Hyperliquid Policy Research Center: Perpetual Futures Can Complement Traditional Futures Markets, No Evidence of Undermining Benchmark Markets Found

Odaily News: The Hyperliquid Policy Center has released a research report titled "Perpetual Futures as Complements to Dated Futures," stating that perpetual futures can expand market risk management tools and improve price discovery efficiency, rather than squeezing out traditional dated futures markets.

The report points out that the biggest difference between perpetual contracts and traditional futures is that they have no expiration date, meaning traders are not forced to roll over positions and can gain continuous exposure to asset prices through a single contract, making them better suited for around-the-clock trading. As perpetual futures enter the U.S. market for the first time, there has been concern over whether they would divert liquidity from traditional futures.

The Hyperliquid Policy Center analyzed data from Bitcoin and on-chain WTI crude oil perpetual contracts, comparing perpetual contract prices during periods when traditional futures markets were closed against benchmark futures prices after markets reopened. The study covered 205 Bitcoin trading weekends and 19 weekends of on-chain crude oil perpetual contract samples.

The research found that perpetual futures complement traditional futures in several ways:

- Perpetual contracts can lower hedging costs by avoiding the additional expenses associated with rolling positions after traditional futures expire;

- Perpetual contracts attract small-scale trading demand that traditional futures struggle to cover—for example, the median trade size for on-chain crude oil perpetuals is approximately $1,300, roughly 1/100th of traditional WTI futures;

- Perpetual markets provide effective price discovery during periods when traditional markets are closed, with weekend prices typically being validated by benchmark market prices upon reopening;

- During extreme market conditions, perpetual contracts help investors continuously manage risk—for instance, during the weekend of significant crude oil volatility in March 2026, using on-chain crude oil perpetuals for hedging could significantly reduce potential losses;

- Data shows that after the launch of perpetual markets, no statistically significant negative impact was observed on traditional benchmark markets, with WTI futures spreads even narrowing after market reopening.