CFTC Approves First Bitcoin Perpetual Futures Contract for U.S. Exchange; KalshiEX to List BTCPERP

The U.S. Commodity Futures Trading Commission on May 29 approved a bitcoin perpetual futures contract submitted by KalshiEX, marking the first formal Commission approval of a perpetual crypto futures product for listing on a CFTC-regulated U.S. exchange. The same day, Hyperliquid’s HYPE token climbed to a fresh record of around $67.24, according to Coinbase, though there is no clear evidence the regulatory move drove the rally.

The approval matters because perpetual futures, often called perps, are one of crypto’s most widely used derivatives products but have largely traded on offshore platforms. Unlike traditional futures, they do not expire. Instead, they usually rely on a funding-rate system — periodic payments between long and short traders — to keep contract prices close to the underlying spot market. Bringing that structure onto a regulated U.S. venue is a notable milestone for the domestic crypto market.

The newly approved contract, listed in the CFTC order as the “BTCPERP Contract,” is cash-settled and references the CF Benchmarks Bitcoin Real Time Index, or BRTI. It will trade around the clock, seven days a week, with a contract unit equal to 1/10,000 of one bitcoin. The order also says the product uses a periodic funding-rate mechanism designed to align the contract with spot bitcoin prices.

The CFTC, the federal agency that regulates U.S. derivatives markets, said it approved the product under Section 5c(c)(4) of the Commodity Exchange Act and Regulation 40.3, its voluntary product-review process for new contracts. In its order, the Commission said the contract complies with the Commodity Exchange Act and the core principles that apply to designated contract markets such as KalshiEX. The agency also released a policy statement on perpetual contracts and an advisory covering 24/7 trading, clearing and settlement.

Kalshi announced the launch the same day and described the product as “the first-ever perpetual futures in America,” though the narrower and more precise milestone is that it is the first formal Commission-approved bitcoin perpetual contract on a CFTC-regulated exchange. “This marks Kalshi’s evolution from prediction market leader to next-gen derivatives exchange. Onshore, safe, and regulated perps will improve capital allocation and risk management for countless American businesses,” Kalshi CEO Tarek Mansour said in the company’s announcement.

In markets, Hyperliquid’s HYPE token also hit a new high around May 29. Coinbase showed a peak of $67.24, while CoinMarketCap listed $67.28, illustrating the small differences that can appear across data providers. The move put a spotlight on continued investor appetite for crypto derivatives-related trading venues even as U.S. regulators move more formally into the category.

That enthusiasm comes with risks. CoinDesk reported that a thinly traded synthetic SpaceX perpetual on Hyperliquid suffered a sharp flash crash around the same period, erasing roughly $1.5 million in notional value in about 30 minutes. The episode was a reminder that while perpetual contracts have become a core crypto trading tool, they can also amplify volatility — making the CFTC’s push to frame how such products trade, clear and settle in U.S. markets especially significant.