Hyperliquid Policy Center has published a report, Perpetual Futures as Complements to Dated Futures, saying perpetual futures can expand risk management tools and improve price discovery without displacing traditional dated futures markets.
The report says the biggest difference between perpetuals and traditional futures is that perpetual contracts do not expire. Traders do not need to roll positions and can keep price exposure through a single contract, a structure the report describes as better suited to around-the-clock trading. As perpetual futures entered the US market for the first time, market attention had focused on whether they would divert liquidity from traditional futures.
How the study was structured
According to Hyperliquid Policy Center, the research analyzed data from Bitcoin perpetuals and onchain WTI crude oil perpetuals. It compared perpetual prices during periods when traditional futures markets were closed with benchmark futures prices after those markets reopened.
The study covered 205 Bitcoin trading weekends and 19 sample weekends for onchain crude oil perpetual contracts.
Main findings in the report
- Perpetual contracts can lower hedging costs by avoiding the extra expense associated with rolling traditional futures after expiry.
- Perpetuals can attract smaller trades that traditional futures have difficulty serving. The report says the median trade size for onchain crude oil perpetuals was about $1,300, roughly 1/100 of traditional WTI futures.
- Perpetual markets can provide price discovery while traditional markets are closed, and their weekend prices were usually validated by benchmark market prices after reopening.
- During extreme market moves, perpetuals can help investors manage risk continuously. The report cites a weekend of sharp oil price swings in March 2026, saying hedging with onchain crude oil perpetuals could significantly reduce potential losses.
- The data did not show a statistically significant negative impact on the traditional benchmark market after perpetuals went live. The report adds that spreads in WTI futures after reopening even narrowed.