CFTC Approves Bitcoin Perpetual Futures Trading in US

The U.S. Commodity Futures Trading Commission (CFTC) has authorized the first regulated bitcoin perpetual futures contract on a domestic exchange, marking a significant shift in how American traders access crypto derivatives [1]. Alongside this approval for KalshiEX, LLC, the agency granted no-action relief to Coinbase Financial Markets, allowing it to provide U.S. clients with access to offshore perpetual futures and options through a registered futures commission merchant structure [1].

Key takeaways

• Kalshi’s new BTCPERP contract allows traders to bet on bitcoin price movements without a fixed expiration date [1].
• The CFTC’s actions aim to bring a segment of the crypto market that saw $61.7 trillion in global volume in 2025 under U.S. regulatory oversight [2, 3].
• Coinbase will facilitate access to global liquidity pools for institutional clients through its Bermuda-based entity [3].
• The CFTC issued a staff advisory regarding the risks of 24/7 trading, emphasizing that current regulations must address round-the-clock market activity [1].
• Other firms, including Kraken, have signaled plans to list similar regulated products within 30 days of the Kalshi approval [2].

Bringing Global Crypto Derivatives Onshore

Perpetual futures, or "perps," are derivatives that do not expire, using a funding rate mechanism to keep the contract price aligned with the underlying spot market [1, 2]. Historically, these instruments have been dominated by offshore platforms, leaving U.S. investors with limited access to what is considered one of the most liquid segments of the crypto market [1]. By approving the BTCPERP contract, the CFTC has created a pathway for these products to exist within the U.S. regulatory framework [1]. Kalshi, which was valued at $22 billion following a May 2026 funding round, intends to expand its perpetual offerings to more than a dozen other cryptocurrencies, though each new listing will require individual regulatory review [2, 3].

For Coinbase, the no-action relief provides a structured way to connect U.S. clients to international venues like Deribit [1]. This arrangement allows institutional users to trade through a single U.S.-regulated futures commission merchant rather than relying on bespoke offshore corporate structures [1]. While the move opens new trading avenues, it also introduces significant risks; analysts note that these products can involve high leverage, sometimes reaching 50-to-1, which may lead to rapid losses for traders who do not fully understand margin calls and liquidation rules [3].

Why it matters

The CFTC’s decision represents a pivot from enforcement-driven deterrence toward the structured onshoring of crypto market segments [1]. This policy shift aligns with the goal of establishing the United States as a global hub for the digital asset industry [2]. As the market transitions to 24/7 trading, the CFTC has signaled that it will continue to monitor the risks associated with these round-the-clock operations [1]. While the current approvals are limited to specific products, the agency’s case-by-case review process suggests that the landscape for regulated crypto derivatives will continue to evolve as more firms like Robinhood and Gemini express interest in entering the space [2, 3].