The U.S. Commodity Futures Trading Commission has cleared the nation's first bitcoin perpetual futures contract for listing and trading on a regulated exchange. The decision breaks the offshore stranglehold on these high-liquidity derivatives instruments.
CFTC Chairman Mike Selig wrote in a CoinDesk op-ed that "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." He described perpetuals as "a foundational risk management and price discovery tool in the global crypto asset markets."
Ending the Offshore Monopoly
Perpetual futures differ from traditional futures by having no expiration date. A funding rate mechanism keeps contract prices aligned with spot prices, allowing positions to remain open indefinitely. Since 2016, these instruments have dominated offshore crypto trading, accounting for over 70% of centralized exchange volume. In 2025, perpetual futures trading volume reached $61.7 trillion, up 29% from 2024.
President Trump recently posted that the previous administration "nearly DESTROYED the American Crypto Industry by driving Bitcoin, Crypto Perpetuals, and INNOVATION offshore." Selig echoed that the CFTC aims to repair damage that "drove a lot of these firms and the liquidity offshore."
Kalshi and Polymarket Vie for Market Share
The CFTC did not name the specific exchange approved, but prediction market platform Kalshi has announced plans to launch crypto perpetual futures in April. Co-founder Luana Lopes Lara celebrated regulatory progress since December 2024. Kalshi secured a CFTC margin trading license and scheduled an April 27 launch event in New York City for its product, internally codenamed "Timeless." The platform plans to offer up to 10x leverage on Bitcoin and other assets, initially accepting USD collateral with Bitcoin collateral to follow. Rival Polymarket entered the perpetual futures market in April, intensifying competition for the lucrative derivatives sector.
Selig wrote that the CFTC's approach will "limit excessive leverage, volatility and systemic risk." The announcement is issued as agency guidance rather than formal rulemaking, meaning future CFTC leadership could reverse the policy without congressional action. The shift aligns with broader regulatory changes under the Trump administration, including joint SEC-CFTC work on crypto asset taxonomy and expanded tokenized collateral frameworks.