Coinbase and Kalshi Receive CFTC Approval for Crypto Perpetuals

The Commodity Futures Trading Commission (CFTC) has granted approval for regulated perpetual crypto futures in the United States, allowing domestic firms to offer these derivatives for the first time [1]. This regulatory shift enables US investors to access perpetual contracts, or "perps," through formal market structures rather than relying on offshore platforms [1].

Key takeaways

• Kalshi received approval to list a bitcoin-linked perpetual contract, known as BTCPERP, following a voluntary review process [1].
• Coinbase Financial Markets secured a no-action determination from the CFTC to provide US customers access to international options and perpetual futures [1].
• Perpetual futures allow traders to maintain long or short positions without a fixed expiration date, a market that saw $61.7 trillion in volume in 2025 [1].
• The CFTC issued a policy statement indicating that future perpetual contracts for assets beyond those currently approved will require case-by-case review [1].

Establishing a Domestic Framework for Perps

The approval process marks a significant change in how US regulators handle crypto derivatives. Kalshi’s BTCPERP contract was filed on May 29 and was found to meet the requirements of the Commodity Exchange Act [1]. While Kalshi intends to expand its offerings to include more than a dozen other cryptocurrencies, the CFTC has clarified that each new contract will be subject to individual regulatory scrutiny [1].

Coinbase is taking a different approach by leveraging its global infrastructure. Through a no-action letter, the company’s subsidiary, Coinbase Financial Markets, will offer access to perpetuals and options cleared through its Bermuda entity [1]. This structure allows the firm to connect US clients to products on the Dubai-based exchange Deribit, which Coinbase acquired in 2025 [2]. By utilizing this path, Coinbase aims to eliminate the need for US institutional customers to establish offshore entities to participate in these markets [2].

Risks and Regulatory Oversight

While the move brings these products under federal oversight, the nature of perpetual futures remains a point of concern for regulators and market observers. These contracts often allow for high leverage, sometimes reaching 50-to-1, which can amplify both gains and losses [1]. Critics have warned that retail traders may face significant financial risk if they do not fully understand the mechanics of margin calls and liquidation rules [1].

The CFTC’s decision is viewed as a major development for the US crypto industry, as it provides a regulated path for products that were previously dominated by offshore venues [1]. For Kalshi, the launch represents a transition from a prediction market to a broader derivatives exchange [1]. Meanwhile, the policy statement issued by the CFTC ensures that the agency maintains strict control over the expansion of these products, requiring a case-by-case review for any assets not currently listed [1]. As the market evolves, the impact of these regulated offerings on capital allocation and risk management for American businesses remains a primary focus for both the firms and the regulator [1].