Key Takeaways
- • The CFTC has cleared perpetual futures tied to individual stocks ("equity perps") to trade on registered U.S. exchanges for the first time, according to CFTC Chairman Michael Selig's statement 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.
- • Selig said the move gives American traders a regulated alternative to "offshore, and often unregulated, venues."
- • Perps recorded over $630 billion in trading volume in the past month, per DeFiLlama data, underscoring the scale of demand for crypto-style leveraged trading.
- • 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 model.
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, according to CFTC Chairman Michael Selig, who announced the decision on Tuesday. 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. The two agencies also agreed to coordinate more closely on products that cross their jurisdictions. Stock-based derivatives have historically faced regulatory hurdles because they fall under both securities and commodities laws. The new contracts rely on a framework established by the Commodity Futures Modernization Act of 2000, which provides for joint SEC and CFTC oversight.
Perpetual futures allow traders to bet on an asset's price without owning it. Unlike traditional futures, they have no expiration date and often use leverage, which can amplify both gains and losses. 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 advances the Trump administration's stated priority of bringing perpetual futures markets under U.S. oversight. Earlier this year, the CFTC approved the first bitcoin perpetual futures contract on a regulated U.S. exchange. In August, President Donald Trump said at a White House meeting that the CFTC was working to bring Hyperliquid into the U.S. under federal rules. Wall Street has also taken notice of onchain perps: Intercontinental Exchange, the NYSE's parent company, recently invested in tradeXYZ, a builder of perpetual futures markets on Hyperliquid.
Selig's statement did not identify which exchanges would offer equity perps or which stocks would be available at launch.
Perpetual futures allow traders to bet on an asset's price without owning it. Unlike traditional futures, they have no expiration date and often use leverage, which can amplify both gains and losses. 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 advances the Trump administration's stated priority of bringing perpetual futures markets under U.S. oversight. Earlier this year, the CFTC approved the first bitcoin perpetual futures contract on a regulated U.S. exchange. In August, President Donald Trump said at a White House meeting that the CFTC was working to bring Hyperliquid into the U.S. under federal rules. Wall Street has also taken notice of onchain perps: Intercontinental Exchange, the NYSE's parent company, recently invested in tradeXYZ, a builder of perpetual futures markets on Hyperliquid.
Selig's statement did not identify which exchanges would offer equity perps or which stocks would be available at launch.
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