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

Odaily Planet Daily News: The Hyperliquid Policy Center has released a research report titled "Perpetual Futures as Complements to Dated Futures," stating that perpetual futures 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 perpetual contracts have no expiry date. Traders are not forced to roll positions and can maintain exposure to asset prices through a single contract, making them more suitable for around-the-clock trading. As perpetual futures enter the U.S. market for the first time, market attention has previously focused on whether they might divert liquidity away 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 with benchmark futures prices after markets reopened. The study covered 205 Bitcoin trading weekends and 19 on-chain crude oil perpetual contract sample weekends.

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

- Perpetual contracts can reduce hedging costs, avoiding the additional costs associated with rolling positions after traditional futures expire;

- Perpetual contracts attract small-ticket trading demand that traditional futures find difficult to cover. For example, the median trade size for on-chain crude oil perpetual contracts is approximately $1,300, about 1/100th of traditional WTI futures;

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

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

- Data shows that after the launch of perpetual markets, there was no statistically significant negative impact on traditional benchmark markets. The spread in the WTI futures market even narrowed after reopening.