The Commodity Futures Trading Commission has approved the launch of onshore perpetual contracts in the United States, a long-awaited regulatory shift that brings a staple of crypto trading under federal oversight. The decision, announced this week, allows domestic exchanges to offer the cash-settled, no-expiry futures products that have been a mainstay of offshore platforms for years.
The approval
Perpetual contracts — futures that never settle and use a funding rate to track the spot price — have been effectively banned from US exchanges since the 2017 crackdown on unregistered derivatives. The CFTC's ruling changes that. Under the new framework, regulated entities can list and clear these contracts, though the agency has not yet released full details on margin requirements or position limits.
The move erases a glaring gap between US and offshore markets. For years, traders looking to short or leverage crypto without rolling contracts had to go through Binance, Bybit, or others. Now that liquidity could flow back onshore. The timing is notable: it comes as the CFTC has ramped up enforcement against unregistered offshore platforms serving US customers.
What happens next
Exchanges that already hold derivatives clearing organization licenses are likely the first to apply. The CFTC hasn't set a specific timeline for when the first contract will go live, but the approval itself is the main hurdle. Expect to see filings and product announcements in the coming weeks. For now, the market is watching to see how the onshore perps stack up against the deep liquidity of the offshore incumbents.
