Hyperliquid Policy Center Asks CFTC to Allow AI Compute Futures

The Hyperliquid Policy Center (HPC) wants the CFTC to permit regulated U.S. exchanges to list futures and perpetual contracts based on AI compute prices, seeking a way for businesses to manage swings in computing costs.

The proposed contracts would track GPU-hour rental prices and AI inference token prices. A GPU-hour measures rental time for a graphics processor.

HPC argues that changing compute prices create risks for data center operators, AI developers and lenders. Perpetual contracts could give those businesses a continuing hedge without requiring them to repeatedly replace expiring futures positions.

The group also wants standards for compute price indexes and the option to use different indexes for settlement. It proposed market surveillance and position limits to guard against manipulation.

The request is separate from Payward’s plan to offer onchain perpetual futures through Hyperliquid’s HIP-3 framework. Payward, Kraken’s parent company, plans to offer those markets to eligible U.S. clients, subject to regulatory approval.

The CFTC sought public comment on compute derivatives in August. It has not approved the contracts HPC is seeking.