CFTC Finally Gives The Green Light To US Equity Perps: Trading Can Start Today

Perpetual futures contracts on individual US equities can begin trading on CFTC-registered exchanges from today, 3 November 2026, after the US Commodity Futures Trading Commission (CFTC) confirmed the contracts had been deemed approved as security futures products.

The announcement, set out in a statement by CFTC Chairman Michael S. Selig, takes the perpetual futures structure in the US beyond crypto and into single stocks for the first time. It follows the CFTC's approval in May of the first bitcoin perpetual futures contract on a US-regulated exchange.

"I believe that bringing these types of innovative products into our regulated markets ensures that American investors and traders can access these products within the protections of the CFTC's proven regulatory framework, rather than being forced to turn to offshore, and often unregulated, venues." - Michael S. Selig, Chairman, Commodity Futures Trading Commission

What The CFTC Approved

The contracts, which the CFTC calls Equity Perps, were deemed approved under Commission Regulation 40.3 as security futures products under the Commodity Futures Modernization Act of 2000 (CFMA). That puts them under both the Commodity Exchange Act and US federal securities law, with joint oversight from the CFTC and the Securities and Exchange Commission (SEC).

They can only trade on designated contract markets that are also notice-registered with the SEC as national securities exchanges for security futures products. Selig's statement did not name the exchanges that will list the contracts or the stocks available at launch.

A perpetual future has no expiry date. Instead of converging with the underlying price at settlement, it uses periodic funding payments between longs and shorts: when the contract trades above spot, longs pay shorts, and the payment reverses when it trades below. The CFTC's June 2026 policy statement on perpetual contracts said perpetuals on asset classes beyond bitcoin would be reviewed case by case, and named equity perpetuals as products that would benefit from review by both the CFTC and the SEC.

"For too long, regulatory uncertainty left innovative products, such as security futures and equity perpetual futures, stranded in what SEC Chairman Paul S. Atkins has aptly described as a regulatory 'no man's land' due to a lack of harmonization between the agencies. The CFTC and SEC have turned the page on that era, and are committed to delivering regulatory clarity for innovative products and a clear path to market, rather than more casualties of jurisdictional disputes." - Michael S. Selig, Chairman, Commodity Futures Trading Commission

From Bitcoin Perps To Single Stocks In Five Months

Today's decision is the latest step in a sequence that began on 29 January, when Selig directed the CFTC to use its existing tools to onshore perpetual derivatives. On 11 March the CFTC and SEC signed a memorandum of understanding and set up a Joint Harmonization Initiative covering product definitions, clearing, margin and dually registered venues.

On 29 May the CFTC approved the BTCPERP contract from prediction market exchange Kalshi, the first true perpetual on a US designated contract market. BTCPERP went live on 3 June, traded more than $100 million in its first 24 hours and passed $1 billion within a week, according to Kalshi. LIQUIDITYFINDER covered the launch in Kalshi Becomes First Regulated US Exchange To Launch Perpetual Futures After CFTC Approval, and spoke to Kalshi's Head of Institutional, Andy Ross, in Kalshi: The Exchange That Can Price Everything.

"With the launch of perpetual futures inside a regulatory perimeter, Kalshi has enabled US users to trade one of the fastest growing products in the world for the first time." - Andy Ross, Head of Institutional, Kalshi

The bitcoin order did not extend to other asset classes. Kalshi filed for a US stock index perpetual in August, and the CFTC approved it on 3 October. Kalshi launched its US500 perpetual, which tracks the MerQube US Large Cap Index, on 6 October. Its single-stock perpetual filings, including Apple, Tesla and Nvidia, were still under review at that point.

On 29 October, NYSE parent Intercontinental Exchange (ICE) announced a strategic investment in on-chain market builder TradeXYZ, the largest builder of perpetual markets on decentralised exchange Hyperliquid. Subject to regulatory approval, ICE plans to operate a US-regulated market and clearing structure for Hyperliquid-based perpetuals on equities, equity indices, commodities and currencies. TradeXYZ says its Hyperliquid markets have passed $650 billion in volume in just over a year, offering 24/7 access to users outside the US. LIQUIDITYFINDER has tracked that growth in S&P 500 Perpetual Contracts Launch On Hyperliquid, Powering 24/7 Decentralised Trading and Hyperliquid Achieves Record Open Interest In Perpetual Contracts For Real-World Assets.

Timeline: The Road To US Equity Perps

CME's opposition to Perps

Derivatives exchange operator CME Group has opposed the CFTC's perpetuals policy since the bitcoin approval in May. Speaking at Piper Sandler's Global Exchange & Fintech conference on 4 June, the day after BTCPERP went live, Chairman and Chief Executive Terry Duffy called CFTC-approved perpetuals "a disaster waiting to happen", arguing they offer institutions little practical use while exposing retail traders to excessive risk.

On 18 June CME sued the CFTC in the US District Court for the District of Columbia over the BTCPERP order and the accompanying policy statement. CME argues that a futures contract needs a fixed settlement date, so perpetuals are swaps under the Dodd-Frank Act, and that the CFTC bypassed required rulemaking. A swaps classification would move the products into a rulebook built for institutions rather than retail traders.

On CME's second quarter results call on 22 July, Duffy said perpetuals may appeal to retail traders seeking high leverage but are not suited to the institutional risk managers who make up most of CME's business. Institutions accounted for 94% of CME's volume in the first half of 2026. He said CME has contract specifications ready and could list perpetuals if demand changed, adding: "However, we have not heard demand from our customers for these products."

"Perpetuals do not provide price or time certainty, two necessary components for hedging exposures." - Terry Duffy, Chairman and Chief Executive Officer, CME Group

On the same call, Tim McCourt, CME's Global Head of Equities, FX and Alternative Products, said CME's crypto complex trades between $4.5 billion and $6.5 billion a day, against about $270 million for Kalshi's bitcoin perpetual. Duffy later warned that traders could face tax uncertainty if the courts ultimately classify perpetuals as swaps.

The CFTC has asked the court to dismiss the case. In a September motion, its attorneys called the lawsuit "much ado about nothing" and argued that any registered exchange, CME included, can list the same contracts. A reply brief in October said CME lacks standing and pointed to growth in CME's own crypto futures volume since May. Judge Colleen Kollar-Kotelly has not yet ruled. The case concerns the bitcoin order and policy statement; today's equity contracts were cleared under the separate security futures framework, with the SEC involved.

CME has also moved on its own terms. Its crypto futures and options went 24/7 on 29 May, the same day as the BTCPERP approval, and its 1-ounce gold futures followed in July, a shift dealing analytics provider Brokerpilot @Brokerpilot examined in The Weekend Now Has A Risk Desk Problem: What 24/7 Gold Trading Means For Brokers. On 27 July CME launched single stock futures on more than 50 large US companies, including Alphabet, Amazon, Apple, Meta, Nvidia and SpaceX, with 55 standard and 22 micro contracts. These are the closest listed product to today's equity perps, but with fixed quarterly expiries.

Duffy hands the chief executive role to President and Chief Financial Officer Lynne Fitzpatrick on 1 March 2027 and becomes executive chairman. Fitzpatrick has signalled continuity with the current strategy.

Who Is Lining Up, And How Close To 24/7

Three US venues filed equity perpetual proposals with the CFTC and SEC on 18 September: Kalshi, Coinbase's regulated futures exchange Coinbase Derivatives, and derivatives exchange Bitnomial, which Kraken parent Payward plans to use for its US perpetual products. Kalshi's filing covers around 60 stocks and ETFs, including Apple, Tesla, Microsoft, Nvidia, Amazon, SPY and QQQ. Andy Ross told Risk.net on 2 November that Kalshi expects to launch "in the next few days".

The hours in those filings stop short of a full 24/7 market. Under Kalshi's proposed rules, its equity perps would trade from 6pm ET on Sunday to 5pm ET on Friday with a one-hour daily maintenance break, roughly 23 hours a day on weekdays. Funding would be paid around the 4pm ET close of the regular US equity session, the minimum customer margin would be 15.5%, and trading would pause whenever the underlying stock is halted. Bitnomial has proposed 24/5 trading with a 15.25% margin floor.

Weekend trading in single-stock perps currently exists only offshore. Coinbase launched stock perps on Coinbase International Exchange in March with weekend trading and up to 10x leverage on single names, but they are not open to US persons. TradeXYZ's markets on Hyperliquid run 24/7.

The sticking point for weekends is the reference price. The CFTC's June policy statement requires a perpetual's reference price to stay reliable at every funding interval for as long as the contract is listed, and the US cash equity market that sets single-stock prices does not trade at weekends.

The CFTC will take up the wider question at an industry roundtable on 15 December, following a June request for comment on extending standard futures to 24/7 trading and on listing perpetual contracts. Selig has said the agency will not take a one-size-fits-all approach. In September he identified crypto and precious metals as markets that may currently suit 24/7 trading, while agricultural, energy and certain financial contracts may not.

LIQUIDITYFINDER has followed the push towards round-the-clock markets since Are We Ready For More Weekend Trading? in 2023, including multi-asset trading venue 24 Exchange's application to the SEC for a 24-hour national securities exchange.

What It Means For US Brokers

For US brokers, equity perps add a leveraged single-stock product inside the regulated futures system. Because they are security futures, they sit under both CFTC and SEC rules, which shapes who can offer them and how client positions are held.

Kalshi and Coinbase both reach retail traders directly through their own apps, so the first US equity perps may reach many end clients without passing through a conventional broker. Kalshi also distributes through intermediaries, including its partnerships with online trading provider Plus500 and prime broker Clear Street, both covered by LIQUIDITYFINDER. ICE has said its planned TradeXYZ markets would be reached through participating brokers and platforms, while CME said in July that more than 35 retail partners were preparing for its single stock futures launch.

The product competes with the way US retail traders currently get leveraged single-stock exposure, mostly through options and leveraged ETFs. A perp offers linear exposure with no expiry and no option time decay. At Kalshi's proposed 15.5% minimum margin, that is leverage of up to roughly 6.5 times.

The economics are different too. US stock and options trading is largely commission-free and funded by payment for order flow, whereas futures customers generally pay commissions, and perp holders pay or receive funding on top. Duffy has argued that the combined cost of fees and funding makes perps far more expensive to hold than CME's dated futures.

Operationally, brokers that offer equity perps take on funding cycles, margin calls and liquidations across a trading day of almost 23 hours, five days a week. That means risk monitoring and client support well outside the regular US session.

What It Means For International And CFD Brokers

Outside the US, leveraged single-stock exposure with no expiry is not new. CFD brokers have offered single-stock CFDs for years, with an overnight financing charge doing a similar job to a perpetual's funding payment. US retail clients cannot trade CFDs, so equity perps give them, for the first time, an exchange-traded and centrally cleared product with comparable economics.

That does not open the US market to offshore CFD brokers, but it changes the picture around them. Selig framed the decision as bringing activity back from offshore venues, and US traders who used them now have a regulated domestic alternative.

The bigger shift for international brokers is that crypto-native venues are building multi-asset products that overlap with their core business. Coinbase already offers stock perps to non-US clients through Coinbase International Exchange. ICE's TradeXYZ plan covers equities, indices, commodities and currencies. Kalshi has said it is looking to launch FX perpetuals, and as Andy Ross explained to LIQUIDITYFINDER in Kalshi: The Exchange That Can Price Everything, institutions in the UK and Europe can already reach Kalshi through a US futures commission merchant (FCM). Liquidity providers are offering the same structure to brokers, as we reported when institutional exchange operator LMAX Group launched perpetual futures.

For liquidity providers and prime brokers, US-listed equity perps trading almost 23 hours a day could become another place to hedge single-stock exposure outside the regular US session, subject to access.

Weekend trading is where CFD brokers remain ahead. Multi-asset broker Vantage launched 24/7 gold for retail clients in July, Rostro Group's institutional liquidity brand Scope Prime rolled out its 24/7 gold CFD @ScopePrime , and broker MarketsVox (@MarketsVox) has launched 24/7 access to gold, silver and oil CFDs. Crypto CFDs already trade through the weekend. If the CFTC's December roundtable leads to wider 24/7 trading on US-regulated venues, that lead will narrow.

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