Bloomberg reported that the CFTC on Monday issued a public request for comment on two "distinct but related" matters: the expansion of 24/7 trading hours for traditional energy derivatives and the proliferation of perpetual contracts — derivatives instruments with no fixed expiration date — across commodity markets. CFTC Chairman Michael Selig said a "clear, data-driven record" was needed to assess the market implications as registered entities extend trading hours and introduce new contract structures.

The move comes amid mounting pressure from CME Group and Intercontinental Exchange, both of which have raised concerns that offshore platform Hyperliquid's energy perpetuals contracts are affecting pricing on their own regulated exchanges; the two incumbent exchanges have been lobbying for Hyperliquid to register with the CFTC. The agency specifically solicited comment on energy perps that trade around the clock, including overnight, on weekends, and on holidays.

The request follows the CFTC's recent decision to grant Kalshi permission to list Bitcoin perpetual futures — a ruling that prompted CME to file suit against the agency last week, alleging the CFTC disregarded its statutory mandate by classifying the products as futures rather than the more heavily regulated swaps category. The CFTC indicated that perpetual contracts tied to energy and agricultural products would face separate review from the crypto perps already approved.