CFTC Clears Equity Perpetual Futures for US Stock Exchanges

Perpetual futures on individual US stocks can now trade on regulated American exchanges. The Commodity Futures Trading Commission said on Tuesday, November 3, that equity perpetual futures were deemed approved as security futures products, a first for the US market and a product type that until now lived mostly on offshore crypto platforms.

A perpetual future, or "perp," is a derivative that tracks an asset's price but never expires. Crypto traders know them well, because perps on bitcoin and ether are some of the most traded contracts in the world. What changed this week is that the same structure can now be built around a single company's stock and listed in the US.

CFTC Chairman Michael S. Selig announced the move in a statement on equity perpetual futures. According to that statement, the contracts can trade on designated contract markets that are also registered with the Securities and Exchange Commission as notice-registered national securities exchanges for security futures. That dual registration matters, because it means both agencies supervise the product.

How regulators got from a turf war to stock perps

The approval did not appear out of nowhere. It follows a year in which the two market regulators deliberately moved closer together.

• 2000: Congress passes the Commodity Futures Modernization Act, which created the legal category of "security futures products" and set up joint CFTC and SEC oversight of them. Tuesday's approval rests on that law.
• March 11, 2026: The CFTC and SEC sign a memorandum of understanding on coordination, which Selig's statement calls historic.
• March 19, 2026: SEC Chairman Paul S. Atkins, speaking at SEC Speaks, describes the old split between the agencies as a regulatory "no man's land." Selig quotes that line and says the agencies "have turned the page on that era."
• May 29, 2026: The CFTC approves Kalshi's BTCPERP contract, which Selig describes as the first true bitcoin perpetual futures contract on a CFTC regulated exchange.
• June 2026: CME Group sues the CFTC over the bitcoin perp approval, according to Unchained. The regulator has asked a judge to dismiss the case.
• September 2026: Kalshi and Bitnomial, the exchange owned by Kraken parent Payward, submit proposals for similar contracts, Unchained reported.
• November 3, 2026: Selig says equity perps can begin trading for the first time on CFTC registered exchanges, deemed approved under Commission Regulation 40.3.

What the CFTC statement leaves out

For a first of its kind product, the official text is thin on detail. The statement does not name an exchange, a list of stocks, a launch date, leverage levels or position limits. Unchained noted the same gaps and said the release does not reference a formal Commission order for the stock contracts.

It is also unclear whether the Kalshi and Bitnomial filings from September are the contracts now deemed approved. Selig did not say. Coinbase has separately filed to list perps on individual US stocks, according to Unchained, so it is a likely contender once the details are public. Coinbase has been pushing beyond spot trading for a while, as its latest quarterly results showed.

Selig framed the change as a way to keep US traders at home. In his words, Americans can now use these tools for risk management and price discovery "rather than being forced to turn to offshore, and often unregulated, venues." That argument will sound familiar to anyone who followed the Binance hack fallout, which reminded traders what offshore exposure can cost.

Senator Warren and other critics push back

Not everyone in Washington welcomed the news. Senator Elizabeth Warren, the ranking member of the Senate Banking Committee, said in a statement reported by Investing.com that "this kind of risky financial product is ripe for insider trading, puts American investors at risk, and could inject serious volatility into our markets."

Investing.com also reported that Republican Senator Katie Britt had previously urged regulators to put strong investor safeguards in place, and that six Democratic senators recently pressed the SEC to keep exclusive control over equity derivatives. Add the CME lawsuit over bitcoin perps, and the product enters the market with legal and political questions still open.

Crypto policy is already a live issue this election week, with industry money playing a large role in the midterm races. A change in the makeup of Congress could shape how hard lawmakers lean on the two agencies.

Where equity perpetual futures go from here

The next milestone is simple to spot: the first exchange announcement naming specific stocks and a start date. That filing should also answer the questions retail traders care about most, such as how much leverage is allowed and how funding payments work.

If you are new to derivatives, perps are not a beginner product. Leverage cuts both ways, and price swings that feel small on a stock chart can wipe out a leveraged position fast. Our explainer on why bitcoin goes up and down covers the same volatility basics that apply here. For more regulation coverage, follow our crypto news section.