CFTC Approves Perpetual Futures Tied to Individual Stocks

The Commodity Futures Trading Commission has cleared perpetual futures contracts on individual stocks for trading on CFTC-registered exchanges, according to Decrypt. The outlet describes these as derivatives with no expiration date that track an underlying asset's price, letting traders hold leveraged positions indefinitely as long as margin and funding requirements are met — a structure that has been widely used in crypto markets.

Decrypt reports that CFTC Chairman Michael Selig had, in his inaugural remarks, called for bringing perpetual derivative products onshore, and argued that regulated U.S. venues are safer for trading them than offshore platforms. The outlet also notes that the CFTC had already cleared Bitcoin perpetual futures for Kalshi this year, though the exact timing relative to the stock approval is not specified.

The equity futures approval follows a memorandum of understanding the CFTC and SEC signed in March to work through jurisdictional questions around perpetual products, Decrypt reports, citing SEC Chairman Paul Atkins. Decrypt also states that Coinbase has filed to list single-stock perpetual futures on companies including Apple, Tesla and Nvidia, calling this a recent filing without giving a specific date.

It is not yet confirmed which CFTC-registered exchanges will actually begin offering the new equity perpetual contracts or when trading could start. Decrypt does not detail specific margin requirements or other regulatory safeguards attached to the products, and it is unclear whether brokers or exchanges beyond Coinbase have filed similar plans.