Perpetual Futures Cross into US Market, CME Sues Over Controversial Regs
Perpetual futures, a type of financial product that's responsible for most of the crypto leverage in the world, has crossed into the US market. Coinbase began offering US perpetual-style futures on its CFTC-regulated derivatives exchange, starting with nano Bitcoin and Ethereum contracts.
These contracts track spot prices, carry embedded leverage, and trade around the clock. They're also bringing the entire machinery that essentially set offshore price discovery for years.
The US market is now importing funding payments, continuous leverage, and automatic liquidations across several exchanges, each one built to different specifications.
CME sued the CFTC and Chairman Michael Selig in the District of Columbia, asking a judge to vacate the Kalshi order and the policy statement that came with it. The outcome of this legal fight will shape how far perpetual futures can actually spread in the US market.