Kalshi and Coinbase have received approval to offer crypto perpetual futures in the U.S., marking a significant step toward regulated derivatives trading for digital assets on American soil.
The approvals, linked to the Commodity Futures Trading Commission (CFTC), allow both platforms to list perpetual contracts, a type of derivative that lets traders hold leveraged positions on crypto assets without an expiration date. Perpetuals have long dominated offshore crypto trading but have been largely unavailable through regulated U.S. venues.
TLDR KEYPOINTS
- Kalshi and Coinbase gained clearance to offer crypto perpetual futures contracts in the U.S.
- The CFTC approval opens a regulated path for a product previously confined to offshore exchanges.
- Details on rollout timelines, supported assets, and fee structures remain limited.
What the Kalshi and Coinbase approval actually covers
The CFTC confirmed the regulatory green light through an official press release, signaling that the agency views perpetual futures as products that can operate within its existing oversight framework.
Kalshi, a prediction-market platform that has expanded into broader derivatives, announced plans to launch perpetual futures for U.S. users. Coinbase, the largest publicly traded U.S. crypto exchange, is positioning its derivatives arm to compete in the same space.
Crypto perpetuals function like traditional futures but carry no settlement date. Traders can hold long or short positions indefinitely, with periodic funding-rate payments balancing the contract price against the spot market. Until now, U.S. residents seeking these instruments largely relied on offshore platforms operating outside federal oversight.
Why regulated U.S. crypto perpetuals matter for the derivatives market
Offshore perpetual venues have processed the vast majority of global crypto derivatives volume for years. A regulated U.S. alternative introduces counterparty protections, segregated customer funds, and compliance standards that institutional and risk-conscious traders have long demanded.
For compliance-sensitive market participants, including registered investment advisers and proprietary trading firms, the absence of a regulated perpetuals venue in the U.S. was a barrier to participation. The Kalshi and Coinbase approvals remove that barrier, at least in principle.
What remains unclear is the scope of the initial product offering. Neither the CFTC announcement nor Kalshi’s public statement specifies which crypto assets will be available, what leverage limits will apply, or when trading will go live. Readers should treat detailed product claims from unofficial sources with caution until the platforms publish formal specifications.
What the move could mean for Southeast Asian exchanges and traders
Southeast Asian crypto markets have historically benefited from the gap in U.S. derivatives access. Regional exchanges such as Indodax and Tokocrypto in Indonesia, along with platforms like Coins.ph in the Philippines, serve users who have had few regulated alternatives for leveraged crypto exposure. A functioning U.S. perpetuals market could shift some institutional flow westward, as firms covered by Indonesia’s evolving digital asset governance framework weigh their options.
Southeast Asian regulators, several of whom are actively developing or revising crypto derivatives rules, may also look to the CFTC’s approach as a reference point. Indonesia’s Bappebti and Thailand’s SEC have both signaled interest in structured oversight of crypto derivatives, and a live U.S. model gives them a benchmark, similar to how nations are watching Bitcoin’s growing utility in cross-border settlement for policy cues.
For traders in the region, the immediate practical impact is limited. Most retail perpetuals activity in Southeast Asia occurs on global offshore platforms, and U.S.-regulated venues will initially cater to American users. The longer-term competitive dynamic, however, is worth watching, particularly as exchanges with ties to regional governance initiatives consider whether to develop their own regulated derivatives products.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
