For years, crypto perpetual futures have been one of the most popular trading products in the world, but almost entirely outside U.S. borders. That just changed.
The U.S. Commodity Futures Trading Commission has given approval for bitcoin perpetual futures contracts on a regulated exchange run by Kalshi, marking a first for domestic U.S. perps. At the same time, the agency also cleared a path for a Coinbase affiliate to connect its customers to options and perps at the global level.
Two approvals in one day. After years of regulatory uncertainty that drove the industry offshore, the CFTC just drew a clear, workable line.
What a Perpetual Futures Contract Actually Is
If you haven't traded perps before, the concept is straightforward. A perp is a kind of derivative that allows the investor to speculate on future price movements in a crypto asset without putting an expiration date on that contract, allowing it to be held as long as the investor wants.
They're enormously popular globally, often amplified with leverage, meaning traders can capture bigger gains on small moves. The flip side is the same leverage can produce equally sharp losses, making them a volatile but powerful instrument.
Kalshi Gets the Historic First
The CFTC announced Kalshi is approved for the first true bitcoin‑referenced perp, BTCPERP, and the agency said the approval requires, among other terms and conditions, that Kalshi list and maintain the contract in compliance with all applicable provisions of the Commodity Exchange Act.
Kalshi is best known as a leading prediction markets platform, but this approval signals something bigger. "This marks Kalshi's evolution from prediction market leader to next‑gen derivatives exchange," said Tarek Mansour, CEO of Kalshi. "Onshore, safe and regulated perps will improve capital allocation and risk management for countless American businesses."
Coinbase Gets Its Own Green Light
The same day, Coinbase received equally significant news. In a letter sent to Coinbase, the CFTC said it would permit certain perpetual futures products through its CFM subsidiary, routed through Coinbase Bermuda and treated as "foreign futures." The no‑action letter will allow CFM to post customers' digital assets including bitcoin, ether and stablecoins as margin collateral.
Coinbase's chief legal officer called it a "massive first for the industry."
Trump's CFTC Chairman Frames the Moment
CFTC Chairman Mike Selig made clear this approval is part of a deliberate effort to reverse years of damage. Selig said in March that he had been trying to repair damage from the previous U.S. administration that "drove a lot of these firms and the liquidity offshore." He wrote on Friday that his agency's approach to perps would "limit excessive leverage, volatility and systemic risk."
"Having true perpetual contracts in the United States is a major step forward in delivering on President Trump's goal of cementing America as the crypto capital of the world," Selig wrote.
Not a Permanent Rule, Yet
One important caveat: this isn't locked‑in legislation. The CFTC's new stance doesn't yet carry the weight of a formal rule. Until the policies are set with formal rules or new laws, they can be easily overturned by future agency leaders.
The perp market that was built offshore over the last decade could now start returning home. Whether it does depends entirely on whether today's regulatory openness survives Washington's next political cycle.
