CFTC clears equity perpetual futures on US exchanges
The move extends the crypto derivatives model to traditional stocks, giving traders a regulated alternative to offshore platforms.
Key takeaways
- 1CFTC approved equity perpetual futures on 3 November 2026
- 2Contracts require dual registration: CFTC designated contract market and SEC notice registration
- 3The move follows the May 2026 approval of the first US-listed Bitcoin perpetual
- 4CME Group is suing the CFTC over the legal classification of perpetuals
The Commodity Futures Trading Commission approved the first listing of perpetual futures contracts tied to individual US stocks on 3 November 2026. The contracts may trade on exchanges that hold both a CFTC designated contract market registration and an SEC notice registration as a national securities exchange. Chair Michael S. Selig said the products, called Equity Perps, were approved under Commission Regulation 40.3 as security futures.
The decision follows the CFTC's approval of the first US-listed Bitcoin perpetual in May 2026. That product, launched by Kalshi, marked the first time a regulated US exchange offered the perpetual futures structure. The new approval extends that instrument beyond digital assets into equities, according to Bitcoin Magazine.
Perpetual futures do not expire on a fixed date. Instead, longs and shorts exchange periodic funding payments to keep the contract price tied to the spot market. This structure has dominated crypto derivatives for years, with most volume occurring on offshore platforms outside US jurisdiction.
Not all industry participants support the move. CME Group sued the CFTC in June over the earlier Kalshi approval, arguing that perpetuals are swaps under Dodd-Frank rather than futures. The case is still pending, and securities-side participants may raise new objections now that the SEC's jurisdiction is involved, The Block reported.
The CFTC statement did not name any specific exchange or set a launch date. Details are expected to come from designated contract markets as they prepare to list the products.
Selig said the approval brings these products within the agency's framework, so Americans no longer need to use offshore venues that lack the same safeguards. He cited the recent Binance hack as evidence of the risks posed by unregulated offshore platforms.
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