According to a report from PWInsider.com, Matt Hardy's WWE contract is currently set to expire in February of 2020.
Their report notes that while Matt and WWE are not very far apart in terms of financial details, one of the biggest hurdles in their negotiations has been from a creative standpoint. As fans may be aware, Hardy has been creating "Free the Delete" videos on his official YouTube channel, and this is reportedly an attempt on his part to bring back his popular "Broken" Matt Hardy character, which was fairly successful in IMPACT Wrestling.
According to the report from PWInsider.com, Matt's mentality at this point is that his next contract signing could very well be the last one of his career, and he would like to receive more of a push on WWE programming if he ends up re-signing with them. If he does not re-sign with WWE, then he plans on using his "Broken" persona in other promotions, which is why he's been producing the "Free the Delete" videos.
As for Jeff Hardy, his contract with WWE will not be expiring in February, as WWE has likely added time to his deal due to injuries and legal issues that have prevented him from performing.