Global cryptocurrency platforms are actively aligning to offer perpetual futures on U.S. soil as regulators signal they will soon clarify the instruments' legal status. Industry activity has picked up sharply, with strategic acquisitions and product launches reflecting an effort to capture demand for these high-leverage derivatives should the Commodity Futures Trading Commission formally permit their trading.
Kraken's parent company disclosed a deal to acquire Bitnomial, a crypto derivatives specialist, for up to $550 million. The purchase gives Kraken access to Bitnomial's perpetual futures capability, a format commonly used offshore but not yet widely available to U.S. retail traders on domestic venues. Coinbase has introduced long-dated futures contracts engineered to resemble perpetuals, while Robinhood has said it is exploring the feasibility of offering similar products in the United States.
What perpetual futures are
Perpetual futures - often abbreviated as "perps" - are futures contracts that do not carry a fixed expiration date. Traders can hold positions indefinitely instead of closing or rolling contracts at set intervals. These instruments also typically allow traders to use substantial leverage, sometimes up to 50 times, which magnifies gains and losses.
"You don’t have to think about where the market is, and [losses] could just compound and compound," said Ben Schiffrin, a director at Better Markets, a Washington-based advocacy group. "That makes it that much more risky for retail investors."
Critics emphasize that the combination of open-ended duration and large leverage can expose retail investors - who are often drawn to leveraged trading but may lack a full understanding of the mechanics - to rapid and severe losses from relatively small price moves.
Regulatory backdrop and industry response
The regulatory environment for perps in the United States currently sits in a gray area: they are neither explicitly approved nor categorically banned. Under existing rules, exchanges regulated by the CFTC can use a process called self-certification to assert that a new product complies with agency rules. If the CFTC does not object within a specified timeframe, the product may launch, though the regulator retains authority to act against a product later.
Bitnomial is currently the only U.S. platform offering perpetual futures via self-certification. Coinbase last year used self-certification to list "perpetual-style" futures that carry five-year expirations and offer leverage up to 10 times.
At a recent industry conference, Michael Selig, the CFTC chair appointed under the current U.S. administration, said the agency plans to permit trading in perpetual crypto futures in the "near future." An agency spokesperson added that Selig "looks forward to delivering clarity concerning the regulatory status of all types of innovative crypto products."
Regulatory engagement has been active. Rebecca Rettig, chief legal and operating officer at Jito Labs, which monitors the developments, said the CFTC has been "extremely engaged" with industry participants as it evaluates how perps and other crypto instruments fit within existing regulatory frameworks.
Market growth and venues
Interest in perpetual futures has expanded markedly. Trading volumes for perps reached $61.7 trillion in 2025, up 29% from 2024, according to data from market data provider CryptoQuant. By comparison, spot crypto trading totaled $18.6 trillion in 2025, up 9% from 2024, illustrating that derivatives activity - particularly in perpetuals - has outpaced spot market growth.
A sizable portion of that activity has flowed through offshore platforms. Hyperliquid, a blockchain-based exchange founded in 2022, has emerged as a prominent venue for the products and typically seeks to restrict U.S. customers. Hyperliquid did not respond to a request for comment. Industry participants have also noted growth in decentralized finance venues: Matthew Fisher, chief executive of Katana, said the instrument "definitely has picked up a ton" over the past year. Katana acquired the exchange IDEX in March with plans to launch perpetual futures there.
Industry positions on self-certification and product design
Some firms and executives favor full regulatory clarification rather than relying on self-certification. Johann Kerbrat, general manager of crypto at Robinhood, argued for a more formal regulatory process before launching U.S. perpetuals that can compete with products on other markets. Robinhood already offers perpetual futures to customers in Europe, and its website states it is working to make such products available to all U.S. customers soon.
Coinbase's U.S. futures head, Boris Ilyevsky, said he expects continued growth in the retail market for perps. He noted that Coinbase handles millions of perpetual-style trades each day, representing billions of dollars in notional value.
Other platforms have signaled interest without committing to concrete plans. In December, crypto exchange Gemini said it was exploring expanding its U.S. derivatives offerings to include perpetual contracts, but declined to comment on specific plans.
Kraken did not immediately respond to a request for comment about the Bitnomial deal. Luke Hoersten, founder and CEO of Bitnomial, said the acquisition will give "U.S. customers access to the global standard in crypto derivatives, on their home turf." On Bitnomial’s website, the company warns that trading in futures "involves substantial risks."
Debate around investor protections and leverage limits
The prospect of domestic perpetuals has sparked calls from investor advocates for strict safeguards. Better Markets has urged the CFTC to impose tight leverage caps and require robust risk disclosures before permitting retail access to perpetual futures. Robinhood's European offering carries a requirement that customers pass a knowledge test to demonstrate understanding of the risks.
At the same time, some industry executives warn that imposing low leverage limits could drive traders to offshore venues that continue to offer more permissive terms. That trade-off - between protecting retail investors and keeping trading onshore - is a central tension in the debate over how to regulate perpetuals.
"I would prefer... that we just do the work at the regulatory level and offer a proper perpetual product that is able to compete with what you have ... on other markets," Johann Kerbrat said, explaining his preference for formal regulation over reliance on self-certification.
Ryan Rasmussen, head of research at Bitwise Asset Management, said investors often opt for greater risk when given the choice. "I think we’re going to see more and more investors start taking risks with perpetuals that they perhaps wouldn’t have taken with traditional futures," he said, while also noting that the market is likely to develop mechanisms to mitigate some risks.
Where this leaves markets and consumers
The combination of regulatory signals and industry positioning suggests that perpetual futures could move onshore in the United States in the near term, accompanied by differing approaches to leverage, disclosures and customer protections. If the CFTC formalizes rules that permit perps, domestic exchanges and brokerages will face decisions about product design, risk controls, and how to balance competitiveness with investor safety.
For retail investors and market participants, the main variables to watch are the final contours of any CFTC guidance, how platforms choose to implement leverage and education requirements, and whether U.S.-regulated offerings can retain market share against offshore alternatives that currently dominate perp liquidity.
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