Crypto firms prepare to launch US perpetual futures before rule change

Global cryptocurrency exchanges are accelerating efforts to enter the US market for perpetual futures, anticipating a regulatory shift by the US Commodity Futures Trading Commission that could allow trading of the high-risk derivatives product.

Kraken’s parent company said on Friday it is acquiring crypto derivatives platform Bitnomial for up to $550 million.

The deal would give Kraken access to Bitnomial’s perpetual futures offering.

Meanwhile, Coinbase has introduced long-dated futures contracts designed to mimic perpetuals, while Robinhood has said it is exploring offering similar products in the United States.

Perpetual futures, often called “perps,” are contracts without an expiration date.

This allows investors to hold positions indefinitely rather than closing or rolling them over.

They also enable high leverage, sometimes up to 50 times, amplifying both gains and losses.

Risks tied to leverage and retail participation

Reports from Reuters indicate that critics warn that these features make perpetual futures particularly risky, especially for retail investors.

These traders are often drawn to leverage but may not fully understand the mechanics of such contracts.

Even small adverse price movements can trigger significant losses due to the high leverage embedded in these instruments.

Popularity surges amid market volatility

Perpetual futures trading has surged over the past year as investors seek to profit from crypto market volatility.

According to data from CryptoQuant, trading volume in perpetual futures reached $61.7 trillion in 2025, marking a 29% increase from the previous year.

This growth far outpaced spot crypto trading, which rose 9% to $18.6 trillion.

Much of the activity has taken place on offshore platforms such as Hyperliquid, which typically restricts US users.

Regulatory uncertainty and industry push

Currently, perpetual futures operate in a regulatory gray area in the United States.

They are neither explicitly banned nor formally approved.

Under existing rules, exchanges can self-certify new products with the CFTC, but the regulator retains the authority to intervene later.

Bitnomial remains the only US platform offering perpetual futures via self-certification.

Coinbase has also self-certified “perpetual-style” contracts with five-year expirations and leverage of up to 10 times.

However, some firms remain cautious.

“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,” said Johann Kerbrat of Robinhood, as cited in a Reuters report

Concerns over safeguards and investor protection

Investor advocates are urging regulators to impose stricter safeguards.

Better Markets has called for leverage caps and stronger risk disclosures.

Robinhood has already implemented a knowledge test for its European users to ensure they understand the risks before trading perpetual futures, Kerbrat said.

Still, some executives argue that stricter US rules could make domestic offerings less competitive compared to offshore alternatives.

As regulatory clarity approaches, the US crypto derivatives market appears poised for expansion, though concerns over risk and investor protection remain central to the debate.

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