CFTC Approves Perpetual Futures on U.S. Equities
Yahoo Finance ·
CFTC Chair Mike Selig announced that perpetual futures on individual U.S. stocks can now trade on CFTC-registered exchanges for the first time. Classified as security futures, these contracts fall under joint oversight by the CFTC and SEC. The products were deemed approved under Commission Regulation 40.3, though the official statement omitted specific venues and tickers. Kalshi, Coinbase Derivatives, and Bitnomial previously filed perp rules on Sept. 18. Unlike offshore versions, these onshore contracts will operate from Sunday evening to Friday afternoon ET, featuring a 15% margin floor translating to roughly 6.5x leverage. Meanwhile, industry groups like SIFMA and Better Markets, alongside CME, have raised pushback and legal challenges against the decision.
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The U.S. Commodity Futures Trading Commission (CFTC) has approved perpetual futures on individual U.S. stocks for the first time in history. Following this move, Kalshi, Coinbase, and Bitnomial have submitted applications, and the products will be introduced to the onshore market with approximately 6.5x leverage and restricted trading hours. Despite opposition from regulators and traditional financial institutions, this is expected to serve as a turning point for new liquidity supply in the cryptocurrency and derivatives markets.
상승 영향
- Cryptocurrency — Crypto-related exchanges like Coinbase Derivatives can legally list stock perpetual futures in the onshore market, securing new fee revenue and expanding trading volume.
하락 영향
- Securities — There are concerns that regulatory risks and legal dispute costs will increase due to fierce opposition from traditional financial institutions, such as CME filing a lawsuit against the CFTC and SIFMA demanding public comment.
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The CFTC's approval paves the way for the legal trading of U.S. stock perpetual futures through regulatory-compliant exchanges, acting as a direct boon for major platforms like Coinbase by creating new revenue streams and increasing trading volume. However, due to constraints such as a limited 15% margin floor compared to offshore products and the inability to trade 24/7, the short-term explosive impact may be limited.
Future official launch schedules and the results of lawsuits from traditional financial institutions such as SIFMA and CME are key monitoring indicators. If regulatory uncertainty is resolved and the onshore derivatives market settles, it is expected to accelerate the institutional integration of cryptocurrency exchanges and cause a surge in stock-linked derivatives trading volume.
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