Cryptocurrency exchange Coinbase and prediction market platform Kalshi announced on Friday, May 29, 2026, that they are introducing regulated perpetual crypto futures contracts for US retail investors. The launch marks the first time these popular derivatives will be available to domestic traders through regulated US exchanges.
Historically, US regulators restricted retail access to perpetual futures due to concerns over leverage and market volatility. This restriction forced domestic traders to use offshore, unregulated platforms. By offering these contracts under Commodity Futures Trading Commission oversight, Coinbase and Kalshi aim to capture a massive segment of the domestic trading market.
Perpetual futures, or "perps," differ from traditional futures because they do not have an expiration date. Traders can hold their positions indefinitely, which simplifies long-term trading strategies. A funding rate mechanism keeps the contract price closely aligned with the underlying spot market price.
The partnership represents a major milestone for the US digital asset industry. For years, domestic firms have lobbied regulators to allow onshore perpetual trading. The absence of a regulated domestic market has driven billions of dollars in daily trading volume to offshore entities.
Coinbase Financial Markets will facilitate the trading of these new contracts. The subsidiary secured approval from the National Futures Association in 2023 to operate as a Futures Commission Merchant. This regulatory status allows Coinbase to offer futures directly to eligible US retail customers.
Kalshi will also offer perpetual-style contracts on its platform. Known primarily for its regulated event contracts, Kalshi has expanded its financial product suite to include digital asset derivatives. Both platforms will clear transactions through regulated clearinghouses, providing a level of security that offshore platforms lack.
The Commodity Futures Trading Commission (CFTC) has historically maintained strict rules regarding retail leverage. Regulators have expressed concern that high leverage can lead to rapid, cascading liquidations during market downturns. Coinbase and Kalshi designed their offerings to comply with these consumer protection standards.
US regulators are already facing growing pressure to establish clear digital asset frameworks. The approval of spot Bitcoin and Ethereum exchange-traded funds has accelerated this trend. Institutional and retail demand for sophisticated trading instruments has reached unprecedented levels.
Offshore exchanges like Binance and Bybit currently dominate the global perpetual futures market. These platforms process tens of billions of dollars in daily volume. Bringing even a fraction of this trading activity to US regulated exchanges could dramatically shift global crypto market dynamics.
Global market trends suggest that regulated derivatives will attract conservative capital. Institutional investors who were previously barred from using offshore platforms can now participate. This influx of capital could stabilize spot market prices and reduce overall volatility.
The launch also intensifies competition among domestic exchanges. Other US-regulated platforms may feel pressured to introduce similar perpetual products to retain users. As the regulatory environment continues to mature, the distinction between traditional finance and digital asset markets continues to blur.
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