How can a utility token access deeper liquidity and price discovery—without turning into a security token? Within the EU’s MiCA/MiFID II framework, one workable route is to publish a transparent index of crypto-native activity, deliver that index through a signed oracle, and let venues list perpetual futures on the index.
Keep your token in MiCA and route derivatives liquidity to venues that shoulder MiFID II obligations. Our Hyperliquid tests show why the split matters: EU access to perps without KYC is a venue risk, not a loophole for issuers.
Perpetual futures (perps) on DEXs may be branded as “permissionless,” but in the EU they don’t live outside the law. When derivatives are offered to EU clients, they generally fall under MiFID II—licences, conduct rules, surveillance, the lot [2]. In our latest field test from Italy, we connected a wallet to Hyperliquid, accepted its terms, and reached Spot and Perps—with no EU geo-gate, no residency question, and no KYC.
Crypto perps are a type of derivative that lets traders speculate on the price of an underlying asset (such as Bitcoin, Ethereum, or other cryptocurrencies) without ever owning the asset itself. Unlike traditional futures contracts, which always have a set expiry date, perps are open-ended—they can be held indefinitely, provided margin requirements are met