US-regulated Bitcoin perpetual futures could give retail and institutional traders new ways to access crypto derivatives.
For years, Bitcoin perpetual futures have ranked among the most important products in crypto trading. They account for a large share of global crypto derivatives activity and are widely used by traders seeking leverage, hedging tools and short-term exposure to market moves.
Despite their popularity, perpetual futures have mostly operated outside regulated US markets. Most trading has taken place on offshore platforms. This left many American traders and institutions with limited choices: Avoid true perps, use offshore venues where permitted or turn to imperfect regulated alternatives.
In late May 2026, the US Commodity Futures Trading Commission (CFTC) approved KalshiEX to list the BTCPERP contract, a perpetual futures contract that references the spot price of Bitcoin. The decision marks an important step for crypto derivatives. It could also change how retail and institutional traders gain leveraged exposure to Bitcoin.
CFTC approval gave Bitcoin perps a regulated US path
While the contract is important on its own, its larger meaning lies in the signal it sends: One of crypto’s most widely used financial tools is moving into regulated US financial markets.
A perpetual futures contract, often called a “perp,” is a type of derivative that lets traders take positions on Bitcoin’s price moves without holding the underlying asset.
Unlike traditional futures, perpetual futures have no set expiration date. Positions can stay open as long as traders maintain enough margin.
Standard futures contracts require traders to move into a new contract when the old one expires. Perpetual futures remove this step, making them more convenient and often more cost-effective for ongoing trading.
To keep perpetual contracts from moving too far away from Bitcoin’s spot price, platforms use a funding rate mechanism. Based on market conditions, traders in long or short positions make periodic payments to each other. This helps keep perp prices closer to the price of the underlying asset.
This simple design has helped perpetual futures become the preferred product for many crypto market participants.
Perpetual futures first became popular on offshore crypto exchanges. What started as a niche product grew into one of the most actively traded products in crypto.
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