The US administration is pushing to bring perpetual futures, previously exclusive to offshore crypto markets, onto regulated domestic exchanges. These contracts allow indefinite holding periods and operate continuously, unlike traditional futures with fixed expiration dates.
Regulators have already cleared the path for these products. The Commodity Futures Trading Commission approved Bitcoin perpetual futures in May 2026, followed by single-stock equity perpetual futures on November 3, 2026.
Incumbent financial players, including CME Group, Cboe, and Citadel, have launched legal challenges against the CFTC. They argue that perpetuals should be classified as swaps rather than futures, which would subject them to different regulatory requirements.
Industry critics warn that the combination of round-the-clock trading and a retail-heavy user base could disrupt established risk management practices. While offshore platforms often offer leverage of 50x to 100x, regulated US venues may limit it to approximately 6x.
The shift aims to capture a massive market, as offshore crypto perpetual trading volume reached $61.7 trillion in 2025, marking a 29% increase year over year. The migration of this volume to US platforms remains uncertain.
