The State of Perpetual Futures in the U.S.

Research evidence excerpt

The State of Perpetual Futures in the U.S.

Crypto & Blockchain

EQUITY RESEARCH Industry Report

June 18, 2026

Companies mentioned

Ticker Price Rating Target On May 29, 2026, the CFTC moved to bring perpetual futures— historically an entirely

HYPD 3.53 Overweight 4.00

offshore product—onshore for the first time, approving Kalshi's Bitcoin perpetual PURR 9.81 Overweight 8.00

contract and clearing a path for Coinbase (COIN, OW, Covered by R. El Assal) to Prices are as of 06/17/26.

route U.S. clients to global perps liquidity. On June 17, CME CEO Terrence Duffy

Research Analysts: announced the exchange will sue the CFTC, arguing that perpetual futures should be

Gareth Gacetta

legally classified as swaps rather than futures and that the agency short-circuited its 212-915-1251

Gareth.Gacetta@cantor.com review process. The net effect is a genuine possibility for onshore perpetual futures,

Nathan Frankovitz introducing fresh legal uncertainty and placing a brighter competitive and regulatory

929-706-2050 spotlight on Hyperliquid, the dominant offshore perpetual futures venue.

Nathan.Frankovitz@cantor.com

Brett Knoblauch, CFA In a coordinated set of actions on May 29, the CFTC approved KalshiEX's Bitcoin

212-610-2221 perpetual futures contract (BTCPERP), issued a policy statement on how other Brett.Knoblauch@cantor.com

exchanges may list perpetuals, published staff guidance on 24/7 trading and

clearing, and granted Coinbase Financial Markets a no-action position treating Deribit

perpetuals as foreign futures. With this announcement, Coinbase became the first

US-registered futures commission merchant cleared to offer global crypto perps and

plans to launch its own U.S. product in July of this year. CFTC Chair Selig has signaled