More perpetual futures contracts are now available on US derivatives exchanges according to the US Commodity Futures Trading Commission (CFTC). The government granted conditional no-action relief on October 3, enabling certain contract markets to eliminate expiration dates from some long-dated perpetual-style futures associated with broad-based asset indexes.
The move could make it easier for US exchanges to offer true perpetual contracts, which are widely used in crypto markets outside the US. The CFTC said the relief comes with customer-protection and procedural conditions. It also follows the agency’s recent work to clarify how perpetual futures can operate under US commodities law.
Perpetual futures do not have a set expiration date as regular futures contracts do. To keep the contract price around the price of the underlying asset, they often employ frequent financing contributions.
The latest CFTC action is specifically aimed at perpetual-style futures linked to broad-based security indexes. It does not cover every type of asset.
The decision followed a request from Coinbase Derivatives, a CFTC-registered designated contract market. Coinbase asked the agency on October 1 for permission to make the changes without going through the normal 10-business-day process.
.@CFTC Issues No-Action Letter for DCMs Regarding Converting Existing Perpetual-Style Broad-Based Security Index Futures into True Perpetual Futures: https://t.co/27rd2blxxB
— CFTC (@CFTC) October 5, 2026
According to the CFTC, additional designated contract markets that satisfy the requirements outlined in its letter are also eligible for the exemption.
The action is a component of the CFTC’s larger initiative to clarify perpetual futures. Perpetual futures linked to Bitcoin and other digital commodities with active and deep spot markets were covered by an order issued by the agency in May 2026. In June, it said perpetual contracts involving assets outside that order would need to go through the agency’s review process under Regulation 40.3.
The latest development also follows the CFTC’s review of a perpetual futures contract linked to a broad-based security index submitted by KalshiEX. That contract was deemed approved on October 2.
This matters because perpetual futures have become a major part of crypto derivatives trading, but much of this activity has historically taken place on offshore exchanges. US exchanges have sometimes used contracts with very long expiration dates and funding systems similar to perpetual futures because of uncertainty around how the products would be treated under US rules.
The new relief could help remove some of that uncertainty. Eligible exchanges can potentially take existing perpetual-style contracts and remove their expiry dates, turning them into true perpetual futures.
However, this is not a blanket approval. Exchanges still have to meet the conditions set by the CFTC, and the underlying requirements of the Commodity Exchange Act and CFTC regulations remain in place. There is also a time limit on the latest no-action positions. The relief is set to expire on October 20, 2026.
For the US crypto market, the development could be important. Perpetual contracts are already popular with crypto traders because they allow positions to be kept open without worrying about a normal futures expiry.
The CFTC’s latest move suggests that some of these products could increasingly find a place within the regulated US derivatives market rather than being offered mainly through offshore platforms.
Stay informed with the latest trends in Web3, blockchain innovation, and cybersecurity updates at 3verseTV
You need to login in order to Like
Leave a comment