting the rescission and recommending how best execution should work for tokenized securities trading onchain. Read it here ⏬

https://x.com/i/article/2089320810871656448

Farmers were the original beneficiaries of America’s derivatives markets. Futures trading was born in the grain trade in the 1800s, and federal oversight ran through the U.S. Department of Agriculture for five decades. The House and Senate Agriculture Committees oversee the CFTC to this day. On July 29, the @CFTC 's Agricultural Advisory Committee convened for the first time in more than two years. Today we filed a statement supporting the Committee’s work and the Commission’s phased approach to perpetual futures.

http://x.com/i/article/2085697034137251840

Markets take weekends off. The news doesn't. New @blockworksres research measured 614 weekends of live 24/7 trading in equities, commodities, FX, and indices on Hyperliquid. The first hard data on what happens when markets simply keep going. The weekend markets held up: weekday-tight spreads, weekday-cost fills, while everything else was closed. And the weekend prices knew where markets would reopen. They cut the typical reopening miss in half, and on big moves they called the direction right 94.9% of the time. Read the full report:

Prediction markets topped $50 billion in trading volume last month, and the biggest names in traditional finance are moving in. Today, with @multicoin, we filed a joint comment supporting the @CFTC 's proposed prediction markets framework. These markets have grown up. The proposed framework gives them what they deserve: durable standards, known in advance, under one federal rulebook. Our comment expresses support for the Commission’s approach and offers two recommendations to make an already strong rulebook even more targeted. Read it here:

http://x.com/i/article/2081710542939357184

Writing the software isn't running the market. The same should hold true onchain. With the right rules, the CFTC can modernize these markets, keep builders in the United States, and give customers more control over their funds. Today, with @phantom, we filed a joint comment letter with the CFTC with recommendations on how to achieve that result. Read it here:

http://x.com/i/article/2075233075642892288

For years, Americans were pushed offshore to trade perpetual futures while the rest of the world could trade them at home. This spring, U.S. regulators finally opened a compliant path to these markets here. Today, the largest U.S. exchange, CME, went to court to close it. This is what happens when one company controls a market. By @BetterMarkets' count, CME runs about 92% of U.S. exchange-traded derivatives. When one venue holds that much volume, everyone else carries the cost. Less choice, higher prices. Perpetual futures are the first genuinely new derivatives product to reach U.S.-regulated markets in over a decade. More competition among exchanges is best for the people who actually use these markets. These products deserve clear rules. The real question is whether Americans get access to innovative new financial products, or whether one incumbent keeps them locked out. We think they deserve access. As CFTC @ChairmanSelig put it: "Incumbents will always fear the future." But none of us should fear the incumbents.

Today we filed a comment with @paradigm on @USTreasury's proposed rule for stablecoin issuers. U.S.-regulated stablecoins power billions of dollars in daily trading, lending, and settlement. Our comment offers recommendations to preserve their critical role in onchain markets.

http://x.com/i/article/2064369559608377345

We welcome today’s CFTC actions: approval of the first U.S.-listed perpetual derivatives contract, an accompanying Commission policy statement on the listing of perpetual derivatives, related interpretive guidance and no-action relief from the Market Participants Division, and a Staff Advisory on 24/7 Trading, Clearing, and Settlement, as a long-overdue acknowledgment that perpetual derivatives are a legitimate and essential tool for price discovery and risk management. For too long, regulatory ambiguity drove these markets offshore, depriving American traders and institutions of access to regulated venues and undermining U.S. competitiveness in the global derivatives markets. Today’s actions chart a new path forward. We look forward to engaging closely with the Commission to ensure that the framework it develops is workable not only for centralized intermediaries, but for the onchain protocols where the most significant perpetuals activity actually occurs.

Today, Bloomberg reported on certain incumbent traditional exchanges raising concerns about the integrity and impact of markets for perpetual derivatives on Hyperliquid. These concerns are unfounded. Hyperliquid offers enhanced market transparency, publishing a complete onchain record of every transaction in real time, making it a uniquely hostile environment for insider trading or price manipulation. Hyperliquid’s transparency serves as a strong deterrent for misconduct and facilitates surveillance, detection, and investigation by regulators and law enforcement. Hyperliquid also offers 24/7 trading, an innovation that substantially increases market efficiency. Prices move whether traditional exchanges are open or not. Continuous trading eliminates gaps and discontinuities between legacy market hours, improving price discovery for all participants. Bloomberg correctly reports that U.S. law is not currently tailored for derivatives markets on public blockchains like Hyperliquid. We look forward to continuing our work with policymakers in Washington to bring onchain markets inside the regulatory perimeter.

The bipartisan passage of the Clarity Act out of the Senate Banking Committee is historic: the first time a comprehensive crypto market structure bill has advanced to the Senate floor. We appreciate all of the effort that went into this success, but more work is needed before the bill is ready to become law. We look forward to engaging on Capitol Hill and with the administration as the process continues.

HPC strongly supports @ChairmanSelig's vision for the future of onchain markets: “I think it’s really critical that we set in place clear regulations and clear statutory protections for software developers, for people who hold their own crypto assets through self-custody or using a custodial wallet, exchanging your assets... That’s what this administration is really focused on.” Clear rules protecting developers and self-custodial users are the foundation of any workable framework for onchain markets.

Today, @SECPaulSAtkins laid out his priorities for providing clarity to onchain markets, including this on clearing and settlement: "When settlement is near-instantaneous and counterparty risk is managed algorithmically, the traditional clearing agency model requires fresh analysis." Onchain clearing and settlement is one of the most significant financial infrastructure innovations of our generation. HPC is encouraged to see a Chairman willing to map these systems to existing legal frameworks on their own terms, rather than force them into legacy categories built for legacy architecture.

Prediction markets work better onchain. Our comment letter to the @CFTC explains why, and makes the affirmative case for a pathway for Americans to access decentralized prediction markets. Read about HPC’s submission here:

http://x.com/i/article/2049822591372730368

Non-custodial front-end interface providers are not brokers, as the SEC rightly clarified in its excellent Staff Statement on April 13. Today, HPC joined DEF (@fund_defi) and dozens of others in requesting that the SEC formalize that Statement in notice-and-comment rulemaking.

Onchain perpetuals are the next evolution in derivatives markets, but U.S. law provides no pathway for Americans to participate. HPC exists to change that. Read more about our mission to advance new rules for decentralized markets in the United States:

http://x.com/i/article/2046950317682520064

Hyperliquid entered the Congressional record for the first time today. @ChairmanSelig testified before the House Agriculture Committee and received a question about "decentralized exchanges like Hyperliquid." He said: "[O]ur goal is always going to be to onshore those markets and to have the markets subject to our regulation here in the United States and accessible to our U.S. persons here in the U.S. ..." We appreciate Chairman Selig's commitment to ensuring Americans can benefit from decentralized markets. It will take some effort to adapt the commodities laws, but we're confident this CFTC and its capable staff are up to the task.

HPC commends the SEC Staff and the Crypto Task Force for today's staff statement on front-end interfaces and broker-dealer registration. This is an important step toward regulatory clarity for crypto builders and market participants. The guidance reflects a commonsense principle: software developers who do not perform the customary functions of intermediaries should not be regulated as such. We look forward to continued engagement with the Commission on these issues.

Treasury Secretary @SecScottBessent is absolutely right: "There is one way to give developers and entrepreneurs the comfort to reshore: durable law. Congress acted decisively with Genius, and the Clarity Act is the necessary next step."

Years ago, the CFTC was suing DeFi protocols. Now, @ChairmanSelig is championing what permissionless networks and onchain systems can do for the future of American finance. That vision, paired with the rules to match, is what will make America the crypto capital of the world.

"What we need to do is upgrade the laws and regulations in the US so that Americans, individuals and institutions, can trade on Hyperliquid." - @jchervinsky