CFTC Clears Path for U.S. Bitcoin Perpetuals; Coinbase Gets No-Action Relief, Kalshi Prepares Launch

U.S. regulators have taken a major step toward bringing Bitcoin perpetual derivatives onshore. The Commodity Futures Trading Commission (CFTC) said Friday it has cleared the way for the regulated exchanges it oversees to list perpetual contracts linked to Bitcoin (BTC). The agency said the move will "create a clearer path" for liquid Bitcoin perpetual products to operate under U.S. rules. Perpetual contracts are derivatives that track spot-price moves without a fixed expiration date and have long been a core product in offshore crypto markets. The CFTC framed Friday's action as a significant advance toward making "true perpetuals" available domestically, and tied the effort to President Trump's stated goal of positioning the U.S. as a global crypto capital. Alongside the announcement, the CFTC issued a separate regulatory action in the form of a no-action letter to Coinbase. Under that guidance, Coinbase said its U.S. customers can access the options and perpetuals the exchange already offers. Coinbase Chief Legal Officer Paul Grewal called the decision "a massive first for the industry" in a post on X (formerly Twitter), arguing it helps bring "proven global products under American regulation." Market participants moved quickly. Prediction market platform Kalshi said Friday it will begin offering perpetual futures contracts, starting with crypto perpetuals, pitching the product as a regulated U.S. alternative to offshore venues. Kalshi said offshore perpetual volumes expanded from $28 trillion annually in 2023 to more than $90 trillion in 2025. Kalshi added that its perpetuals will apply funding rates every eight hours, with the rates shown in transaction history. The company said agricultural commodity perpetuals will not be included in the initial rollout. Why it matters: U.S. traders could soon gain access to perpetual-style crypto derivatives under domestic oversight. Exchanges and platforms seeking to offer these products will need to operate within the CFTC's framework or obtain similar regulatory relief. Taken together, the CFTC's guidance and Coinbase's no-action letter are seen as a push to migrate high-volume perpetual trading onto regulated U.S. venues. Featured image created with OpenArt; chart from TradingView.com