CFTC clears perpetual futures on stocks for US exchanges

What happened. The chair of the US Commodity Futures Trading Commission (CFTC), Michael Selig, published a statement: from November 3, perpetual futures on individual stocks can trade on CFTC-registered exchanges. These are venues that are also notice-registered with the SEC as securities exchanges for security futures.

How it works legally. The contracts were deemed approved under CFTC Regulation 40.3 as security futures products under the Commodity Futures Modernization Act of 2000. So the Commodity Exchange Act, federal securities laws and both regulators' rules all apply. In March 2026 the CFTC and SEC signed a memorandum of understanding on working together.

What came before. In May 2026 the CFTC approved the first true bitcoin perpetual futures contract on a regulated exchange: Kalshi's BTCPERP. The new step extends the same instrument from crypto to ordinary stocks.

Why markets care. Perps were made popular by crypto exchanges and onchain venues like Hyperliquid. CoinDesk notes that NYSE owner ICE recently invested in tradeXYZ, which builds perps markets on Hyperliquid. Selig says the aim is to keep US traders from turning to offshore and often unregulated venues.

What is still missing. The statement names no exchanges, no list of stocks, no leverage limits and no launch dates on specific venues. It also does not say whether traders outside the US will get access.

What it means for you. If you trade stock perps on an offshore or crypto venue, a regulated US alternative is coming. Leveraged perps can wipe out a position fast, and funding payments are charged regularly. This is an overview, not advice.

已确认的事实

• From November 3, 2026, perpetual futures on individual equity securities (Equity Perps) can trade for the first time on CFTC-registered exchanges.^[1][2]
• The contracts were deemed approved under CFTC Regulation 40.3 as security futures products under the CFMA of 2000.^[1]
• They are subject to the Commodity Exchange Act, federal securities laws and the frameworks of both the CFTC and the SEC.^[1]
• The exchanges in question are designated contract markets also notice-registered with the SEC as national securities exchanges for security futures.^[1]
• In May 2026 the CFTC approved Kalshi's BTCPERP bitcoin perpetual futures contract.^[1]
• The CFTC and SEC signed a memorandum of understanding on March 11, 2026.^[1]
• Perps recorded more than $630 billion in trading volume over the past month, according to DefiLlama.^[2]
• The statement did not name the exchanges or the stocks available at launch.^[2]

影响

• 已确认Perpetual futures on single stocks are now a lawful product on regulated US exchanges.
• 我们的解读Some stock perps trading may move from offshore and crypto venues to US exchanges. That is our reading.
• 我们的解读Competition for traders between crypto exchanges and traditional exchanges is likely to grow. That is our reading.

仍未知

• Which exchanges will list equity perps first
• Which stocks will get contracts and with what leverage
• Whether non-US traders will have access

影响到谁

USA, World. Futures and perps traders, stock investors, crypto exchange users

来源

1. U.S. Commodity Futures Trading Commission: Statement on Equity Perpetual Futures (Chairman Michael S. Selig) 2026年11月3日 · 官方
2. CoinDesk: CFTC clears perpetual futures on stocks, bringing crypto trading model to Wall Street 2026年11月3日 · 媒体