The U.S. Commodity Futures Trading Commission has approved the first-ever trading of perpetual futures contracts tied to individual stocks on regulated American exchanges, a landmark move that brings a crypto-native trading mechanism into traditional financial markets.
CFTC Chairman Michael Selig announced the decision on Tuesday, saying the framework allows platforms to offer equity perpetual futures under existing security futures rules established by the Commodity Futures Modernization Act of 2000. The products will be jointly overseen by the CFTC and the Securities and Exchange Commission.
"This expansion marks a significant step towards allowing U.S. market participants, consistent with applicable law, to avail themselves of the advantages of perpetual futures that have led to their emergence as widely sought tools for risk-management and price-discovery," Selig said.
Perpetual futures, or perps, have no expiration date and allow traders to speculate on price movements without owning the underlying asset. They have become a core feature of crypto markets, generating more than $630 billion in monthly volume, according to DeFiLlama data cited in reports.
The CFTC has gradually expanded access to perpetual futures. It previously cleared Bitcoin perpetual futures for regulated U.S. venues when staff greenlit KalshiEX and Coinbase to list the products. In June, the agency requested public comment on crude oil perpetual contracts and 24/7 trading.
Interest in perpetual futures intensified after weekend supply shocks in the Middle East, when traditional oil futures markets were closed following U.S. and Israeli missile strikes on Iran. Trading shifted to 24/7 onchain platforms such as Hyperliquid, highlighting demand for always-open derivatives markets.
President Donald Trump has also pushed for onshore perpetual markets. In August, he said he wanted the CFTC to work to bring Hyperliquid into the United States. Selig said the new framework recognizes the complementary roles of the CFTC and SEC and provides a pathway for innovation at the intersection of U.S. financial markets.
