CFTC permits bitcoin perpetual listing in U.S. crypto derivatives market

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CFTC permits bitcoin perpetual listing

Highlights

The CFTC has approved the listing of a bitcoin perpetual contract on a CFTC-registered exchange, enabling a regulated pathway for these products in the U.S.
This move allows perpetuals—previously only available on offshore venues—to operate legally onshore, addressing leverage, volatility, and systemic risk under U.S. regulation.
The CFTC views this approval as a milestone for U.S. digital asset infrastructure, aiming to boost domestic participation and support further work on tokenized collateral and crypto market structure.

Regulated pathway for bitcoin perpetuals

The Commodity Futures Trading Commission said it has taken action to permit the listing of a true bitcoin perpetual contract by a CFTC-registered exchange, marking a shift in how one of the most liquid crypto derivatives products can operate within the U.S. framework.

Perpetual contracts differ from traditional futures because they have no fixed expiration date. Instead, counterparties exchange periodic funding payments designed to keep the contract aligned with the underlying asset's spot price, allowing traders to maintain continuous exposure in markets that operate around the clock.

The agency argues that bringing the product onshore creates a workable framework for crypto asset perpetuals that can address leverage, volatility and systemic risk inside regulated markets rather than leaving that activity to offshore venues. The text also says past regulatory inaction had pushed liquidity abroad and left U.S. firms at a competitive disadvantage.

Implications for U.S. crypto market structure

The move is presented as part of a broader effort to expand regulated digital asset market infrastructure in the United States. In the CFTC's account, perpetuals have become a core tool for risk management and price discovery in global crypto markets, and their entry into the domestic regulated system could strengthen U.S. participation in that segment.

The commission links the approval to a wider policy push around responsible innovation and fair competition, while signaling further work on tokenized collateral, crypto asset market structure and prediction markets. Although the text says Congress still has a role in providing longer-term statutory clarity, the agency frames the approval as an important milestone in moving crypto market activity back under American oversight.

Our earlier article covered Coinbase’s CFTC no-action relief that lets it offer Deribit futures to U.S. customers and accept crypto assets and stablecoins as margin, a step that broadens access to regulated derivatives. It also highlighted Coinbase’s plans to roll out perpetual-style equity index futures, underscoring how regulatory permission is shaping what products can be offered onshore.

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