Original article by Odaily Odaily(@OdailyChina)
Author｜Wenser (@wenser 2010)
On May 29, the U.S. Commodity Futures Trading Commission (CFTC) issued 24/7 trading regulatory guidance , which emphasized that due to their digital infrastructure and global continuous trading characteristics, crypto asset-related derivatives are more suitable for 24/7 trading and clearing .
This means that the United States, previously considered a "no-go zone" for crypto perpetual contracts, has for the first time opened up the market. This further fuels the US's rise as a "crypto capital."
Many cryptocurrency trading platforms and traditional exchanges have responded quickly and launched corresponding trading portals.
The biggest gift the US CFTC has given to the crypto market: opening a 24/7 perpetual market.
According to incomplete statistics, in 2025, the trading volume of crypto derivatives perpetual contracts was between $60 trillion and $85 trillion, with a peak daily trading volume of $750 billion; accounting for approximately 75% to 80% of the total crypto trading volume. (Odaily Odaily note: Kalshi wrote that this market's total trading volume exceeded $90 trillion in 2025.)
However, for US crypto platforms, regulators have never provided clear rules for this huge market.
Now, the US CFTC has officially opened this previously almost non-existent market to US citizens, some domestic crypto platforms, and the CEM exchange . Simultaneously, US institutions and individual users can now trade crypto perpetual contracts seamlessly 24/7, eliminating the previous "time difference."
CFTC Chairman Michael S. Selig called it a historic step in "bringing the world's most active crypto derivatives under the U.S. regulatory framework." The regulatory move quickly triggered action from leading crypto platforms.
Direct beneficiaries of the new policy: Kalshi, Coinbase, CME
On the same day, the US CFTC issued a listing approval order to KalshiEX, LLC, a designated contract market , authorizing it to list the BTCPERP perpetual contract, which references the spot price of Bitcoin, as a futures product. The contract was submitted for approval on May 29, 2026, under CFTC Regulation 40.3. Furthermore, Kalshi plans to launch more than ten other crypto perpetual contracts in the future.
In addition, Coinbase announced that it has become the first and currently the only futures commission merchant (FCM) in the United States regulated by the CFTC, providing US customers with access to the global crypto derivatives market, including crypto perpetual contracts and options (connected to platforms such as Deribit, whose Bitcoin options open interest exceeds $31 billion) ; at the same time, Coinbase has also been approved to use customers' crypto assets/stablecoins as margin (with the condition of reuse).
Finally, CME Group (Chicago Mercantile Exchange), a traditional trading platform, is also a direct beneficiary of this policy change. Starting this Friday, Bitcoin futures and options on its Globex platform will trade 24/7 , ending the previous fixed market closure from Friday to Sunday, allowing institutional clients to seamlessly hedge against spot market volatility.
However, this does not mean that trading volume will suddenly surge—although the "CME gap" created by the weekend market closure has closed, market liquidity is still mainly concentrated in ETF options and offshore perpetual contracts; the open interest in IBIT options is significantly higher than that in the CME crypto options market. Currently, large traders' short positions continue to decline, and short-term pressure has eased, but a clear trend of long positions has not yet formed .
The Cautious Stance Behind the US CFTC's Guidance: Commodity Differentiation and the Reinforcement of Authority
Yesterday, in addition to issuing a "No-Action Letter" to the Coinbase platform, the US CFTC specifically emphasized two things:
- Due to their regional characteristics and trading structure, traditional commodity derivatives such as agricultural products may not be suitable for operating completely 24/7.
- Regulated trading platforms, swap execution facilities, derivatives clearing houses and futures brokers must comply with the Commodity Exchange Act (CEA) and related regulatory rules when expanding 24/7 trading, and proactively assess risk management and operational arrangements.
In other words, 24/7 perpetual trading of commodities such as agricultural products is not currently permitted; and any institution wishing to open 24/7 trading of derivatives must communicate with CFTC staff in advance, submit a detailed plan and risk analysis, and the CFTC will review compliance on a case-by-case basis.
Therefore, it is clear that the US CFTC's move is more like a "special case" for crypto assets , opening the door for more crypto platforms to open derivatives sections and further strengthening its regulatory authority over crypto asset derivatives.
Industry insiders commented: overwhelming praise and support.
The regulatory guidance from the US CFTC signifies that crypto derivatives in the US market have truly achieved localized, 24/7 trading. Liquidity from many local users who were previously excluded from the US market is expected to flow back quickly, further increasing the participation and capital efficiency of local institutions, and reducing risk management costs (rollover costs, weekend time gaps) to some extent.
Strategy founder Michael Saylor stated that the CFTC guidelines will promote the development of the Bitcoin capital market, including 24/7 trading, BTC collateral, perpetual futures, options, and regulated access. This will benefit BTC holders, support the development of MSTR, and support the development of STRC as a Bitcoin-backed digital credit mechanism.
Coinbase CEO Brian Amstrong exclaimed , "US users have long been excluded from this 80% global crypto market (including perpetual futures and options). But now things are different!"
Kalshi CEO Tarek Mansour stated , "This marks Kalshi's evolution from a prediction market leader to a next-generation derivatives exchange, where secure and regulated perpetual contracts within the United States will improve capital allocation and risk management for countless American businesses."
It is understandable for the beneficiaries to make such a statement, but some outsiders interpret it as "opening Pandora's box of speculative behavior."
A US non-profit organization argues that the CFTC disregards public interest and investor protection.
Better Markets, a third-party consumer protection organization established after the 2008 financial crisis, issued an official statement saying , "Retail investors are unlikely to fully understand the risks associated with perpetual futures. Last year, we urged the CFTC to require enhanced disclosures that are more easily understood by retail investors. Unfortunately, the CFTC not only failed to require such enhanced disclosures, but also seems to have completely ignored the risks faced by the products it approves."
"This move by the CFTC is unbecoming of a regulatory body. However, given that Coinbase and Kalshi serve as advisors on two of the CFTC's advisory committees, it is not surprising. Clearly, the CFTC's work is not for the public good or to protect investors, but rather for the industries it is supposed to regulate."
The remarks directly implied that the US CFTC may have engaged in improper dealings or some form of internal cooperation with Coinbase and Kalshi.
The US market is poised for a surge in derivatives trading.
Besides the direct beneficiaries mentioned above, US crypto exchage Kraken also announced plans to launch its first CFTC-regulated perpetual futures product in the US market within the next 30 days. Currently, perpetual futures on Kraken Pro are offered by NinjaTrader Clearing, LLC (operating under the name Kraken Derivatives US), a CFTC-registered futures commission broker; related spot margin and perpetual futures products will be offered on Bitnomial Exchange (Odaily: The latter is a CFTC-regulated exchange, recently acquired by Kraken's parent company, Payward) .
Regardless of polarized opinions, the door to the multi-trillion dollar perpetual derivatives market is slowly opening to American users.
