On Monday, Kraken and Coinbase both launched new perpetual futures products for eligible US clients. The simultaneous rollout marks the broadest single-day expansion of regulated crypto derivatives in the US since the SEC approved spot Bitcoin ETFs earlier this year.
What the products are
Kraken is offering CFTC-regulated perpetual futures through Bitnomial, a crypto derivatives exchange it acquired. Coinbase is doing the same through its own CFTC-regulated Coinbase Derivatives Exchange. Both products are available to eligible US clients starting Monday. Perpetual futures let traders speculate on the price of an asset without an expiry date, using leverage. The key difference here: they're regulated by the Commodity Futures Trading Commission, not just the SEC.
Why now
The launches come as the SEC and CFTC have been easing restrictions on crypto derivatives under the current administration. For years, US regulators kept a tight lid on these products, wary of retail leverage and market manipulation. That's changed. The approval of spot Bitcoin ETFs in January opened the door, and now the agencies are letting exchanges offer more sophisticated instruments. Monday's move is the clearest sign yet that the regulatory logjam is breaking up.
The competitive landscape
Kraken and Coinbase are direct competitors in the US spot market. Now they're going head-to-head in derivatives, too. Both exchanges already offered perpetual futures to non-US clients through offshore entities. Bringing those products onshore, under CFTC oversight, gives them a new revenue stream and a way to attract institutional traders who demand regulatory clarity. It also puts pressure on smaller derivatives platforms that lack the same compliance infrastructure.
US traders now have a regulated alternative to offshore perpetual exchanges like Binance or Bybit. That means they can trade with leverage without worrying about sudden shutdowns or unclear legal status. The CFTC's involvement also means standard protections like segregated customer funds and position limits. But it's not for everyone — both exchanges require clients to meet eligibility criteria, likely including accredited investor status for some tiers. The products went live Monday morning, and early volume data isn't available yet.
The launches signal a new phase for US crypto derivatives. Whether other exchanges follow quickly depends on how the CFTC handles the first few weeks of trading. For now, Kraken and Coinbase are the first to offer CFTC-regulated perpetuals to US retail and institutional clients.
