Competition is already intensifying among global exchanges to launch perpetual crypto futures, ahead of the Commodity Futures Trading Commission’s (CFTC) anticipated legislative reforms.
There have been reports that Kalshi and Polymarket are planning to throw their respective hats in the ring while Payward, the parent company of crypto exchange Kraken, announced a $150m acquisition of digital asset derivatives exchange Bitnomial, which offers these products.
Meanwhile, Coinbase has rolled out long-dated futures contracts designed to resemble perpetuals, and Robinhood said it is exploring offering the products in the US.
Perpetual futures, also known as perps, are a type of futures contract that does not have an expiration date. This means that investors can hold positions indefinitely rather than closing them out or rolling them over. They also allow traders to borrow heavily, sometimes as much as 50 times, to amplify their bet.
Given the risky nature of these contracts, especially in the retail space, trading has been almost entirely offshore. Currently, CFTC-regulated exchanges can verify that a new product, including perpetual futures, complies with the agency’s rules, a process known as self-certification.
If the agency doesn’t object within a limited timeframe, the product can launch, but the regulator can still take action against it at any time.
Bitnomial is the only US platform offering perpetual futures via self-certification. Coinbase last year self-certified perpetual‑style futures with five‑year expiration dates and leverage of up to 10 times.
Speaking at a conference at the Milken Institute’s Future of Finance conference last month. CFTC Chairman Michael Selig said that the agency would create a framework with the aim of bringing these contracts onshore.
Selig has been working closely with Securities and Exchange Commission Chairman Paul Atkins on Project Crypto, a joint initiative to align on federal oversight of digital assets.
This is to advance crypto asset taxonomy, clarify jurisdictional lines, remove duplicate compliance requirements and reduce regulatory fragmentation. Selig also wants the US to recapture liquidity that has migrated to platforms in Asia, Europe and the Bahamas.
Perpetual futures have seen explosive growth since President Trump returned to office. Having barely been a presence, industry estimates show that trading volume surged 29% to a nominal $61.7 trn from 2024. By contrast, spot crypto trading volume only rose 9% to a nominal $18.6 trn during the same period.
Their popularity is part of the wider growth trend in crypto derivatives. Figures from CoinGlass show that total crypto trading volume reached approximately $20.6 trn in Q1 2026, with derivatives accounting for around 90% or $18.6 trn.
The activity can be mainly attributed to crypto markets increasingly being driven by trading activity rather than long-term holding, where execution speed, liquidity quality and responsiveness directly impact outcomes.
However, unsurprisingly, the data also shows that volumes were volatile and a direct reaction to macroeconomic events such as Federal Reserve pronouncements, oil spikes and geopolitical shock and risk repricing.
