CFTC greenlights first US Bitcoin perpetual futures

The U.S. Commodity Futures Trading Commission (CFTC) approved the first Bitcoin perpetual futures contract on a U.S.-registered exchange, KalshiEX’s BTCPERP, and simultaneously issued a no‑action letter to Coinbase’s derivatives subsidiary, allowing it to route similar products through its offshore arm [1].

Key takeaways

• The CFTC’s approval makes Bitcoin perpetual futures legal on a U.S.-regulated exchange for the first time [2].
• Coinbase received a no‑action letter permitting it to offer crypto perps using Bitcoin, Ether and stablecoins as margin collateral [2].
• Offshore platforms such as Binance, Bybit and Hyperliquid currently handle over $50 billion in daily perpetual futures volume, but are not CFTC‑registered [2].
• Kalshi’s BTCPERP is a cash‑settled contract that trades 24/7 and uses a funding mechanism tied to spot prices [1].
• The decision splits regulatory pathways: domestic listings on CFTC‑registered exchanges versus offshore products treated as foreign futures [1].

CFTC’s historic approval and Coinbase’s bridge

On May 29, 2026 the CFTC granted KalshiEX formal approval for its BTCPERP contract under the Commodity Exchange Act, marking the first time a Bitcoin perpetual futures product can be listed on a U.S.-registered exchange [2]. The contract has no expiration date, settles in cash, and employs a funding‑rate system that keeps its price aligned with the spot Bitcoin market [1]. CFTC Chair Michael Selig called the move “historic,” saying it charts a path for one of the most liquid crypto segments to exist within the U.S. regulatory framework [1][2].

Coinbase’s situation differs. The same day the CFTC issued a no‑action letter to Coinbase Financial Markets (CFM), allowing the subsidiary to route perpetual futures through Coinbase Bermuda. This permission lets U.S. customers access Bitcoin, Ether and stablecoin‑collateralized perps, but the products remain classified as foreign futures rather than domestically approved contracts [2]. In effect, Coinbase is building a regulated bridge to offshore markets, while Kalshi is bringing the product onshore.

Market reaction and the offshore backdrop

The approval sparked immediate market moves: Coinbase shares rose about 4 % and Robinhood jumped 11 % following the news [1]. Hyperliquid, a major player in the perpetual futures space, surged over 30 % to a new all‑time high, while the HYPE token outperformed Bitcoin by 270 % year‑to‑date [1]. Despite the domestic green light, offshore platforms such as Binance, Bybit, OKX and Hyperliquid collectively process more than $50 billion in perpetual futures volume each day, operating without CFTC registration and technically inaccessible to U.S. residents [2].