Perpetual crypto futures, or “perps,” are derivatives contracts that let traders bet on crypto prices without an expiration date. Unlike traditional futures, positions can be held indefinitely and are often traded with high leverage, which can amplify gains — and losses.
Until now, perps have largely operated offshore, sitting in a U.S. regulatory gray area. That may soon change. The CFTC has signaled it plans to clarify the products’ legal status, prompting major exchanges to position for U.S. approval.
Kraken plans to acquire Bitnomial, the only U.S. platform currently offering perps through self‑certification. Coinbase has launched long‑dated futures designed to resemble perps, while Robinhood and Gemini are exploring U.S. offerings.
Supporters say onshore perps would bring activity into regulated markets. Critics warn the products’ lack of expiration and heavy leverage pose heightened risks for retail investors, pushing regulators to weigh investor protection against market demand. Read more here.
