Shares of U.S. exchange operators fell sharply on Tuesday as concerns over risks tied to perpetual futures intensified. Cboe Global Markets led the decline with a 9% drop, making it the worst performer in the sector for the day.
CME Group dropped 4.7%, hitting a new low not seen in over a year, while Intercontinental Exchange fell 3.9%, approaching a two-year trough. All three are major U.S. exchange operators offering a range of products including crypto derivatives.
Perpetual futures are contracts with no expiration date that use a funding rate mechanism to keep prices anchored to the spot market, and are widely used in crypto trading. Recent discussions around the potential risks of perpetual futures—such as extreme funding rate swings and cascading liquidations—have made investors cautious about exchange operators involved in these products.