CFTC Clears Perpetual Futures on Individual US Stocks to Begin Trading on Regulated Exchanges

On November 3, 2026, Commodity Futures Trading Commission Chairman Michael Selig announced that perpetual futures contracts on individual equity securities can begin trading for the first time on CFTC-registered exchanges. The agency calls these products "Equity Perps." The announcement is the latest step in a broader effort to bring perpetual derivatives, which are popular in crypto markets, under US regulation.

Perpetual futures, often called perps, are derivatives with no expiry date. Traders can hold them for as long as they like. They have been a mainstay of crypto-native trading venues, many of them offshore. Equity perps apply the same structure to the shares of individual companies.

The CFTC said the contracts were "deemed approved" under Commission Regulation 40.3. In practice, this means the review window closed without an objection. They are classified as security futures products, which places them under both CFTC and SEC oversight. Only venues that are CFTC-designated contract markets and are also registered with the SEC as notice-registered national securities exchanges for security futures can list them. According to Bankless, the statement names no specific exchanges or tickers.

Selig linked the decision to the Commodity Futures Modernization Act of 2000 and to a memorandum of understanding between the CFTC and the SEC. He said regulated access would let US investors and traders use the contracts for risk management and price discovery. The alternative he described is offshore venues that are often unregulated. He noted that the CFTC earlier this year approved the first true bitcoin perpetual futures contract on a CFTC-regulated exchange. He said the new announcement builds on that milestone.

Several US firms are already positioned. Bankless reports that Kalshi, Coinbase Derivatives and Bitnomial, the exchange owned by Kraken's parent company Payward, filed perpetual-futures rules on September 18. Kalshi's filing covers up to 58 contracts on large-cap stocks such as Apple, Nvidia and Tesla. Bitnomial's starter list has ten names. Bankless also notes that the onshore versions come with set trading hours and far less leverage than offshore perps. Memeburn reports a 15% minimum margin requirement.

The decision drew attention in crypto because of Hyperliquid, an on-chain derivatives platform with a sizeable stock and commodity perps business. Cryptoticker reported that its stock and commodity markets held about $4.1 billion in open interest before the decision. The CFTC's action does not cover Hyperliquid, which operates outside the US and geoblocks US residents. Bankless says nothing in the ruling opens Hyperliquid's existing stock perps to Americans. Hyperliquid Strategies CEO David Schamis called the new classification "a real step toward bringing Hyperliquid onshore." The Hyperliquid Policy Center had lobbied for the security futures classification the CFTC chose. Reports also note that Intercontinental Exchange, owner of the New York Stock Exchange, has taken a stake in trade[XYZ]. It has said it wants to bring regulated perpetuals to the US market using Hyperliquid's technology. Coinc Turk reported that HYPE rose more than 2% after the news. Price moves like this can reverse quickly and say nothing about future performance.

The move is not without critics. Bankless reports that the securities industry group SIFMA asked regulators the day before to pause and take public comment first. It also reports that the advocacy group Better Markets called the products a gambling tool in disguise. Supporters say bringing these products onshore adds safeguards that offshore markets lack. Opponents say leveraged single-stock products need more public scrutiny before launching.

What happens next depends on the exchanges. They must decide when and how to list the contracts, and the rules that apply to them will shape how closely US versions resemble offshore perps. Because the contracts are security futures, they sit within a framework that requires both agencies' involvement. This story is informational only and is not investment advice.

This is a news summary for general information only — not financial advice, and nothing here is a recommendation to buy, sell, or hold any asset. Always verify against the original source and do your own research before making a financial decision.