CFTC plans rules for crypto perpetual futures

TLDR

The CFTC is preparing formal rules to allow regulated crypto perpetual futures on US venues within weeks, which could shift a huge share of leveraged trading back onshore.

1. CFTC Chair Michael Selig says the agency will create a framework for true perpetual futures in the US within the next month or so.
2. Perpetual futures currently dominate global crypto derivatives volume but are mostly offshore; onshoring aims to recapture liquidity while adding leverage and investor?protection limits.
3. The key unknowns are which US exchanges get approvals first, how strict leverage and collateral rules are, and how DeFi perpetuals are treated.

Deep Dive

1. What The CFTC Is Proposing

CFTC Chair Michael Selig told a Milken Institute panel that the agency will establish a framework for crypto perpetual futures in the US within the next month or so, targeting true perpetual futures rather than workarounds like long dated futures that mimic perps without funding rates. Cointelegraph and Bloomberg both report this timing.

This is part of Project Crypto, a joint CFTC SEC initiative that also covers DeFi guidance, prediction markets and tokenized collateral frameworks, aiming to modernize derivatives rules and define when on chain systems fall under CFTC jurisdiction. Crypto.news and The Defiant highlight that an advanced notice of proposed rulemaking is planned, followed by fuller rulemaking.

2. Why Perpetuals Matter So Much

Perpetual futures (perps) are futures contracts with no expiry that use periodic funding payments to keep prices aligned with spot; they are the main tool for leveraged crypto trading and hedging. According to Finance Magnates, the top ten perp venues processed about 92.9 trillion dollars of volume in 2025, and perps make up over 90 percent of global crypto derivatives volume, as noted by Decrypt.

US platforms today mostly offer expiring futures or perp style contracts with different mechanics, while most true perp liquidity sits on offshore or on chain venues. Selig has explicitly framed the new framework as an attempt to bring that liquidity back onshore and put it under standardized margin, clearing and conduct rules. CryptoSlate estimates that US regulated BTC perps currently represent only a tiny fraction of global perp flows.

3. What To Watch Next

1. Rule details: leverage caps, eligible collateral (cash, Treasuries, tokenized assets) and margin models will determine how attractive US perps are compared with high leverage offshore platforms.
2. Venue winners: CFTC registered venues such as CME and large US exchanges that already have derivatives licenses are best placed to list early products and attract institutional open interest.
3. DeFi and offshore impact: initial rules likely focus on centralized, registered venues; onchain perp protocols and offshore exchanges may face competitive pressure if institutions migrate to clearer, supervised products.

There is also a regulatory divergence angle. While the US moves toward bringing perps onshore, European regulators are signaling they may treat crypto perps more like tightly capped CFDs, as flagged in the Finance Magnates analysis.

Conclusion

The CFTCs move to define true crypto perpetual futures on US soil is a structural market?structure shift rather than a simple product launch. If the framework lands with reasonable leverage and collateral rules, a growing share of perp volume could migrate from offshore venues into CFTC supervised markets, deepening regulated liquidity but also tightening risk controls for US traders and institutions.