CFTC approves perpetual futures on individual US stocks for first time

On November 3, 2026, Commodity Futures Trading Commission Chairman Michael S. Selig approved perpetual futures on individual U.S. stocks under dual CFTC-SEC oversight. Venues including Kalshi, Coinbase, and Bitnomial have filed for 58 single-stock contracts offering up to 6.5x leverage. While regulators argue onshoring perps protects investors from offshore risks, CME Group, SIFMA, and Better Markets raise legal and risk concerns.

CFTC approval of equity perpetual futures

• ▪CFTC Chairman Michael S. Selig announced that perpetual futures on individual U.S. stocks can begin trading on U.S.-regulated exchanges
• ▪Commodity Futures Trading Commission Chairman Michael S. Selig stated on November 3, 2026, that bringing equity perpetual futures into regulated U.S. markets prevents American traders from turning to unregulated offshore exchanges

Exchange listings and product filings

• ▪Exchange Kalshi's September 18, 2026 regulatory filing includes 58 equity perpetual futures contracts covering 55 stocks, including Apple, Tesla, Nvidia, and Microsoft, along with two index funds tracking the S&P 500 and Nasdaq-100
• ▪Exchanges Kalshi, Coinbase Derivatives, and Bitnomial submitted rule filings on September 18, 2026, to list equity perpetual futures, but the Commodity Futures Trading Commission's November 3, 2026 statement set no official launch date
• ▪Exchange Bitnomial filed a starter list of ten equity perpetual futures contracts, while Coinbase Vice Chairman Ryan VanGrack confirmed Coinbase is preparing equity perps for U.S. customers

Mechanics and terms of equity perps

• ▪The equity perpetual futures filed by Coinbase Derivatives on September 18, 2026 feature funding payments of up to 0.10% per hour paid by buyers to sellers when the contract trades above the underlying stock price
• ▪Under Kalshi's September 18, 2026 regulatory filing, traders can hold equity perpetual futures by posting a 15.5% margin, allowing approximately 6.5x leverage, with trading operating from Sunday evening through Friday afternoon Eastern Time
• ▪Equity perpetual futures provide traders with price exposure only, conferring no underlying shares, dividend payouts, or corporate voting rights, according to advocacy group Better Markets
• ▪Perpetual futures contracts have no fixed expiration date and rely on periodic funding payments between long and short positions to keep the derivative price tied to the underlying spot market price

Industry opposition and public criticism

• ▪CME Group filed a lawsuit against the Commodity Futures Trading Commission in June 2026, challenging the CFTC's approval of crypto perpetual futures contracts on the grounds that contracts with funding payments are swaps under Dodd-Frank
• ▪Financial industry group SIFMA asked regulators on November 2, 2026, to pause the rollout of equity perpetual futures to allow public comment, while advocacy group Better Markets characterized the instruments as gambling tools in disguise

Regulatory structure for security futures

• ▪Equity perpetual futures are classified as security futures products, requiring exchanges to hold a Commodity Futures Trading Commission contract market registration and a notice registration with the Securities and Exchange Commission
• ▪The Commodity Futures Trading Commission and Securities and Exchange Commission rely on the Commodity Futures Modernization Act of 2000 and a March 11 Memorandum of Understanding to coordinate oversight of security futures products