Swaps

Coinbase

2026-10-03 08:46:03

Coinbase wins CFTC approval as derivatives clearing organization

Coinbase has been approved by the U.S. Commodity Futures Trading Commission to operate as a derivatives clearing organization for fully collateralized futures, options on futures, and swaps. The approval allows the company to clear those products on its own rather than relying on a third party. The CFTC said the decision does not endorse any specific market and does not cover prediction markets in particular. The move could also support the rollout of Coinbase’s planned futures partnership with Nodal Clear, announced in June 2025, which was designed around USDC as collateral. The regulator did not disclose the range of underlying assets tied to the derivatives or specify which categories of swaps would be eligible for clearing.

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CFTC

2026-09-30 18:39:21

CFTC sends two rules to the White House in bid to tighten control over prediction markets

The U.S. Commodity Futures Trading Commission has sent two rule proposals to the White House that would reshape how federal law treats prediction-market event contracts. Submitted to the Office of Information and Regulatory Affairs on Sept. 28, the filings focus on the legal definition of a "swap," a classification that sits at the center of an escalating fight over who regulates yes-or-no contracts traded on platforms such as Kalshi and Polymarket. One proposal would explicitly include event contracts within the swap definition and move to public comment, while the other, issued as an interim final rule, would exclude "casino-style gambling products" and could take effect once approved. The texts have not yet been released publicly, and the CFTC said neither rule is economically significant. The move comes as multiple states pursue prediction-market operators over alleged illegal gambling, while the CFTC argues that if the contracts are swaps, oversight belongs to the federal agency rather than state gambling regulators. The dispute has already produced conflicting appeals-court rulings and is now drawing the attention of the U.S. Supreme Court.

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CFTC

2026-09-30 16:17:37

CFTC moves to classify prediction market event contracts as swaps in fight over state gambling claims

The U.S. Commodity Futures Trading Commission has sent two rulemakings to the White House Office of Management and Budget that would pull prediction market event contracts into the legal definition of swaps while carving out casino-style gambling products from that same category. The move could weaken the legal basis states have used against platforms such as Kalshi and Polymarket by shifting the products more firmly into the federal derivatives framework overseen by the CFTC. The filings came as federal appellate courts have split on whether sports-related event contracts fall under CFTC authority or state gambling law. The Sixth Circuit recently ruled against the agency, and the Eighth Circuit reached a similar conclusion, while the Third Circuit had previously backed the CFTC’s position. That conflict raises the odds that the dispute could eventually reach the U.S. Supreme Court. The article also says the CFTC’s current push is being driven by Chairman Mike Selig, described as the agency’s only sitting commissioner, and notes that OMB disclosures show a separate crypto-related prerule has also been submitted, though no details have been released.

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CFTC

2026-09-30 15:28:29

CFTC sends two event-contract rules to White House review, seeking to classify them as swaps

The U.S. Commodity Futures Trading Commission has sent two rules tied to prediction-market event contracts to the White House Office of Management and Budget for review. One proposal would formally bring event contracts under the regulatory definition of swaps, while another would state that such products are not tied to gambling. The move comes as the agency fights states over whether sports-related contracts on platforms such as Kalshi should be treated as illegal gambling under state law. It also lands against a split federal court backdrop: recent rulings from the Sixth and Eighth Circuits said Kalshi’s sports contracts are not swaps, while an earlier Third Circuit decision backed CFTC jurisdiction over prediction markets. OMB review is typically one of the last steps before a rule is released for public comment, though an interim final rule could take effect immediately while still allowing revisions. White House disclosures dated Sept. 28 did not include the text of either rule, and the CFTC labeled both as not economically significant. The filings also showed that the agency recently submitted a separate crypto-focused prerule to the White House, without describing its scope.

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RWA

2026-09-11 07:04:14

Variational’s swaps target on-chain RWA trading pain points as perpetual volumes surge

A report from Castle Labs says on-chain real-world-asset perpetuals have expanded from a niche segment into a meaningful slice of crypto derivatives trading in less than a year. Monthly volume was below $1 billion in October 2025 and rose past $120 billion by August 2026, with a peak of $147 billion in July 2026. The segment also reached as much as 20% of total on-chain perpetual volume, while open interest remained concentrated in a handful of platforms led by TradeXYZ and Variational. The report focuses on Variational’s newly launched swap product, which it presents as an alternative structure for trading RWAs on-chain. Unlike perpetuals, which rely on demand-driven funding rates to keep contract prices near the spot index, swaps charge a once-daily holding cost tied to real financing terms from traditional finance liquidity partners. Initial listed markets include US100, US500, XAU, XAG and USOIL. Since launch earlier this month, those markets have generated $3.8 billion in volume and reached a peak open interest of $245 million. Castle Labs also compares execution costs across Variational, TradeXYZ, Lighter and Ostium. In the report’s samples, Variational was the cheapest venue in most larger trade sizes across US100, US500 and XAU, though XAG remained less deep than other swap markets. The study argues that predictable carry costs and access to external TradFi liquidity may make swaps more suitable than standard perpetuals for on-chain RWA exposure.

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Symbiosis

2026-09-11 06:23:03

Symbiosis Temporarily Suspends Bitcoin-Related Swaps During Update Deployment

Cross-chain protocol Symbiosis said on Sept. 11 that Bitcoin-related swap functions are temporarily unavailable while it deploys a relevant update. The protocol stated that all other swap services and protocol operations remain available during the maintenance period. Further updates on the situation will be released through Symbiosis’ official channels. The notice only applies to Bitcoin-related swaps and does not affect the rest of the protocol’s current functionality, according to the statement cited by BlockBeats.

800

Arbitrum

2026-09-02 06:28:33

Variational Launches Swaps Markets on Arbitrum, Brings TradFi-Like Liquidity

Arbitrum-based derivatives protocol Variational has launched its Swaps market, initially offering exposure to gold (XAU) and the Nasdaq 100 index (US100). The swaps feature a funding mechanism based on dollar lending rates, replacing volatile funding rates: long positions pay 4-6% annualized, while shorts earn 2-3%. The market charges zero trading fees and starts with an open interest limit of roughly $10 million per market, with plans to increase it to over $50 million within days. The protocol can support more than $1 billion in open interest. Variational intends to raise limits, add more swaps and perpetual markets, release a trading API, and enable 24/7 liquidity in the coming months.

740

prediction ma

2026-08-28 18:53:06

Ninth Circuit Rules Sports Prediction Market Contracts Not Swaps, Clashing With Third Circuit

The U.S. Ninth Circuit Court of Appeals has ruled that prediction market contracts tied to sports events are not financial swaps, contradicting a Third Circuit decision from April and potentially clearing the way for Supreme Court review. Source: CNBC.

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