Regulated Crypto Perpetual Futures Enter US Market

The landscape for digital asset derivatives is shifting as regulated platforms move to offer perpetual futures, a product that has historically dominated global crypto trading volumes [3]. While offshore exchanges like Binance have long served as the primary venues for these instruments, new domestic offerings aim to provide US traders with regulated access to contracts that track asset prices without fixed expiration dates [2].

Key takeaways

• Perpetual futures, or "perps," allow traders to hedge price risk or speculate on assets without the need to roll over expiring contracts [2].
• Global perpetual futures volume reached over $90 trillion in 2025, according to data cited by Kalshi [2].
• Regulated US platforms, including Kalshi and Kraken, are launching perpetual products under the supervision of the Commodity Futures Trading Commission (CFTC) [2, 3].
• Funding rates, which keep the perpetual contract price aligned with the underlying asset, are a central mechanism of these products [2].

Bringing Perpetual Trading Onshore

Perpetual futures have become a cornerstone of the crypto derivatives market, with global trading volumes reaching $60 trillion in 2025 [3]. Unlike traditional futures, these contracts do not expire, allowing market participants to maintain positions indefinitely [2]. To ensure the contract price remains tethered to the underlying asset, platforms utilize funding payments [2]. For instance, Kalshi has stated that its funding rates will be charged every eight hours and will be visible within transaction histories [2].

For US institutions and traders, the move toward regulated perpetuals represents a significant change in market access. Historically, US-based entities seeking to utilize these tools were often forced to rely on offshore venues such as Binance, Bybit, or OKX [3]. By introducing these products under the oversight of the CFTC, platforms like Kraken and Kalshi aim to provide a compliant environment for firms to hedge exposure, such as a fund manager offsetting the risk of bitcoin price fluctuations before a payment is received [2, 3].

The Institutional Shift Toward Continuous Markets

The expansion of regulated derivatives is part of a broader trend toward continuous, 24/7 financial infrastructure [1]. As derivatives become the primary layer for institutional risk management, the operating rhythm of traditional finance is increasingly being pulled toward the market structure normalized by crypto [1]. CME Group has also signaled this shift, announcing plans for 24/7 trading of its regulated cryptocurrency futures and options to meet institutional demand for continuous risk management [1].

However, the integration of crypto-speed execution into regulated frameworks remains a complex challenge. While continuous trading allows for constant market expression, traditional finance must still navigate legacy settlement protocols, reporting obligations, and margin discipline [1]. As these markets evolve, the competitive edge for institutions may depend on the ability to monitor risk, collateral, and compliance in real time without compromising the controls required by regulated financial systems [1].