CFTC Signs Off on First "True" US Bitcoin Perpetual Futures Contract

The US Commodity Futures Trading Commission (CFTC) has taken a major step toward bringing Bitcoin perpetual futures onshore, approving KalshiEX LLC to list a no-expiry Bitcoin perpetual futures contract while separately granting Coinbase Financial Markets staff-level relief tied to certain Deribit products. In a Commission order dated May 29, the CFTC approved KalshiEX LLC's BTCPERP as a futures contract, clearing the registered designated contract market to list a cash-settled Bitcoin perpetual that tracks the spot price of BTC. The CFTC said Kalshi submitted the contract on May 29, while the order cites May 28 as the submission date. On the same day, CFTC staff in the Market Participants Division issued an interpretation and no-action position addressing a request from Coinbase Financial Markets. Staff said the Deribit digital commodity derivatives described by Coinbase may be treated as "foreign futures" under Regulation 30.1 when accessed through Coinbase's registered futures commission merchant (FCM) structure, subject to specified conditions. CFTC Chairman Mike Selig framed the Kalshi order as follow-through on a pledge to move crypto-asset perpetuals into the US regulatory perimeter, turning what had been an onshoring debate into an operational test of market structure. Two distinct regulatory paths Kalshi's approval carries the weight of a formal Commission order under Section 5c(c)(4) of the Commodity Exchange Act and Commission Regulation 40.3. Coinbase's route is narrower and less durable because it rests on staff guidance that is fact-specific, nonbinding, and conditional. Kalshi route (Commission order): A Bitcoin perpetual is listed directly on a US-regulated exchange via formal product approval. Coinbase/Deribit route (staff position): US customers gain supervised access to certain Deribit digital commodity derivatives through Coinbase's FCM and affiliated entities, within a framework tied to foreign futures rules and margin safeguards. Coinbase said institutional onboarding can begin now, that options on Deribit are already live through the FCM pathway, and that perpetual futures access will follow. The company said broader access, including retail, is expected later. Kalshi described BTCPERP as the first US perpetuals product and said it plans to pursue crypto perpetuals across more than a dozen currencies, pending regulatory reviews. What BTCPERP looks like The CFTC order describes BTCPERP as a cash-settled derivative referencing the US dollar spot price of one BTC, using the CF Benchmarks Bitcoin Real Time Index. The contract trades in units of one ten-thousandth of a Bitcoin and can trade 24 hours a day, seven days a week, subject to Kalshi trading halts. Unlike traditional futures, it has no fixed expiration date. Because perpetuals lack a final settlement date, the order highlights BTCPERP's continuous convergence mechanism: periodic funding payments between long and short holders based on the spread between the contract's mark price and the reference spot price. When the contract trades above spot, longs pay shorts; when it trades below spot, shorts pay longs. The CFTC's rationale leans heavily on Bitcoin's market structure. The order cites continuous, broadly distributed spot trading, an observable reference price during contract trading hours, and sufficient market depth to support arbitrage while the perpetual trades. The agency also set clear boundaries. It said its analysis is limited to BTCPERP and similarly structured perpetual contracts referencing Bitcoin or other digital commodities with deep, active, continuous spot markets. Other asset classes are excluded, and contract categorization remains case-by-case. Why Coinbase's staff relief matters While the Coinbase action has less precedential force than the Kalshi order, it could influence near-term market access by connecting US clients to Deribit, which Coinbase describes as a major venue by volume and open interest. Coinbase has said crypto derivatives represent roughly 80% of global crypto trading volume and that US customers have been unable to access much of that liquidity through regulated domestic channels. After the Deribit acquisition closed, Coinbase reported Deribit had more than $185 billion in July 2025 trading volume and roughly $60 billion in platform open interest. The staff letter outlines a multi-entity routing structure: Coinbase Financial Markets (a registered FCM) would offer access to certain products listed on Deribit FZE (described as an affiliated foreign board of trade), with customer orders routed through Coinbase Bermuda Limited (an affiliated foreign broker) to Deribit. Staff also addressed margin mechanics. The no-action position covers specified cases where the FCM posts customer-owned digital commodities and payment stablecoins with its foreign broker affiliate to margin foreign futures and options positions, including situations where the foreign broker has a right of reuse. The relief is conditioned on ownership links, disclosures, operational controls, customer acknowledgments, and limits on how customer digital assets may be used (margining or securing customer obligations). The letter also underscores its limits: it represents the Market Participants Division's views only, does not bind the Commission or other staff, depends on the facts presented, and can be modified, suspended, terminated, or restricted. What comes next: liquidity and scale The CFTC has been laying groundwork for more than a year. In April 2025, it issued a request for comment on perpetual derivatives, covering uses, benefits, risks, market integrity, customer protection, retail participation, clearing, and risk management. The current actions also align with broader efforts to adapt regulated derivatives infrastructure to crypto's always-on trading environment. The agency now has two live models: a Commission-approved domestic product and a staff-cleared pathway for foreign futures access through a registered FCM. Whether activity migrates onshore will depend on practical factors: launch terms and funding quality for Kalshi's BTCPERP, how quickly Coinbase expands Deribit access beyond institutions, the handling of retail access, which assets the CFTC permits beyond Bitcoin, and whether rulemaking or congressional action eventually hardens today's posture into a more durable framework.