Kalshi’s recent launch of BTCPERP is effectively opening a compliant route for U.S. perpetual derivatives, and the CFTC’s guidance documents are also paving the way—let’s see which firm can connect next.

The CFTC approves the first regulated Bitcoin perpetual contract, KalshiEx launches BTCPERP linked to spot prices, providing a clear pathway for the U.S. to enter perpetual derivatives. The CFTC also issues guidance on Coinbase's financial markets and offshore products, stating that some perpetual contracts may qualify as external futures and, under certain conditions, can connect with U.S. customers.