The Commodity Futures Trading Commission said Tuesday that perpetual futures tied to individual US stocks can begin trading on registered contract markets that are also recognized by the Securities and Exchange Commission. The contracts, often called equity perpetuals, let traders take exposure to single-stock price moves without standard futures expiration dates. CFTC Chairman Michael Selig said the products were deemed approved as security futures under existing rules. That puts them under joint CFTC and SEC oversight, not only traditional commodity futures rules. Selig said the move supports investor protection and market integrity while bringing perpetual derivatives into regulated US markets. The agency had already allowed Bitcoin perpetual futures on a domestic exchange. This extends that path to individual stocks. I think the practical effect could be slower than headlines suggest, because exchanges still need to meet registration and compliance steps.
Legal challenge adds uncertainty
The approval is already contested. The Capital Markets Alliance filed a lawsuit Tuesday in the US District Court for the Southern District of New York seeking to overturn it. Cboe Global Markets joined the challenge with Citadel Securities and the Healthy Markets Association. The plaintiffs argue that single-stock perpetual derivatives should be classified as security-based swaps, not security futures. That distinction matters for which rules apply and which regulator leads. The dispute may delay listings or narrow what can launch. It also leaves platforms with a clear signal from the CFTC and a fresh legal risk at the same time.
Hyperliquid looks at a US route
The decision lands as Hyperliquid explores a US entry. Last week, Intercontinental Exchange and Trade[XYZ] announced an agreement to build a dedicated US trading and clearing structure around Hyperliquid technology. ICE would operate the regulated markets and make an investment in Trade[XYZ]. The planned platform would give retail traders access to perpetual contracts tied to equities, commodities, currencies, and cryptocurrencies. For Hyperliquid, the arrangement could offer a path into a large market while using ICE’s experience with regulated trading operations.
$HYPE holds above $78
$HYPE traded above $85 on Wednesday. The token is above its 50-day EMA at $82.64 and 20-day EMA at $83.40. Those averages form nearby resistance. It also remains above the 100-day EMA at $78.08, so the broader trend has not broken down. RSI is near 49, slightly below neutral. Sellers have a small edge, but pressure is not extreme. The key downside area is $78.42 to $78.08. A defense there could let the token consolidate. A daily close below $78.08 would weaken the structure and raise risk toward $75.69, then $67.63 and $61.16. On the upside, buyers need a close above $85.04. The descending trendline near $87.68 is the next hurdle. A break above that level would improve the outlook and put $97.84 in focus.
