Cumberland’s warning to Hyperliquid perp traders: ‘The world will track your positions’

Crypto market maker Cumberland is cautious about ICE-backed plans to bring Hyperliquid perpetual Futures (perps) trading to the U.S. According to Don Wilson, co-founder and CEO of Cumberland, Hyperliquid’s underlying tech has some features that may conflict with CFTC market rules. He posed 4 issues and wondered whether they align with CFTC core principles. First, Wilson does not see the benefit of on-chain trading of perps if the same can be offered via a centralized exchange such as Coinbase. Perps allow users to get leveraged exposure to assets with no expiries and no need to hold underlying spot assets.