CFTC Approves First U.S. Bitcoin Perpetual Futures Contract and Opens Coinbase Access to Offshore Perps
The U.S. Commodity Futures Trading Commission approved Kalshi's BTCPERP, the first bitcoin perpetual futures contract listed on a CFTC-regulated exchange, and granted Coinbase no-action relief to route U.S. clients to offshore derivatives venues. The agency also issued a staff advisory on 24/7 trading, clearing and settlement.
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What the CFTC Approved
The Commodity Futures Trading Commission on Friday approved KalshiEX, LLC's BTCPERP, a perpetual futures contract referencing the spot price of bitcoin that trades on Kalshi's CFTC-regulated designated contract market, according to the agency's announcements as reported by Bitcoin Magazine. Bitcoinist reported the same action, describing it as allowing CFTC-registered exchanges to list a perpetual contract tied to bitcoin. Perpetual futures have no expiration date and are the dominant product in crypto derivatives, with most historical volume concentrated on offshore platforms.
Separately, CFTC staff granted no-action relief to Coinbase Financial Markets, allowing it to offer digital commodity derivatives to U.S. customers, including access to offshore venues such as Deribit, through a CFTC-registered futures commission merchant. Coinbase CEO Brian Armstrong wrote on X that U.S. users had previously been shut out of roughly 80% of global crypto perpetual futures and options markets.
Why the Coinbase Relief Matters
The no-action position is the more structurally significant of the two actions for U.S. traders. It lets institutional clients reach global perps and options liquidity through a single U.S.-regulated intermediary rather than through offshore corporate structures. Coverage from the two outlets agrees on the mechanism, though the 80% figure comes from Armstrong's own characterization and was not independently measured in either report.
The CFTC's 24/7 Trading Advisory
The same day, the Division of Clearing and Risk, Division of Market Oversight and Market Participants Division issued a staff advisory on 24/7 trading, clearing and settlement of derivatives. Staff wrote that they had observed growing interest in effectively round-the-clock trading, driven in part by digital asset markets, and that the advisory outlines the risks of such trading and how existing Commission regulations address them. Bitcoin Magazine notes the advisory is not a formal rulemaking.
Policy Direction
Bitcoin Magazine characterizes the package as a shift under Chair Michael Selig and the Trump administration from enforcement-led deterrence toward structured onshoring of crypto markets. Selig described the perpetual contract approval as historic in a post on X. Bitcoinist frames the decision as clearing the way for regulated crypto products more broadly, with Kalshi positioned as the next listing candidate. Neither source reports on timing for a Kalshi launch or trading volume expectations.
Why It Matters
For Traders
U.S. clients gaining access to global bitcoin perpetual liquidity through Coinbase may shift where order flow and funding rates are set, though no launch dates have been confirmed.
For Investors
A CFTC-regulated bitcoin perpetual signals a durable path for onshore derivatives, which could reshape market structure and competition with offshore venues over the coming year.
For Builders
Teams building on perpetual infrastructure should watch how FCM-routed access and 24/7 clearing guidance define compliant designs for U.S. users.
This article is for information only and is not financial advice. Read the full disclaimer.
