ChainCatcher reported that the Hyperliquid Policy Center (HPC) has released a new study arguing that perpetual futures widen hedging choices and improve price discovery. The report says it found no statistically significant evidence that perpetuals damage benchmark futures markets. HPC describes perpetuals and dated futures as complementary rather than zero-sum substitutes.
The study compares 205 Bitcoin trading weekends and 19 weekend samples of on-chain crude perpetuals (xyz:CL), using the natural experiment created by traditional markets closing over the weekend while perpetual markets keep trading. HPC says dated futures require forced calendar roll costs, while perpetual positions do not face that obligation. It also cites a crude oil weekend repricing case from the week of March 6, 2026, saying a $10 million position’s loss could have been reduced from about $1.58 million to about $62,000, including all costs, through an on-chain crude perpetual hedge.
ChainCatcher reported that the Hyperliquid Policy Center (HPC) has released a study saying perpetual futures expand hedging options and improve price discovery, while finding no statistically significant evidence that they caused harm to benchmark futures markets.
The report says perpetual futures and traditional dated futures are complementary, not zero-sum substitutes.
A weekend trading comparison
HPC said the study used a natural experiment created by traditional markets closing on weekends while perpetual markets continue trading. It compared 205 Bitcoin trading weekends and 19 weekend samples of on-chain crude perpetuals (xyz:CL).
According to the report, dated futures require forced calendar rolls. For April 2026, rolling a $10 million exposure on Monday would cost about $950,000, while doing so on Friday would cost about $110,000. Perpetual positions do not face that forced cost.
The report also said the median non-trading-session volume for on-chain crude perpetuals was about $1,300, roughly 1% of the median benchmark WTI volume.
A crude oil repricing example
HPC cited a case from the week of March 6, 2026, when crude oil was repriced 15.8% over the weekend while the benchmark market stayed closed. It said hedging the move with an on-chain crude perpetual could have reduced the loss on a $10 million position from about $1.58 million to about $62,000, including all costs.
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