The US Commodity Futures Trading Commission has signaled regulatory approval for crypto perpetual futures contracts, a product long popular in offshore markets but previously unavailable to American traders through regulated venues. The move opens the door for exchanges including Coinbase and prediction market platform Kalshi to launch perpetual futures offerings domestically. Perpetual futures differ from standard futures contracts by having no expiration date, allowing traders to hold leveraged positions indefinitely while paying periodic funding rates. Their availability on regulated US platforms could draw significant trading volume currently directed to offshore exchanges, while giving domestic regulators greater oversight of a product associated with high leverage and volatility. Both Coinbase and Kalshi are understood to be moving forward with product development following the CFTC's guidance.
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