CFTC opens U.S. market to Bitcoin perpetual futures

On Friday, staff divisions at the Commodity Futures Trading Commission advised that perpetual Bitcoin futures can be listed in the United States, clearing the way for KalshiEX LLC to offer a BTCPERP contract and for Coinbase Financial Markets, Inc. to proceed under a no-action stance to offer digital commodity derivatives. The advisory was issued by the CFTC’s Division of Clearing and Risk, Division of Market Oversight and the Market Participation Division.

Perpetual futures, often called perps, are futures contracts with no expiration date that let traders take price exposure without owning the underlying asset. These contracts are popular in offshore crypto derivatives markets because they allow continuous, round-the-clock trading.

The staff advisory is not formal rulemaking and does not create permanent regulatory changes. The document outlines risks tied to continuous trading, clearing and settlement and explains how existing CFTC regulations can apply to those risks. Agency staff wrote that the advisory responds to increased interest in 24/7 trading, in part driven by blockchain technology and decentralized infrastructure.

Kalshi received permission to list the BTCPERP contract, which is tied to Bitcoin’s price. The CFTC also issued a no-action position for Coinbase Financial Markets, allowing Coinbase to offer digital commodity derivatives in the U.S. while company activity remains subject to staff oversight and existing regulatory obligations.

CFTC Chair Michael Selig posted on X that the commission took “historic action to permit the listing of a true bitcoin perpetual contract by a CFTC-registered exchange, charting a path for one of the most liquid segments of the crypto asset markets to exist within the US regulatory framework.”

Coinbase CEO Brian Armstrong wrote on X that it was a “big day for our US-based traders, and for Coinbase,” and added that U.S. users had been excluded from roughly 80% of global crypto markets for perpetual futures and options until now.

Market participants and regulators will monitor how exchanges implement risk controls for 24/7 trading and how clearing and settlement systems handle continuous activity. Because the advisory is not a formal rule, exchanges and firms seeking to list perpetual contracts will remain under the CFTC’s supervisory framework while staff guidance is in effect.