Perpetual futures have become a popular contract in the offshore cryptocurrency markets, with several trillion in notional value of trading annually. This type of derivative, which resembles a conventional futures contract but does not have an expiry date, is now coming to the US.
In May 2026, the Commodity Futures Trading Commission adopted a policy statement opening the door to the listing of these contracts on US exchanges. The CFTC also issued an order allowing two exchanges - one onshore and one offshore - to offer perpetual futures on bitcoin to US customers. Since then a number of exchanges have stated their interest in offering perpetual futures on other types of assets, including commodities and equities.