CFTC Clears First U.S. Bitcoin Perpetual Contract, Bringing Perps Onshore

The Commodity Futures Trading Commission (CFTC) said it has authorized a CFTC-registered exchange to list the first "true" bitcoin perpetual contract in the United States, a move it described as a milestone for bringing one of crypto's most liquid derivatives markets under U.S. regulation. Perpetual contracts, often called "perps," are derivatives with no set expiration date. Rather than settling at maturity, they rely on periodic funding payments between counterparties—similar in concept to variation margin—intended to keep the contract price closely aligned with the underlying spot market. The structure is designed for 24/7 markets, allowing traders to maintain continuous exposure without the recurring costs and operational burden of rolling expiring futures. The CFTC noted that perpetuals were first proposed in a 1992 discussion paper by Nobel Prize-winning economist Robert Shiller and have since become a core tool for risk management and price discovery across global crypto markets. Despite demand and the agency's mandate to promote responsible innovation, the Commission said a compliant U.S. pathway for crypto perpetuals had not existed until now—driving activity offshore, fragmenting liquidity across foreign platforms, and leaving U.S. firms at a competitive disadvantage while limiting access for U.S. participants. Under its current leadership, the agency said it is shifting toward a framework aimed at regulatory clarity, fair competition, and risk controls. The CFTC said bringing perpetuals into its oversight can help constrain excessive leverage, volatility, and systemic risk rather than pushing those risks to less regulated venues. The Commission framed the approval as part of a longer arc of U.S. derivatives-market innovation, citing the evolution from 19th-century agricultural futures to 20th-century electronic trading and the introduction of bitcoin futures during the first Trump administration. It also tied the decision to President Donald Trump's stated goal of making the U.S. the "crypto capital of the world," arguing that onshoring crypto perpetuals strengthens U.S. leadership in digital financial technology. The CFTC said further work remains and emphasized that Congress will be important for long-term statutory clarity for crypto markets. The agency added it will continue work on initiatives involving tokenized collateral, crypto market structure, and prediction markets, positioning the latest move as a step toward bringing innovation back onshore.