The US Commodity Futures Trading Commission (CFTC) staff released an advisory on May 29 allowing perpetual futures contracts for cryptocurrencies to trade on registered onshore platforms, subject to regulatory conditions [1, 2]. These perpetual futures, or "perps," are crypto derivatives without expiration dates that until now have been traded mainly offshore, out of reach of US regulators [1, 2].
The CFTC's advisory includes detailed guidelines on 24/7 trading operations, clearing, and settlement processes to help registered firms launch compliant crypto perpetual futures products [2]. The commission will review each perpetual futures contract on a case-by-case basis to ensure regulatory compliance [2]. The advisory notes that crypto asset derivatives are well-suited for round-the-clock trading, while agricultural products may not fit within the new framework [2].
Kalshi Inc, a platform that began as a prediction market operator, received approval from the CFTC to offer crypto perpetual futures on its exchange, aiming to launch products on more than a dozen cryptocurrencies pending further review [2]. Kalshi's CEO Tarek Mansour said, "This marks Kalshi’s evolution from prediction market leader to next-gen derivatives exchange. Onshore, safe, and regulated perps will improve capital allocation and risk management for countless American businesses" [2]. The company confirmed it will exclude agricultural commodity perpetual futures from its offerings [2].
In April 2026, Polymarket announced plans to launch perpetual futures on its platform, reflecting growing interest in these products [2]. Perpetual futures have become one of the fastest-growing categories on both Kalshi and Polymarket exchanges [2].
The CFTC move creates a regulatory framework for perpetual futures trading within the US for the first time, bridging a gap between offshore crypto derivatives markets and domestic regulation. The CFTC will continue reviewing perpetual futures applications individually to maintain compliance and investor protection standards [2].
