CFTC Approves KalshiEX Bitcoin Perpetual Futures, While Coinbase Opens Global Crypto Derivatives

The U.S. Commodity Futures Trading Commission approved KalshiEX, LLC’s BTCPERP contract, clearing the first bitcoin perpetual futures contract on a registered U.S. exchange.

“The Change The Division of Clearing and Risk, Division of Market Oversight and Market Participants Division issued a staff advisory addressing risks tied to 24/7 derivatives trading and clearing, The Block reported”

Benzinga

In a related action, the CFTC issued guidance that allowed Coinbase Financial Markets to connect U.S. clients to global options and perps, with the launch described as a regulated route for U.S. institutions to trade global crypto derivatives through its futures commission merchant.

Benzinga

Coinbase said on May 29 that Coinbase Financial Markets now gives eligible U.S. clients access to crypto derivatives markets, starting with Deribit options, and institutional clients can begin onboarding immediately.

Coinbase’s rollout is framed as a first U.S.-regulated futures commission merchant to offer access to global crypto derivatives, including perpetual futures and options, while retail access is planned for a later stage.

CFTC Chairman Mike Selig called the move a "major step forward" in adopting policies to boost the U.S. crypto space, and he said the agency took "historic action" to permit the listing of a true bitcoin perpetual contract.

Coinbase said crypto derivatives account for about 80% of global crypto trading volume, and it cited Deribit data showing more than $31 billion in bitcoin options open interest as of May 28.

Bitcoin Magazine

The CFTC staff positions described in the Coinbase-related letter said certain crypto asset perpetual contracts may qualify as foreign futures under Commission Regulation 30.1, and staff also issued a no-action position covering certain transfers of customer-owned digital commodities and payment stablecoins to a foreign broker-affiliate for margin purposes.

Coinbase said the first phase will focus on Deribit options, with crypto perpetual futures, more collateral options, and other derivatives products expected later, and it described the access as a way for U.S. institutions to reach markets that have long been active offshore.

The CFTC’s actions are presented as opening an onshore path for a product long pushed abroad, with the approval introducing a regulated alternative to offshore venues that have dominated perpetual futures volume.

The Defiant reported that Hyperliquid welcomed the decision but pressed for a framework that reaches beyond centralized firms, saying the agency’s actions should be workable "not only for centralized intermediaries, but for the onchain protocols where the most significant perpetuals activity actually occurs."

The Defiant also said the policy statement ties the next approvals to how the agency will review contracts referencing other assets, and it described Hyperliquid as the largest perpetual futures DEX led onchain by Hyperliquid.

Coinbase’s institutional push is also linked to fiat funding rails through its partnership with Standard Chartered, with the integration adding funding rails for AUD, SGD, CAD, and CHF and GSIB-backed settlement for EUR and GBP via Coinbase Prime and Coinbase Exchange.