CFTC clears perpetual futures on individual stocks for US trading
Author: Crypffalo Research · 00:56 04/11/2026
The CFTC said on Nov. 3 that perpetual futures on single stocks can trade on registered US exchanges, extending crypto's flagship derivative to equities for the first time.
The US Commodity Futures Trading Commission said on Nov. 3 that perpetual futures tied to individual stocks can trade on registered US exchanges. It is the first time these contracts have been opened to single equities in the US market.
Perpetual futures, or perps, are the workhorse derivative of crypto trading, with most volume sitting on offshore venues. The move comes months after the CFTC approved the first US-listed bitcoin perpetual in May.
Key takeaways
- What changed: Single-stock perps are deemed approved under CFTC Regulation 40.3 as security futures products.
- Where they trade: Exchanges registered with the CFTC as designated contract markets that also hold an SEC notice registration for security futures.
- Oversight: The contracts fall under both CFTC and SEC supervision.
- Still open: The statement names no exchange, no list of stocks and no launch date.
- The pitch: CFTC Chairman Michael Selig wants US traders off unregulated offshore platforms.
What the CFTC approved
According to Chairman Michael Selig's statement, so-called "Equity Perps" are deemed approved under Regulation 40.3. They are treated as security futures, a joint CFTC-SEC framework dating back to 2000.
Unlike standard futures, perps never expire. Longs and shorts exchange periodic funding payments that keep the contract price anchored to spot.
CoinDesk and Bitcoin Magazine both noted that the statement does not say which exchanges will list the products, which stocks come first or when trading begins. Those details are expected to come from the exchanges themselves.
Why the CFTC is leaning into perps
Selig said bringing these products into regulated markets lets American traders use them "rather than being forced to turn to offshore, and often unregulated, venues."
The agency has pushed that argument hard since Binance lost $6.3 billion on Oct. 29. Speaking to CNBC on Oct. 30, Selig said the real issue was unregulated offshore exchanges.
The CFTC's steps this year:
- March: The CFTC and SEC sign a memorandum of understanding on coordination.
- May: The CFTC approves the first US-listed bitcoin perpetual, Kalshi's BTCPERP.
- October: The CFTC seeks comment on voluntary federal registration for crypto exchanges.
- Nov. 3: Perps extend from digital assets to individual stocks.
What it means for crypto markets
The news did not move bitcoin directly, with BTC holding near $77,500 on US midterm election day. Still, it shows a product model built in crypto markets is gaining wider acceptance from US regulators.
- Bull case: Licensed US venues gain new products, derivatives liquidity drifts back onshore, and compliant crypto firms strengthen their position.
- Risk case: Offshore and decentralized platforms already offering stock perps to global users may face tougher competition and regulatory pressure, and launches could be delayed by legal challenges.
Bitcoin Magazine noted that CME sued the CFTC in June over the Kalshi perp approval, and the case is still pending. An equity version could draw fresh objections from the securities side.
What to watch next
- Which exchange lists the first equity perps and which tickers it picks.
- Rules on leverage, funding and retail access.
- The SEC's response and the CME lawsuit against the CFTC.
- Midterm results and what they mean for the crypto market structure bill; see the economic calendar.
Frequently Asked Questions
What is a stock perpetual future?
It is a futures contract with no expiry that tracks the price of a specific stock. Funding payments between longs and shorts keep it close to the underlying share price.
When can traders use them?
The CFTC has not set a launch date. Registered exchanges are expected to announce their own timelines.
Why does this matter for crypto?
Perps grew up in crypto markets, so their arrival in US equities signals broader official acceptance of the model.
*This content is for information only and is not financial advice.*
Tags: CFTC, Perpetual Futures, Regulation, Stocks
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