Equity perps can begin trading in the US
Perpetual futures on individual stocks can begin trading on regulated US exchanges for the first time, according to a November 3 statement from Commodity Futures Trading Commission Chairman Michael Selig.
The CFTC says the contracts were deemed approved under Commission Regulation 40.3 as security futures products. That classification places them under the Commodity Exchange Act, federal securities law and the joint oversight frameworks of both the CFTC and Securities and Exchange Commission.
Only venues that satisfy both sides of that structure can list the products: a CFTC-designated contract market must also be notice-registered with the SEC as a national securities exchange for security futures.
What was approved, and what was not announced
The regulatory pathway is real, but the CFTC statement does not identify:
- an exchange that has started trading;
- the individual stocks covered;
- contract sizes, leverage or margin requirements;
- trading hours or funding-rate mechanics;
- a launch date.
The immediate development is therefore permissioning, not demonstrated liquidity or demand. A trader should not read the announcement as proof that a particular equity perp is already available to US customers.
A crypto market structure moves into equities
Perpetual futures have no fixed expiration date. A recurring funding mechanism normally helps keep the contract close to the underlying asset's price, allowing traders to maintain long or short exposure without rolling a dated futures position.
The structure became a core product on offshore crypto exchanges and onchain venues. The CFTC previously approved the first bitcoin perpetual futures contract on a regulated US exchange; the new statement extends that framework from digital commodities to individual equity securities.
That does not make the contracts tokenized stocks or spot shares. Equity perps are derivatives, and their holders do not necessarily own the underlying stock or receive shareholder rights. Tokenized funds, such as the vehicles discussed in Signal21's coverage of BlackRock's onchain fund structure, use a different legal and operational model.
Why it matters
The decision brings a product format popularized by crypto markets into the jointly regulated US securities and derivatives system. It could give domestic traders a regulated alternative to offshore perpetual venues and could create a new competitive field for exchanges, clearing firms and brokers.
It also brings familiar risks with it. Perpetual contracts can use leverage, amplify losses and require robust funding, margin and liquidation systems. The exact investor protections will depend on the contracts and venues that ultimately launch.
The precise conclusion is: the CFTC says equity perpetual futures are approved to begin trading on qualifying US exchanges, but it has not announced a live venue, a contract list or a start date. The legal path exists; the market still has to be launched.
This is a developing story. Signal21 will update the coverage when a registered venue publishes listing terms or a launch schedule.
This publication is market analysis, not a recommendation to buy or sell.