Hyperliquid predicted 80% of an oil market move before traditional exchanges even opened, says TD Securities
Perpetual futures are expanding beyond crypto into a broader market-structure product, driven by U.S. regulatory shifts and institutional demand. Unlike traditional futures, perps never expire and use funding rates to stay near spot prices. They already dominate crypto trading and are starting to appear in new areas such as commodities, equity indexes, and private markets. Recent developments include the CFTC allowing bitcoin perps on Kalshi and Coinbase moving toward U.S. equity-index perps and access to offshore perp markets. Hyperliquid has become a key example, offering perps on commodities and private companies, including pre-IPO names like Cerebras and SpaceX. Its open weekend trading has shown it can influence price discovery when traditional markets are shut, especially in oil. TD expects commodities—especially oil, gold, and copper—to be the next major growth area. The main question is whether perps will keep their appeal as regulators impose a formal U.S. framework.
