CFTC Greenlights First U.S.-Regulated Bitcoin Perpetual Futures

The U.S. Commodity Futures Trading Commission (CFTC) has approved the first bitcoin perpetual futures contract to be listed and traded on a regulated U.S. exchange, marking a major shift for a derivatives product that has largely been concentrated on offshore venues. The CFTC said Friday it authorized an unnamed regulated exchange to list bitcoin perpetual futures, effectively breaking the offshore dominance of these high-volume instruments. Perpetuals let traders maintain positions without an expiry date, relying instead on a funding-rate mechanism. Perpetual futures have been central to offshore crypto derivatives since 2016, representing more than 70% of centralized-exchange derivatives volume. In 2025, perpetual futures trading hit $61.7 trillion, up 29% from 2024. A U.S.-regulated listing could redirect liquidity, price discovery, and risk-management activity back to domestic markets. CFTC Chairman Mike Selig described the approval as a cornerstone for crypto risk management and price discovery. In an opinion piece published by CoinDesk, he called true U.S. perpetual contracts "a major step forward" in the push to make the United States a global crypto hub. Selig has also said the agency will focus on curbing excessive leverage, volatility, and systemic risk. The move follows public comments from President Donald Trump, who argued earlier policies pushed crypto activity offshore. Selig has previously said he wants to reverse regulatory decisions that drove firms and liquidity overseas. The CFTC did not identify the exchange. Industry watchers pointed to prediction-market platform Kalshi, which announced in April that it planned to launch perpetual futures after securing a CFTC margin trading license. Kalshi said its product, codenamed "Timeless," would initially use U.S. dollar collateral and offer at least 10x leverage on Bitcoin, with BTC-denominated trading to come later; it had targeted an April 27 launch in New York. Rival Polymarket also moved into perpetuals in April, highlighting growing competition for derivatives flow. The approval was issued as agency guidance rather than through formal rulemaking, leaving room for future commissioners to revisit the approach without congressional action. The decision also lands amid broader regulatory changes under the current administration, including closer SEC–CFTC coordination on crypto taxonomy and expanded frameworks for tokenized collateral. Market participants are now focused on which exchange received approval, how leverage limits and funding-rate rules will be structured, and whether onshore liquidity and risk controls build quickly.