CFTC Approves U.S. Bitcoin Perp; HYPE Hits Record High
On May 29 the CFTC approved KalshiEX’s cash‑settled, 24/7 Bitcoin perpetual and granted a Coinbase affiliate relief to link eligible U.S. clients to offshore perps; HYPE surged.
The Commodity Futures Trading Commission on May 29 authorized KalshiEX to list a cash‑settled Bitcoin perpetual that trades around the clock and uses a funding mechanism tied to spot prices. The agency also granted no‑action relief to Coinbase Financial Markets to connect eligible U.S. customers to offshore perpetuals and options through an affiliated foreign board of trade, Deribit, and to accept Bitcoin, Ether and certain stablecoins as margin for those customers.
The CFTC described the approval as permitting a ‘true’ perpetual contract on a CFTC‑registered exchange. KalshiEX has been known as a prediction market, and the new contract is structured without a long‑dated expiration. Regulators had previously allowed a long‑dated product with a 25‑year limit that market participants did not treat as a perpetual.
The no‑action relief for Coinbase Financial Markets sets conditions for which customers may access offshore derivatives and which digital assets may be posted as margin. The order frames domestic listings on CFTC‑registered exchanges separately from offshore products, which will continue to be treated as foreign futures under existing rules.
Markets moved after the announcements. Shares of Coinbase and Robinhood rose in early trading. Hyperliquid’s native token HYPE climbed more than 30% from Thursday lows to an intraday high near $73.50 before settling lower; HYPE registered about a 17% gain on the day. Exchange‑traded funds tied to HYPE saw notable inflows on Friday.
CFTC Chair Michael Selig described the action as ‘historic’, adding it charts a path for listing a ‘true Bitcoin perpetual contract by a CFTC‑registered exchange’ and for expanding regulated options for perpetual trading in the U.S.
The May 29 orders follow recent regulatory steps involving spot Bitcoin exchange‑traded funds and further define how exchanges, brokerages and institutional traders may offer or access perpetual futures products, whether listed domestically or available offshore.
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