Can US traders trade perpetual futures?

What changed in May 2026

Until this year, perpetual futures, the no-expiry contracts that dominate crypto derivatives, mostly traded on offshore exchanges that do not serve the United States. Three CFTC actions on May 29, 2026 changed that.

1. The Kalshi order. The CFTC issued an Order for Approval to KalshiEX, LLC, a designated contract market, to list the BTCPERP Contract, "a perpetual contract that references the spot price of bitcoin, as a futures contract." Kalshi submitted it under Regulation 40.3 on May 28, 2026.
2. The policy statement. The same day, the CFTC said perpetual contracts on asset classes "not contemplated in the Order" should be submitted for case-by-case review under Regulation 40.3. The statement was published in the Federal Register on June 3, 2026.
3. The Coinbase staff letter. CFTC staff told Coinbase Financial Markets, Inc. (CFM), a registered futures commission merchant (FCM), that certain crypto perpetuals listed on its affiliated foreign board of trade, Deribit FZE, "may be categorized as foreign futures." The staff limited that interpretation to similarly structured contracts on digital commodities with deep, active and continuous spot markets.

In plain terms, a perp can now be a regulated US futures contract, but each new type of underlying asset needs its own review.

Where US traders can trade perps today

Every venue below runs through CFTC-regulated entities. The table only includes what each venue's own page says. "Not stated" means we couldn't find the detail on an official page.

Coinbase: "perpetual-style" futures

Coinbase calls its product US perpetual-style futures. According to its help center:

• For US customers, "derivatives balances are held with Coinbase Financial Markets (CFM), which is a CFTC registered futures commission merchant and a member of the National Futures Association." Spot balances sit with Coinbase Inc., and "Funds held with CBI do not benefit from the CFTC's customer protection regime."
• Perpetual-style futures "allow traders to hold positions for an extended period (up to five years)." "Contracts expire after five years," and "the current contracts will expire on December 20, 2030."
• Margin is "subject to margin rates set by the clearinghouse." Customers can opt in to increased leverage during an intraday window that runs "for 22 hours of the day from 6 PM - 5 PM ET," Sunday to Friday.
• "Contracts trade 24/7." Coinbase Derivatives Exchange closes on Fridays from 5 PM to 6 PM ET, with an extra 3-hour maintenance window each quarter.
• Funding is hourly: "When the funding rate is positive, long position holders pay short position holders," and the reverse when it is negative. The accumulated funding balance settles into the derivatives cash account "at around 12 AM ET on weekdays."

Coinbase's Learn page, "US Perpetual Futures 101," adds that the contracts have set sizes. For example, "each nano Bitcoin Perpetual Futures contract represents 1/100th of a Bitcoin." It also says they "offer up to 10x intraday leverage." The Learn page describes funding as accruing hourly and settling "twice daily during designated cash adjustment periods," while the help center says the funding balance settles "at around 12 AM ET on weekdays." Check Coinbase's current terms before trading.

The five-year expiry is the key difference from an offshore perp. In practice the contract works like a perp, but it does have an end date.

Kraken Pro

On June 15, 2026, Kraken said that "eligible US clients can now trade perpetual futures on Kraken Pro." The contracts are listed on Bitnomial, a CFTC-regulated exchange owned by Kraken's parent company, Payward. Funding is paid every 8 hours, at 7:00 p.m., 3:00 a.m. and 11:00 a.m. CT. Kraken's support page says collateral is "USD only at launch." Fees include an exchange fee, an NFA fee, a clearing fee and a flat per-contract commission. On eligibility, Kraken says US residents must "complete identity verification and pass the Futures eligibility check," and "certain states may have restrictions."

Crypto.com with OG.com

Crypto.com launched Crypto Perps for eligible US users on October 27, 2026, "with up to 5x leverage," isolated margin, take-profit and stop-loss orders set at entry, and no expiry. It says stocks, pre-IPO and commodities perpetuals are "coming soon." For how stock perps work on offshore exchanges, see stock perpetual futures explained and what happens on dividend dates. Accounts are opened with Foris DAX FCM, LLC, which holds all customer funds. Crypto.com, as an introducing broker, "does not hold customer funds or margin." Crypto.com also says that "all eligible users enjoy a full trading fee rebate from October 27, 2026 to November 26, 2026."

Kalshi

Kalshi holds the first approval, for BTCPERP. Finance Magnates reports that on October 6 Kalshi launched a perpetual that references the MerQube US Large Cap Index.

What's coming: Webull and ICE

Webull (announced, not yet confirmed live)

On October 20, 2026, Webull announced that "it will offer perpetual futures to eligible U.S. customers starting in November." The contracts will be listed on KalshiEX LLC and cleared through Kalshi Klear LLC. "The initial offering will include Bitcoin and other crypto assets," with "broader availability anticipated before year-end." Access will run through existing Webull Futures accounts, and at first only for "eligible U.S. customers approved for futures trading." As of October 31 we found no Webull announcement that the product is live, and Finance Magnates notes that Webull "has not announced a specific launch day." Webull hasn't disclosed leverage or fees.

ICE and Trade[XYZ] (announced, pending approval)

On October 29, 2026, Intercontinental Exchange (ICE) announced "a definitive agreement to bring Trade[XYZ]'s perpetual markets onshore in the United States, subject to regulatory approvals." Here is what ICE said:

• ICE will be "the exclusive operator of Trade[XYZ]'s regulated markets" and plans a "new, dedicated, regulated retail market and clearing structure" built on Hyperliquid.
• The market is meant to cover crypto, equities, commodities, foreign exchange and other real-world assets.
• ICE will seek regulatory approvals, "including approvals needed to support leveraged trading."
• Once approved, KYC/AML-verified customers are expected to access the market through FCMs that become members. Distribution through ICE's joint venture with OKX depends on that venture's own pending approvals.
• ICE is making a strategic investment in Trade[XYZ]. The terms were not disclosed.

ICE hasn't announced a launch date, leverage or fees, and no CFTC approval of the plan has been announced. CoinDesk refers to the venue as ICE[XYZ].

The CME lawsuit and why it matters

In June 2026, CME Group sued the CFTC in federal court in Washington, D.C. (Norton Rose Fulbright dates the filing to June 18). CME argues that perpetuals are swaps, not futures. The distinction matters because swaps face a different and stricter regime for retail traders.

In a reply brief filed on October 16, 2026, the CFTC argued that CME lacks standing because it has shown no harm, and it pointed to CME's own crypto futures volume rising since May (CoinDesk, Oct 19). On September 28, 2026 the court denied the CFTC's request for discovery on CME's standing, calling it premature, but that was not a ruling on the case itself. As of October 31, 2026, the case is pending and we found no ruling on the CFTC's motion to dismiss. If a court ever agreed with CME, US perp listings could be affected. For now they continue.

US perps vs offshore perps

The mechanics are the same everywhere. Funding moves money between longs and shorts, and liquidation happens when margin falls below the maintenance level. For how those work, see our funding rate guide, live funding rates and pre-IPO perpetual futures explainer.

Can I use offshore exchanges from the US?

No. BloFin, Bitunix, KCEX, MEXC and BYDFi restrict US residents under their terms. Bitbase has not published a restricted-country list on the pages we read, so don't treat it as a US option. That is why this page has no partner links. If you live in the US, use one of the regulated venues above. See our restricted countries page for the full list.

This page is for education only and is not legal or financial advice.

Sources

• CFTC, "CFTC Approves BTCPERP Contract Submitted by KalshiEX, LLC," May 29, 2026: cftc.gov
• CFTC, "CFTC Issues Policy Statement Concerning the Listing of Perpetual Contracts," May 29, 2026: cftc.gov
• CFTC, Policy Statement Concerning the Listing of Perpetual Contracts, 91 FR 33160, Jun 3, 2026: federalregister.gov
• CFTC, staff interpretation for Coinbase Financial Markets, May 29, 2026: cftc.gov (Letter 26-17: https://www.cftc.gov/csl/26-17/download)
• Coinbase Help, "US perpetual-style futures - Overview": help.coinbase.com
• Coinbase Learn, "US Perpetual Futures 101": coinbase.com
• Kraken Blog, "Announcing CFTC-regulated perpetual futures for US Traders," Jun 15, 2026: blog.kraken.com
• Kraken Support, "US Perpetual Futures": support.kraken.com ; Kraken Pro perps: https://www.kraken.com/pro/perps/crypto-perpetuals
• Crypto.com, "Introducing Crypto Perps," Oct 27, 2026: crypto.com
• Webull / PR Newswire, "Webull Puts a Date on Perpetual Futures: US Rollout Begins in November," Oct 20, 2026: webull.com
• Finance Magnates, "Webull Partners with Kalshi to Add Crypto Perpetual Futures in the US": financemagnates.com
• ICE, "Intercontinental Exchange and Trade[XYZ] to Bring Hyperliquid-Based Perpetual Markets Onshore," Oct 29, 2026: ir.theice.com
• CoinDesk, Oct 29, 2026: coindesk.com
• CoinDesk, "U.S. CFTC rebuffs CME legal stance," Oct 19, 2026: coindesk.com
• U.S. District Court for D.C., Memorandum Opinion & Order (Sep 28, 2026), CME v. CFTC: storage.courtlistener.com
• Norton Rose Fulbright, "CFTC charts a path forward on perpetuals": nortonrosefulbright.com

Not financial advice. Perpetual futures are leveraged and can lose more than you expect. Read our methodology and disclaimer.