CFTC Approves First U.S. Bitcoin Perpetual

The Commodity Futures Trading Commission on May 29, 2026 approved KalshiEX LLC’s BTCPERP, a spot bitcoin-linked perpetual contract cleared to trade on a U.S.-registered exchange. The order makes Kalshi the first U.S. venue authorized to list a true bitcoin perpetual product and requires the exchange to operate BTCPERP under ongoing CFTC oversight.

The contract is designed to trade without a fixed expiration date. CFTC staff concluded the product meets applicable law, agency rules and designated contract market standards. The agency said the approval establishes conditions for how the product must be listed, margined and supervised on a registered exchange.

CFTC Chairman Mike Selig wrote on X: “This morning, the CFTC 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.” He added: “Today’s action to onshore crypto asset perpetuals reflects the CFTC’s commitment to fostering responsible innovation while ensuring that these novel products are traded on regulated exchanges that uphold customer protections and market integrity.”

The agency issued additional guidance the same day. CFTC staff published an interpretation and a no-action position tied to Coinbase Financial Markets Inc.’s plan to offer covered crypto perpetual contracts listed on Deribit FZE, an affiliated foreign board of trade. Staff said those covered contracts may be treated as foreign futures under existing rules. The guidance also addressed conditions under which futures commission merchants may transfer customer-owned digital commodities and payment stablecoins to serve as margin.

The commission said future approvals for perpetual products tied to assets other than bitcoin will be handled on a case-by-case basis. Policy documents released May 29 detail factors staff will review, including market design, asset quality, customer protections and trading controls, and the conditions for allowing digital assets or stablecoins to be used in margining.

Perpetual futures allow traders to hold positions without a settlement date and typically use a funding rate mechanism to keep contract prices aligned with spot markets. These instruments have accounted for a large share of global crypto derivatives volume on offshore platforms but have been largely absent from U.S.-regulated venues until now. The CFTC order provides exchanges, brokers and clearing firms with regulatory parameters for product structure, margin treatment and compliance under federal oversight.

The agency noted it will coordinate with the Securities and Exchange Commission on related priorities, including round-the-clock trading and U.S.-based crypto infrastructure, and emphasized ongoing monitoring and supervision as firms list and operate perpetual products in the United States.