The CFTC opens up crypto perpetual contracts, finally lifting the ban on derivatives markets for U.S. domestic investors

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The CFTC has opened 7*24 trading for crypto perpetual contracts for the first time, with Kalshi, Coinbase, and CME becoming direct beneficiaries, finally allowing US users to seamlessly participate in the derivatives market. (Context: Ripple has "solidly landed" in the US: SEC lawsuit concludes, and it begins to expand its home-field business) (Background: Bloomberg warns "Trump is bringing a natural disaster": He is single-handedly destroying climate science) On May 29, the US Commodity Futures Trading Commission (CFTC) released regulatory guidance for 7*24 trading, specifically noting that due to their digital infrastructure and continuous global trading characteristics, crypto asset-related derivatives are more suitable for round-the-clock trading and clearing. This represents the first time that the US, previously considered a "no-go zone for crypto perpetual contracts," has opened up. This adds fuel to the fire of the US becoming the "crypto capital." Many crypto trading platforms and traditional exchanges responded quickly, launching corresponding trading portals. According to incomplete statistics, in 2025, the trading volume of crypto perpetual derivative contracts was between $60 trillion and $85 trillion, with a single-day peak volume reaching $750 billion; this accounts for approximately 75% to 80% of the total crypto trading volume. However, for US crypto platforms, regulators had never provided clear rules for this massive pie. Now, the US CFTC has officially opened this market—which previously had a share of nearly 0—to US citizens and domestic crypto platforms as well as CME. At the same time, US institutional and individual users can now trade crypto perpetual contracts seamlessly 7*24, and the "time difference" of the past will no longer exist. CFTC Chairman Michael S. Selig described this as a historic step in "bringing the world's most active crypto derivatives into the US regulatory framework." Regulatory actions have also quickly triggered the execution capabilities of top crypto platforms. On the same day, the US CFTC issued a listing approval order to the designated contract market KalshiEX, LLC, agreeing to list the perpetual contract BTCPERP, which references the Bitcoin spot price, as a futures product. The contract was submitted for approval on May 29, 2026, in accordance with CFTC Regulation 40.3. In addition, Kalshi plans to launch more than a dozen crypto perpetual contracts subsequently. Furthermore, Coinbase announced that it has become the first and currently only Futures Commission Merchant (FCM) regulated by the US CFTC, providing US clients with access to the global crypto derivatives market, including crypto perpetual contracts and options (connecting to platforms like Deribit, whose Bitcoin options open interest is guaranteed). Finally, CME (Chicago Mercantile Exchange), as a traditional trading platform, is also a direct beneficiary of this policy change. Bitcoin futures and options on its Globex platform will switch to 7*24 trading starting this Friday, ending the previous fixed market closure from Friday to Sunday, allowing institutional clients to seamlessly hedge spot volatility. However, this does not mean that trading volume will suddenly surge—although the "CME gap" previously formed by weekend closures has ended, market liquidity is still mainly concentrated in ETF options and offshore perpetual contracts; the open interest of IBIT options is significantly higher than that of the CME crypto options market. Currently, short positions held by large traders continue to decline, short-term downward pressure is weakening, but a clear trend for long positions has not yet formed. Yesterday, in addition to issuing a "No-Action Letter" to the Coinbase platform, the relevant department of the US CFTC also specifically clarified two points: - Traditional commodity derivatives such as agricultural products may not be suitable for full 7*24 round-the-clock operation due to regional and trading structure characteristics; - Regulated trading platforms, swap execution facilities, derivatives clearing organizations, and futures commission merchants must comply with the Commodity Exchange Act (CEA) and relevant regulatory rules when expanding to round-the-clock trading, and must proactively assess risk management and operational arrangements. In other words, 7*24 perpetual trading for bulk commodities like agricultural products is not yet allowed; and any institution wishing to open 7*24 derivatives trading must communicate with CFTC staff in advance, submit detailed plans and risk analysis, and the CFTC will review compliance on a case-by-case basis. It is evident that this move by the US CFTC is more like a "special case" for crypto assets, opening a door for more crypto platforms to expand their derivatives sectors and further strengthening its authority in crypto asset derivatives regulation. The US CFTC's regulatory guidance represents the true realization of localized round-the-clock trading for crypto derivatives in the US market. The liquidity of many local users who were previously excluded from the US market is expected to return rapidly

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