Perpetual futures differ from traditional futures because they have no expiry date, allowing traders to hold positions indefinitely without rolling over contracts

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The Commodity Futures Trading Commission approved Kalshi's Bitcoin BTCPERP contract on May 29, 2026, marking the first approval of perpetual futures on a regulated U.S. exchange

Perpetual futures rely on periodic funding payments between long and short traders to keep contract prices aligned with spot market prices, alongside margin requirements that trigger automatic liquidation if thresholds are breached

The Commodity Futures Trading Commission cleared perpetual futures contracts earlier in 2026 for both Coinbase and Kalshi, allowing Webull to plug into Kalshi's approved venue without seeking its own regulatory approval

Webull announced on October 20, 2026, that it will launch Bitcoin and selected crypto perpetual futures to eligible U.S. customers in November 2026

On September 25, 2026, the U.S. Court of Appeals for the Sixth Circuit ruled in KalshiEx LLC v. Schuler that sports event contracts are not swaps under federal law and that the Commodity Exchange Act does not preempt Ohio sports gaming laws

On October 9, 2026, the CFTC issued an interim final rule excluding casino-style gambling from the federal definition of swap while publishing a proposed rule explicitly incorporating event contracts

Commodity Futures Trading Commission staff permitted Coinbase to route U.S. clients to perpetual futures listed on Coinbase's offshore affiliate Deribit

Webull plans to make crypto perpetual futures available to its broader base of over 6 million clients and expand its product menu beyond cryptocurrency subject to regulatory review

Polymarket US argues in its complaint that the CFTC's October 9, 2026 regulatory actions—an interim final rule and a proposed rule—altered the legal landscape established by the Sixth Circuit's September 25 ruling against Kalshi

Global perpetual futures volume topped $90 trillion in 2025, according to statements by Webull US CEO Anthony Denier

Polymarket US asserts that the Commodity Exchange Act grants the CFTC exclusive regulatory jurisdiction over event contracts listed on federally designated exchanges

CME filed a lawsuit against the CFTC on June 18, 2026, arguing that perpetual contracts without expiry dates must legally be classified as swaps rather than futures

The Commodity Futures Trading Commission responded in court on October 16, 2026, asking to reject CME's lawsuit filed on June 18, on the grounds that CME failed to demonstrate imminent competitive harm

CoinGecko estimated global centralized crypto perpetual trading volume at $85.3 trillion in 2025, while perpetual open interest grew 40.6% to over $100 billion in Q3 2026

The Commodity Futures Trading Commission argued, in its October 16, 2026 filing, that CME Group lacks legal standing because it failed to plausibly allege actual or imminent financial injury from competitor perpetual futures

Commodity Futures Trading Commission Commissioner Michael Selig dismissed CME Group's objections to the CFTC's approval of Kalshi's Bitcoin perpetual futures contract, describing them as predictable resistance from an incumbent market participant

TD Cowen policy analyst Jaret Seiberg stated in an October 19, 2026 note that CME Group may maintain a legal advantage regarding competitor standing and CME Group's swap classification argument

CME Group reported a record average daily cryptocurrency trading volume of 174,000 contracts worth $8.6 billion in notional value for September 2026.

TD Cowen analyst Jaret Seiberg warned that continued growth in the perpetual futures market during ongoing litigation could complicate unwinding the market if CME Group prevails.

The Commodity Futures Trading Commission argued that CME Group Chairman Terence Duffy told investors on a July 22, 2026 earnings call that CME Group clients had no demand for perpetual futures.