CFTC Approves First US Access to Global Crypto Perpetual Futures

The U.S. Commodity Futures Trading Commission (CFTC) has issued guidance allowing regulated firms to offer perpetual futures contracts, marking the first time these derivatives have been authorized for domestic U.S. customers [1]. In a pair of related actions, the agency granted Kalshi approval to list the first U.S.-based bitcoin perpetual futures and issued a no-action letter permitting Coinbase Financial Markets to connect its U.S. clients to global options and perpetual products [1].

Key takeaways

• Perpetual futures are derivative contracts that allow traders to speculate on crypto price movements without an expiration date [1].
• Coinbase will route its perpetual futures through its Bermuda subsidiary, allowing U.S. customers to use digital assets as margin collateral [1].
• Kalshi received approval to list the BTCPERP contract, which the agency describes as the first true bitcoin-referenced perpetual in the U.S. [1].
• The CFTC’s guidance aims to provide a framework for risk management while limiting excessive leverage and systemic risk [1].
• While Coinbase is the first U.S. exchange to receive this clearance, other firms are expected to follow the new regulatory guidelines [2].

Expanding the U.S. Derivatives Market

Perpetual futures, or "perps," are popular in international markets because they allow investors to hold positions indefinitely while often utilizing high leverage to amplify potential returns [1]. Previously, U.S. traders were largely excluded from these markets, which were primarily accessible through offshore platforms [1]. By issuing a no-action letter to Coinbase, the CFTC has created a path for the company to offer these products through its subsidiary, Deribit, which Coinbase acquired last year [2]. Coinbase has stated that these contracts will offer up to 10x leverage [3].

The regulatory approval process moved quickly, with Coinbase requesting the no-action letter on a Thursday and receiving a 16-page policy document from the CFTC the following day [2]. While the agency has cleared the way for Coinbase to offer various "digital commodity" perpetuals—including those for Bitcoin, Ethereum, Solana, and Dogecoin—the exchange has not yet finalized which specific assets it will make available to U.S. customers [2]. Coinbase plans to evaluate which tokens are "fit for purpose" before listing them [2].

Why it matters

The CFTC’s decision represents a significant shift in U.S. crypto policy, which Chairman Mike Selig described as a "major step forward" in establishing the United States as a global crypto hub [1]. By bringing these products onshore, the agency intends to provide a regulated environment for tools that have historically been associated with high risk and offshore volatility [1].