The Commodity Futures Trading Commission has approved Coinbase and Kalshi to offer regulated cryptocurrency perpetual futures contracts to U.S. customers for the first time. This move brings a popular but previously offshore-dominated trading instrument under formal domestic regulatory oversight. Kalshi received approval for a bitcoin-linked perpetual, while Coinbase Financial Markets secured a no-action determination allowing customer access to international perpetuals and options through its Bermuda entity.
Coinbase and Kalshi will introduce perpetual crypto futures for U.S. investors following regulatory approval from the CFTC. This marks the first availability of these trades through domestic, regulated exchanges, transitioning them from a regulatory gray area.
Kalshi filed its product on May 29 under a voluntary CFTC review framework. The regulator found the contract compliant with the Commodity Exchange Act and the company seeks to list perpetuals for more cryptocurrencies pending further review.
The CFTC granted KalshiEX approval to launch a bitcoin-linked perpetual futures instrument designated as BTCPERP. This product provides bitcoin price exposure without traditional expiration dates and must operate in full compliance with regulatory mandates.
Simultaneously, the regulator granted a no-action determination to Coinbase Financial Markets concerning digital commodity derivatives. This stance permits the subsidiary to facilitate U.S. customer access to select international options and perpetual futures through its Bermuda entity.
“Onshore, safe, and regulated perps will improve capital allocation and risk management for countless American businesses,” said Tarek Mansour, CEO of Kalshi. The contracts have gained popularity as traders sought new ways to profit from volatility.
Perpetual futures trading volume reached $61.7 trillion in 2025, a 29% increase from 2024 according to data from market data provider CryptoQuant. This surge occurred amid a broader slump in token prices since October.
