By Vicky Ge Huang

The Commodity Futures Trading Commission has approved the listing of a bitcoin perpetual futures contract at Kalshi, while allowing Coinbase's U.S. customers to access its global perpetuals through an affiliate.

Perpetual futures are a type of highly-speculative derivative that never expires and allows traders to use massive leverage to amplify gains or be exposed to big losses.

Coinbase, the largest crypto exchange in the U.S., said domestic customers can soon trade crypto perpetual futures listed on Deribit, the crypto options exchange it bought last year, through an affiliate. Coinbase shares rose 5% on Friday.

Kalshi, a prediction markets platform, has secured approval to list its first bitcoin perpetual futures contract. The company said it aims to launch perpetuals linked to more than a dozen cryptocurrencies pending regulatory reviews.

Perpetual futures gained mainstream attention earlier this year when traders on the decentralized exchange Hyperliquid took advantage of their 24/7 availability to bet on oil prices during the weekends, when traditional markets were closed.

The approval for Coinbase and Kalshi is specifically tied to cryptocurrencies, not traditional assets. Hyperliquid is not accessible to U.S. residents.

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May 29, 2026 12:13 ET (16:13 GMT)

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