Bankless
Perps Are Coming Onshore | CFTC Chairman Mike Selig
- CFTC Chairman Mike Selig announced the first U.S.-regulated Bitcoin perpetual futures contract via Kalshi X and approved Coinbase to pipe customers to offshore perps via Darabit, marking a shift from "regulation by enforcement" to clear rules.
- Bitcoin, Ethereum, Solana, and other major digital commodities can now be self-certified for perpetual listing by CFTC-registered exchanges; seventeen additional assets beyond Bitcoin have already self-certified in the past week.
- On-chain platforms like Hyperliquid and Lider are being engaged with by the CFTC; blockchain transparency and auditability offer regulatory advantages, though auto-deleveraging mechanisms and custody models require tailored oversight.
- U.S. perpetual contracts will feature 5x–10x leverage (vs. 250x+ offshore), central counterparty clearinghouses, and mandatory CFTC-registered exchange rulebooks, creating structural protections absent in offshore markets.
- Real-world asset perpetuals (oil, gold, pre-IPO equities like Anthropic, Basex, OpenAI) currently dominate 60%+ of perp volume; equity perpetuals require joint CFTC–SEC approval, and the CFTC is avoiding turf wars to enable faster market entry.
- The CFTC has not approved a new derivative instrument in over a decade; perpetuals are positioned as the beginning of broader product innovation, including 24/7 trading, with no immediate plans for corn or live cattle perpetuals due to deliverability constraints.