Key Takeaways
- What changed: CFTC Chairman Mike Selig said on Nov. 3, 2026, that equity perpetual futures can trade for the first time on U.S. exchanges registered with both the CFTC and the SEC.
- Who filed: Kalshi, Coinbase Derivatives and Bitnomial filed perpetual futures rules on Sept. 18, and Kalshi's filing covers up to 58 contracts.
- The challenge: The Capital Markets Alliance, whose members include Cboe and Citadel Securities, sued the CFTC the same day in federal court in New York.
CFTC Chairman Mike Selig said on Nov. 3, 2026, that equity perpetual futures can begin trading for the first time on U.S. exchanges registered with both the Commodity Futures Trading Commission and the Securities and Exchange Commission. The same day, a group backed by Cboe and Citadel Securities sued the CFTC to stop them.
What the CFTC's Equity Perpetual Futures Statement Allows
A perpetual future has no expiration date and stays close to the price of the asset it tracks through regular funding payments between traders. Under the CFTC's release, perpetual futures on individual equity securities may trade on designated contract markets that are also registered with the SEC as notice-registered national securities exchanges for security futures. Selig said the products build on the Commodity Futures Modernization Act of 2000 and a memorandum of understanding between the CFTC and the SEC.
"I believe that bringing these types of innovative products into our regulated markets ensures that American investors and traders can access these products within the protections of the CFTC's proven regulatory framework, rather than being forced to turn to offshore, and often unregulated, venues," Selig said. His announcement did not name exchanges, stock tickers or launch dates, DeFi Rate reports.
Kalshi, Coinbase and Bitnomial Filed Stock Perps Rules on Sept. 18
Kalshi, Coinbase Derivatives and Bitnomial, which Bankless links to Kraken's parent company, Payward, filed perpetual futures rules on Sept. 18, Bankless reports. Kalshi's filing covers up to 58 contracts on large companies including Apple, Nvidia and Tesla, and Bitnomial's starter list has ten names. Kalshi, which announced a $1 billion Series G last week, plans to offer them in the coming days, DeFi Rate reports.
The filed contracts trade from Sunday evening to Friday afternoon Eastern time, with margin floors around 15%, or roughly 6.5 times leverage, Bankless reports. The change does not open Hyperliquid's existing stock perps to Americans. By WYDE's count, the CFTC acted 46 days after the Sept. 18 filings. Related: ICE's plan to bring Hyperliquid-based perps onshore.
Cboe- and Citadel-Backed Group Sues to Stop Stock Perps
The Capital Markets Alliance filed a lawsuit against the CFTC on Nov. 3 in the U.S. District Court for the Southern District of New York, CoinDesk reports. It argues that the products are security-based swaps that belong under the SEC, and that the CFTC violated the Administrative Procedure Act by not explaining its policy or why it contradicts an earlier agency stance. A spokesman told CoinDesk the group's members include Cboe, Citadel Securities and the Healthy Markets Association.
"The hasty roll out of financial products that circumvent well established regulatory frameworks erodes investor protection and undermines the integrity and resiliency of the American financial system," Adam Ford, secretary of the Capital Markets Alliance, said, according to Crypto Briefing. "It is troubling that an anonymous group is seeking to use litigation to interfere with CFTC regulated markets," a CFTC spokesman said in an email to CoinDesk.
Why the Stock Perps Lawsuit Repeats the Crypto Perps Fight
The stock perps follow the path the CFTC opened about five months earlier for bitcoin perpetual futures, and both drew lawsuits from or backed by established exchanges. CME Group sued over the crypto version, arguing that contracts with no end date are really swaps, CoinDesk reports. The new case asks a federal court whether single-stock perpetuals are security futures, which the CFTC and the SEC oversee together, or security-based swaps, which belong to the SEC. The American Securities Association argues that labeling them security futures sidesteps a congressional ban on selling security-based swaps to retail investors.
People Also Ask
What are equity perpetual futures?
Equity perpetual futures are futures contracts on individual stocks that have no expiration date. CFTC Chairman Mike Selig said on Nov. 3, 2026, that equity perpetual futures can trade for the first time on U.S. exchanges registered with both the CFTC and the SEC.
Which exchanges plan to offer equity perpetual futures?
Kalshi, Coinbase Derivatives and Bitnomial filed equity perpetual futures rules on Sept. 18, Bankless reports, and Kalshi's filing covers up to 58 contracts. None had posted a launch date as of Nov. 3, 2026.
Who is suing the CFTC over stock perps?
The Capital Markets Alliance, whose members include Cboe, Citadel Securities and the Healthy Markets Association, sued the CFTC on Nov. 3 in the U.S. District Court for the Southern District of New York, CoinDesk reports. The Capital Markets Alliance argues equity perpetual futures are security-based swaps that belong under the SEC.
Sources: CFTC, Bankless, CoinDesk, DeFi Rate, Crypto Briefing.