US regulators finally greenlight crypto perpetual futures — long Coinbase as the first-mover winner
The top US derivatives regulator just said crypto perpetual futures — the most popular crypto trading product worldwide — can now be offered on regulated American exchanges. Coinbase and Kalshi are first in line to launch these products, which until now only existed on offshore platforms.
Idea
Perpetual futures are the single most-traded crypto instrument globally, accounting for the vast majority of crypto derivatives volume — but they've never been legally available on US-registered platforms. The CFTC's green light means Coinbase, already the largest US crypto exchange, can now capture a massive revenue stream that was previously flowing to offshore competitors like Binance. This isn't just a one-day pop; it's a structural expansion of Coinbase's addressable market. With Coinbase named as a first-mover alongside Kalshi, the revenue impact could start showing up in quarterly results within months.