Key Takeaways
- • The CFTC has cleared perpetual futures tied to individual stocks, known as equity perps, to trade on registered U.S. exchanges for the first time, according to Chairman Michael Selig, who announced the move on Tuesday, November 3, 2026.
- • The contracts were deemed approved under existing security futures rules and will be overseen jointly by the CFTC and the SEC, under a framework established by the Commodity Futures Modernization Act of 2000.
- • Selig said the move offers U.S. traders a regulated alternative to "offshore, and often unregulated, venues," advancing Washington's push to bring crypto-style trading onshore.
- • Perpetual futures recorded over $630 billion in trading volume over the past month, per DeFiLlama data, with Hyperliquid emerging as a leading decentralized venue.
- • Intercontinental Exchange (ICE), parent of the NYSE, recently invested in tradeXYZ, a builder of perpetual futures markets on Hyperliquid, signaling Wall Street interest in the segment.
Summary
The Commodity Futures Trading Commission has cleared the way for perpetual futures tied to individual stocks to trade on regulated U.S. exchanges for the first time, extending the Trump administration's effort to bring crypto-style trading products under domestic oversight. CFTC Chairman Michael Selig said the contracts, known as equity perps, were deemed approved under existing security futures rules and will be subject to oversight by both the CFTC and the Securities and Exchange Commission.
Selig said in the statement that bringing these products into regulated markets ensures American investors and traders can access them "within the protections of the CFTC's proven regulatory framework, rather than being forced to turn to offshore, and often unregulated, venues." Perpetual futures, which have no expiration date and often use leverage, allow traders to bet on an asset's price without owning it. The products have become a staple of crypto trading, particularly on offshore exchanges and decentralized platforms such as Hyperliquid. Perps recorded over $630 billion in trading volume over the past month, according to DeFiLlama data.
The move builds on prior regulatory steps. Earlier this year, the CFTC approved the first bitcoin perpetual futures contract on a regulated U.S. exchange. President Donald Trump said in August at a White House meeting that the CFTC was working to bring Hyperliquid into the U.S. under federal rules. Wall Street is also paying attention: Intercontinental Exchange, the NYSE's parent company, recently invested in tradeXYZ, a builder of perpetual futures markets on Hyperliquid.
Equity perps have faced regulatory hurdles because stock-based derivatives fall under both securities and commodities laws. The new contracts rely on the Commodity Futures Modernization Act of 2000, which provides for joint SEC and CFTC oversight, and the two agencies have agreed to coordinate more closely on products crossing their jurisdictions. Selig's statement did not identify which exchanges will offer equity perps or which stocks will be available at launch.
Selig said in the statement that bringing these products into regulated markets ensures American investors and traders can access them "within the protections of the CFTC's proven regulatory framework, rather than being forced to turn to offshore, and often unregulated, venues." Perpetual futures, which have no expiration date and often use leverage, allow traders to bet on an asset's price without owning it. The products have become a staple of crypto trading, particularly on offshore exchanges and decentralized platforms such as Hyperliquid. Perps recorded over $630 billion in trading volume over the past month, according to DeFiLlama data.
The move builds on prior regulatory steps. Earlier this year, the CFTC approved the first bitcoin perpetual futures contract on a regulated U.S. exchange. President Donald Trump said in August at a White House meeting that the CFTC was working to bring Hyperliquid into the U.S. under federal rules. Wall Street is also paying attention: Intercontinental Exchange, the NYSE's parent company, recently invested in tradeXYZ, a builder of perpetual futures markets on Hyperliquid.
Equity perps have faced regulatory hurdles because stock-based derivatives fall under both securities and commodities laws. The new contracts rely on the Commodity Futures Modernization Act of 2000, which provides for joint SEC and CFTC oversight, and the two agencies have agreed to coordinate more closely on products crossing their jurisdictions. Selig's statement did not identify which exchanges will offer equity perps or which stocks will be available at launch.
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