CFTC Perpetual Futures Stocks Approval Enables Trading on Coinbase Derivatives and Kalshi

On November 3, 2026, CFTC Chairman Michael S. Selig stated that perpetual futures contracts on individual equity securities can begin trading on CFTC-registered designated contract markets that are also notice-registered with the SEC. The announcement covers products filed by Coinbase Derivatives and Kalshi, shifting these instruments from offshore venues to regulated U.S. platforms.

CFTC Framework for Equity Perps Under CFMA

The contracts fall under CFTC Regulation 40.3 and qualify as security futures products pursuant to the Commodity Futures Modernization Act of 2000. This structure places them under simultaneous CFTC and SEC jurisdiction, requiring compliance with both the Commodity Exchange Act and federal securities statutes. Selig referenced the March 11, 2026 CFTC-SEC Memorandum of Understanding and the May 29, 2026 approval of Kalshi’s bitcoin perpetual contract as precedents.

The decision emphasizes investor protections through onshore registration rather than reliance on foreign platforms. Cash-settled contracts carry no expiration date, deliver no shares, dividends or voting rights, and rely on periodic funding payments to track underlying prices. Margin requirements proposed in filings start around 15.5 percent, with daily trading windows that include an overnight break for most products.

Critics including Better Markets and SIFMA have highlighted risks tied to leverage and potential market manipulation. The CFTC statement does not address these concerns directly but notes that dual registration and surveillance obligations remain in force. No specific underlying stocks or exact launch dates appear in the official release.

Exchange Filings and Contract Specifications

Kalshi submitted proposals around September 18, 2026 for up to 58 cash-settled perpetual contracts on large-cap names and ETFs such as Apple, Microsoft, Tesla and Nvidia. Several contracts, including AAPLPERP and TSLAPERP, appear as approved in the CFTC database as of November 2, 2026. Proposed schedules run from Sunday evening to Friday afternoon Eastern Time, with hourly or daily funding resets.

Coinbase Derivatives filed similar September 2026 submissions covering roughly 50 to 60 single-stock and ETF perps. Its terms include 24/5 trading hours and hourly funding capped at 0.10 percent. Payward’s Bitnomial and Nadex also filed equity-perp proposals during the same period. Kalshi has stated that approved contracts could launch within days of the November 3 announcement.

All listed products require exchanges to maintain both CFTC designation and SEC notice registration. Filings remain pending for some proposed contracts, and exchanges must publish final terms before trading begins. The CFTC has not named any specific underlying equities in its statement.

Background and Expected Next Steps

The move extends the CFTC’s prior approvals of crypto perpetual futures and follows litigation by CME Group over the applicable regulatory framework. Regulators aim to provide domestic alternatives that incorporate existing surveillance and reporting requirements. Market participants have monitored filings since September, anticipating first listings shortly after the chairman’s statement.

Exchanges are now expected to release detailed product specifications and launch schedules. Trading access will depend on each platform’s compliance with dual registration rules and customer margin policies. Additional contract approvals and potential adjustments to margin or funding parameters may follow in the coming weeks.