The Hyperliquid Policy Center urged the Commodity Futures Trading Commission (CFTC) to permit AI compute futures on regulated U.S. exchanges, arguing that businesses need ways to manage changes in computing prices.
In an Oct. 20 policy filing, the group proposed contracts tied to hourly graphics processor rental charges and AI inference token prices. Inference tokens measure text an AI model reads and produces, making their price relevant to companies paying to use models.
The risks run in opposite directions, the center said. Data center operators and their lenders are exposed when rental rates fall, while AI developers and inference platforms face higher costs when token prices rise. Contracts linked to those prices could help each group manage its exposure.
The center backs both futures that expire on a set date and perpetual contracts that do not. It argues that a perpetual position could cover a continuing exposure without repeatedly rolling into a new futures contract. Dated futures could instead be matched to costs expected over a defined period.
Neither structure would provide an exact hedge. Perpetual contracts involve funding payments, and a settlement index may move differently from the rates a particular company pays or collects. Rental prices also vary by chip, location and contract terms, while many large transactions are negotiated privately.
The group asked the CFTC to allow more than one settlement index if each meets reliability standards. Its proposed safeguards include market surveillance and limits on positions and leverage. It also called for disclosure of index methodology and settlement rules, plus funding rates with examples of their dollar impact.
For examples of benchmark design, the filing points to electricity contracts, Henry Hub natural gas and the evolving Brent benchmark.
The CFTC opened its consultation on listing compute derivatives in August, with comments due Oct. 20. The center submitted a policy response, rather than an exchange application for a specific contract. The consultation has not authorized the proposed markets.
The agency is separately reviewing two New York Mercantile Exchange proposals. One is the Silicon Data H100 Rental Index Futures contract; the other is the Silicon Data B200 Rental Index Futures contract. The CFTC extended the review, citing "novel or complex issues" and its pending compute derivatives consultation. The extended review period ends Nov. 9.
