CFTC Approves Perpetual Futures for US Exchanges Tied to Security Indexes

The Commodity Futures Trading Commission (CFTC) has granted conditional no-action relief to U.S. exchanges, allowing them to offer certain futures contracts without expiration dates. This decision, announced on Oct. 5, follows the agency's Oct. 3 approval, which enables the development of perpetual-style products tied to security indexes. The move aligns with the growing demand for perpetual futures, commonly used in crypto and global derivatives markets.

The relief was prompted by a request from Coinbase Derivatives on Oct. 1 to waive the standard 10-business-day waiting period. Other designated contract markets can also apply for the relief if they meet the CFTC’s conditions. Exchanges must consult traders with open positions and provide at least five days’ notice before removing an expiration date. Traders must be allowed to close their contracts under the existing terms, and exchanges must disclose the risks of the change.

This decision builds on a CFTC order in May that covered perpetual futures tied to bitcoin and other digital commodities. While the latest relief applies to broad security indexes, other assets still require agency review. The relief expires on Oct. 20, 2026, and the CFTC continues to seek public input on leveraged crypto trading by retail investors. The move follows KalshiEX's approval on Oct. 2 to offer perpetual futures based on broad security indexes.