Overview
- Kalshi launched CFTC‑classified perpetual contracts and drew large early volume, and Kraken has announced plans to list CFTC‑regulated perpetuals on Bitnomial Exchange cleared by NinjaTrader Clearing for eligible U.S. clients.
- Perpetual futures have no expiration and use funding‑rate payments to keep contract prices near the spot market, and Kraken says its products will use continuous pricing with an eight‑hour funding rate.
- Industry figures are divided over how to classify perps: some argue funding flows make them resemble swaps while exchange officials say central listing and clearing make them futures, and the CFTC has so far approved contracts case by case.
- Regulators and incumbents warn of consumer‑protection and operational strains from 24/7 leveraged trading, citing high leverage, frequent automatic liquidations and the need for expanded clearing and surveillance capacity.
- Proponents say onshore perpetuals could shift volume from offshore venues and broaden regulated access for U.S. traders, but long‑term rules, tax treatment and who may offer or use these products remain unsettled under the current case‑by‑case CFTC approach.