CFTC Clears Bitcoin Perpetuals for U.S. Market; Hyperliquid's HYPE Sets Record High
CoinMarketCap reports that U.S. crypto derivatives regulation took a notable step forward as the Commodity Futures Trading Commission (CFTC) approved KalshiEX to launch a bitcoin perpetual contract and issued no-action relief to a Coinbase-affiliated entity, opening a compliant path for certain U.S. customers to access offshore options and perpetual products.
KalshiEX has been cleared to list a cash-settled Bitcoin perpetual that trades 24/7 and uses a funding-rate mechanism linked to the spot price. The approval is described as the first official launch of a Bitcoin perpetual product by a U.S.-regulated exchange. CFTC Chair Michael Selig said the move creates a compliant listing route for one of the most liquid segments of the crypto trading market. Under the current framework, oversight splits into two tracks: perpetuals listed on U.S.-regulated venues and offshore products handled under existing rules.
Alongside Kalshi's approval, the CFTC granted regulatory relief to Coinbase Financial Markets, allowing it to provide eligible U.S. customers access to options and perpetual products on Deribit's offshore platform. Reports say eligible clients may also be permitted to post Bitcoin, Ethereum and stablecoins as margin collateral. For Coinbase, the relief offers a clearer compliance pathway for derivatives activity tied to markets outside the U.S.
Markets reacted quickly. After the announcement, Coinbase shares rose 4% last Friday and Robinhood gained 11%. Hyperliquid's HYPE token, tied to the on-chain perpetual trading platform, rebounded more than 30% from Thursday's low to a fresh all-time high of about $73.50. The report notes there remains debate over whether the regulatory shift is a net positive for Hyperliquid: proponents expect a larger compliant U.S. perpetual market to lift sector visibility, while critics argue approval could intensify competition among regulated platforms. Near-term price action suggests capital treated the news as bullish.
Spot markets, though, remain under pressure. The report shows Bitcoin fell about 6% over the week to roughly $72,500, while Ethereum and Solana dropped about 6% and 5%, respectively. Flow data also pointed to continued ETF selling: Bitcoin spot ETFs saw about $125 million of net outflows last Friday and roughly $1.4 billion for the week; Ethereum spot ETFs posted around $18 million of net outflows that day and about $257 million over the week. The figures suggest risk appetite in spot crypto has yet to meaningfully recover despite the constructive derivatives headlines.
