Perpetual futures, or Perps, came to the United States with the first regulated Perp issuance. Kalshi, referencing Bitcoin. Expect more to follow
BTCPERP was approved last month. Commodity Futures Trading Commission (CFTC). While some marketplaces offer a permanent-like product and operate outside the US, the Kalshi offering has received CFTC approval.
Perpetual contracts are similar to options but do not have a defined expiration date. These expose the trademark to the market and therefore expose the owner to unlimited losses, but also have extraordinary leverage.
CFTC Chairman Mike Selig spoke about the perpetrators CNBC They stated that they plan to bring new commercial products to US markets this week. Offshore crypto derivatives are reportedly traded worth trillions annually.
Future does not necessarily mean a fixed final delivery date or expiration date.
Over the years, the courts and the Commission, not any definition in law, have determined what contracts qualify as “contracts for future delivery.”
After taking this precedent into account, @CFTC… pic.twitter.com/YrIrhKU2dw
— Mike Selig (@PresidentSelig) June 16, 2026
The CFTC No Action letter issued last Friday allowed existing perpetual-style digital commodity futures contracts to be converted into true digital commodity perpetual futures. Coinbase and Bitnomial were specifically mentioned in the letter. Designated Contract Markets (DCMs) can now remove expiration dates from existing contracts.
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