CFTC clears stock perpetual futures for trading on US exchanges
Perpetual futures contracts tied to individual stocks can now trade on regulated US exchanges for the first time. The Commodity Futures Trading Commission (CFTC), the US agency that oversees futures markets, announced the decision on Nov. 3, 2026.
The product is well known in crypto markets. Crypto exchange BitMEX helped popularize perpetual futures, often called perps, in 2016. The contracts let traders bet on an asset's price without owning the asset, and they have no expiration date.
Key points
- The CFTC deemed equity perpetual futures approved under CFTC Regulation 40.3, according to Chairman Michael Selig.
- The contracts can be offered on exchanges registered with both the CFTC and the Securities and Exchange Commission (SEC) to trade security futures products.
- The move follows September filings from Coinbase, Kalshi, and Kraken parent Payward through its Bitnomial exchange, plus a later filing from OG.com.
- Two lawsuits are challenging the CFTC's approach to perpetual futures.
What the CFTC chairman said
Selig said in a Tuesday statement that bringing the products into regulated US markets would let American traders use perpetual futures under US safeguards rather than being "forced to turn to offshore, and often unregulated, venues."
He did not say which exchanges would offer the contracts or give a timeline for when trading would begin.
How the approval came about
In September, Coinbase, Kalshi, and Payward, through its Bitnomial exchange, filed to offer perpetual futures tied to individual US stocks. OG.com joined days later, proposing contracts that could trade around the clock on weekdays.
The filings came after the CFTC approved Bitcoin perpetual futures for Kalshi in May and gave Coinbase regulatory relief to offer access to certain crypto perpetual futures listed on an affiliated foreign exchange.
The decision also follows an Aug. 19 statement by President Donald Trump, who said at a White House event that the CFTC was working to bring Hyperliquid, a decentralized crypto exchange known for perpetual futures trading, into the US in a "fully compliant and legal fashion." At that time, neither the CFTC nor Hyperliquid had announced a formal plan.
Legal challenges to the approval
The CFTC's approach to perpetual futures faces opposition in court. In June, CME Group's Chicago Mercantile Exchange sued the regulator over its approval of crypto perpetual futures. The exchange argues the contracts should be regulated as swaps rather than futures, and that the agency exceeded its authority. The difference matters because swaps can face stricter reporting, margin, and registration rules, while futures trade under the existing futures exchange framework. The CFTC moved to dismiss the case in September, arguing CME had not shown financial harm and could list similar contracts itself.
On Tuesday afternoon, the Capital Markets Alliance, a coalition that includes Cboe, Citadel Securities, and Healthy Markets, filed a separate lawsuit seeking to overturn the approval of stock perpetual futures. The group argues the contracts are security-based swaps under SEC jurisdiction and that the CFTC violated the Administrative Procedure Act by not adequately explaining its decision or weighing the impact on investors. The lawsuit also asks that the approvals be blocked while the case proceeds.
What is confirmed and what is unclear
Confirmed: the CFTC announced the approval, and Selig described the regulatory basis and where the contracts may trade. The lawsuits by CME Group and the Capital Markets Alliance are also documented.
Unclear: which exchanges will offer the stock perpetual futures and when trading will start. The outcomes of both lawsuits are also not known.
Why this matters
Perpetual futures are one of the most widely used trading products in crypto. The CFTC's decision extends that product to individual stocks on regulated US venues, which could give US traders a domestic alternative to offshore platforms. At the same time, the pending lawsuits create uncertainty about whether the approvals will stand in their current form.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
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