CFTC Approves Stock Perpetual Futures in the US for the First Time
By Nodora News ·
The CFTC has approved perpetual futures on individual stocks for US exchanges, bringing a crypto-born trading product to Wall Street under CFTC and SEC rules.
The US Commodity Futures Trading Commission (CFTC) has cleared perpetual futures tied to individual stocks for trading on regulated American exchanges for the first time. CFTC Chairman Michael Selig announced the move on Tuesday, November 3, 2026, bringing a contract type that grew up on crypto platforms such as Hyperliquid (HYPE) into the heart of US equity markets, under joint oversight with the Securities and Exchange Commission (SEC).
Key takeaways
- The CFTC says perpetual futures on single stocks, often called equity perps, can now trade on registered US exchanges.
- The contracts were deemed approved under existing security futures rules and will be overseen by both the CFTC and the SEC.
- Selig framed the decision as a way to keep American traders away from offshore and often unregulated venues.
- No exchanges or launch stocks have been named yet.
- Crypto markets barely reacted: Bitcoin (BTC) and Hyperliquid (HYPE) were both roughly flat to slightly higher on the day.
What the CFTC approved on stock perpetual futures
A perpetual future, or perp, is a derivative that lets a trader bet on an asset's price going up or down without owning the asset. Unlike a normal futures contract, it never expires. Instead, a regular "funding rate" payment between buyers and sellers keeps the contract's price close to the underlying asset. Perps are usually traded with leverage, which magnifies both gains and losses.
Until now, US traders could not access perps on individual company shares through a regulated domestic venue. According to Selig's statement, these equity perps now count as approved under the security futures framework that already exists in US law, so exchanges can list them without a brand-new rulebook.
In the statement, Selig said bringing these products into regulated markets means American investors can use them with the protections of the CFTC's framework, instead of being pushed toward offshore platforms. He also described the change as a significant step toward letting US market participants use perps for risk management and price discovery.
Why stock perps needed both the CFTC and the SEC
Derivatives on single stocks sit in a grey zone in US law. Stocks are securities, which the SEC regulates, while futures are the CFTC's territory. That split has long made products like equity perps hard to launch.
The new contracts rely on the Commodity Futures Modernization Act of 2000, which created a shared category called security futures that both agencies oversee. According to CoinDesk, the two regulators have also agreed to coordinate more closely on products that cross their jurisdictions.
The key numbers and dates:
- November 3, 2026: CFTC Chair Michael Selig announces equity perps are approved under security futures rules.
- 2000: the year the Commodity Futures Modernization Act set up joint CFTC and SEC oversight of security futures.
- Over $630 billion: perp trading volume tracked by DefiLlama over the past month, according to CoinDesk.
How crypto made perpetual futures mainstream
Perpetual futures were popularised by crypto exchanges and have become a staple of crypto trading. In recent years decentralized platforms, led by Hyperliquid, have pushed perps onchain, meaning trades settle on a blockchain and markets stay open around the clock.
That 24/7 design drew attention earlier this year. The Block reports that when US and Israeli strikes on Iran hit oil supply over a weekend, traditional oil futures markets were closed, so much of the trading moved to onchain perps instead.
Washington has been moving step by step. The CFTC had already approved the first Bitcoin perpetual futures on regulated US venues, with staff clearing KalshiEX and Coinbase to list them. In June, the agency asked for public comment on crude oil perps and 24/7 trading. In August, President Donald Trump said the CFTC was working to bring Hyperliquid into the US under federal rules.
Traditional finance is paying attention too. Intercontinental Exchange (ICE), the parent of the New York Stock Exchange, recently invested in tradeXYZ, a team that builds perp markets on Hyperliquid. It is the latest overlap between Wall Street and crypto rails, following the fight over tokenized shares covered in our story on companies blocking the OKX-ICE tokenized stock venue.
Crypto market reaction to the CFTC stock perps decision
The announcement landed on a quiet day for prices. As of about 4:00 AM AEDT on November 4 (OKX data):
- Bitcoin (BTC): about $77,560, up roughly 0.1% in 24 hours
- Ethereum (ETH): about $2,293, up roughly 1.1%
- Hyperliquid (HYPE): about $86.47, up roughly 0.9%
The muted move suggests traders see the decision as a long-term structural shift rather than an immediate catalyst. Regulated equity perps could, over time, compete with the offshore and onchain venues where crypto traders currently trade synthetic stock exposure, or pull new users toward the perp format.
What to watch next for US equity perpetual futures
- Which exchanges list first. Selig's statement did not name any venues or launch stocks. Watch for filings from CFTC-registered exchanges and crypto-native firms that already offer Bitcoin perps in the US.
- Leverage and funding rules. How much leverage regulated venues allow, and how funding rates are set, will decide whether the products can rival offshore platforms.
- Hyperliquid's path into the US. Any concrete step to bring Hyperliquid or similar onchain venues under US rules would be the next big test of this policy.
- More 24/7 markets. The CFTC's earlier consultation on crude oil perps and round-the-clock trading hints at more products to come.
Want to understand perps before touching real money? Nodora's Paper Trading League lets you practise leverage and shorting with no money at risk, and you can follow live prices on the Nodora charts page.
This article is for information only and is not financial advice.
SourcesCoinDesk, The Block, OKX3
This article is general information, not financial advice.
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