Source publication: November 5, 2026, at 15:40 UTC+8. This article reflects the developments and planned launches described in that report.
Single-stock perpetual futures are bringing a crypto-market trading structure into the U.S. securities regulatory framework. According to Odaily’s November 5 report, CFTC Chairman Mike Selig announced on November 3 that these contracts could begin trading on U.S. regulated exchanges under joint CFTC and SEC oversight.
The distinction for customers is what they are trading: a derivative referencing a share price is not the same product as the underlying stock. The source describes both synthetic stock perpetuals, which do not involve delivery of actual shares, and products built around tokenized securities. Their collateral, settlement and pricing arrangements need to be considered separately.
What changes—and what does not
A perpetual contract removes the fixed expiration date found in conventional futures. Traders can maintain long or short exposure without rolling the position simply because a contract expires. Periodic funding payments between longs and shorts provide an incentive for the contract price to remain near its reference price.
That structure differs from margin borrowing, options and dated futures. Stock borrowing depends on broker financing and available shares; options introduce time decay and exposure across different strikes and expirations; conventional futures require periodic rolls to maintain exposure.
Perpetuals remove the scheduled expiration, not the costs and risks of maintaining a leveraged position. As the source explains, funding payments cannot by themselves guarantee accurate pricing, particularly when the underlying stock market is closed.
The report distinguishes two product paths:
- Synthetic price exposure: Binance’s USDT-denominated contracts and Coinbase’s USDC-denominated contracts provide long or short exposure to share prices without delivery of the underlying shares.
- Tokenized-security-based structures: The report places MSX, Kraken’s xStocks-linked products and Ondo’s exploration of tokenized securities as collateral in this category.
These are not interchangeable structures. A continuously traded derivative should not be read as evidence that the underlying share itself trades or settles continuously.
The U.S. regulatory route
The source describes single-stock perpetuals as security futures products under the Commodity Futures Modernization Act of 2000. According to Selig’s explanation, they must comply with both the Commodity Exchange Act and federal securities laws.
A venue offering them needs CFTC registration as a designated contract market, together with notice registration with the SEC as a national securities exchange authorized to trade security futures products.
The report places the November announcement after two earlier steps:
- March 11, 2026: The SEC and CFTC signed a memorandum of understanding to strengthen coordination on financial innovation, market oversight and investor protection.
- May 29, 2026: The CFTC approved KalshiEX’s BTCPERP bitcoin perpetual contract, which the report describes as the first true bitcoin perpetual admitted to a U.S. regulated exchange.
On November 3, according to the article, Kalshi began offering perpetual contracts referencing Amgen (AMGN), McDonald’s (MCD), Qualcomm (QCOM) and Costco (COST), with maximum leverage of approximately 4.9 times.
The regulatory change concerns a defined derivative category and qualifying venues—not blanket approval of every offshore or on-chain stock-perpetual product.
Crypto platforms had already expanded into equities
The source traces the product expansion back to August 11, 2025, when MSX began public testing of tokenized U.S. stock perpetuals. In October 2025, Hyperliquid introduced HIP-3, opening perpetual-market creation to third-party developers and extending its market scope beyond crypto into stocks, indices, commodities and foreign exchange.
Several platforms followed in 2026:
- Binance introduced TSLAUSDT on January 28, then added MSTR, AMZN, CRCL, COIN and PLTR contracts on February 9, using USDT for margin and settlement with round-the-clock trading.
- Ondo Finance announced Ondo Perps on February 3, covering plans for equities, ETFs and commodities and exploring tokenized securities as collateral. The platform launched in July.
- Kraken introduced xStocks-based perpetuals on February 24 for eligible non-U.S. users in more than 110 countries and territories, with leverage up to 20 times.
- Coinbase launched stock perpetuals on March 20 for eligible non-U.S. users, using USDC settlement within its derivatives trading system.
- Bitget also offered USDT-settled stock and ETF perpetuals with nearly continuous trading.
Those eligibility and operating-hour qualifications matter: the report does not describe every product as available to U.S. customers or as operating on identical terms.
A growing business within a shrinking trading market
The article cites The Block’s estimate that perpetuals accounted for approximately 75% of centralized crypto exchange trading volume in 2025, with nearly $49 trillion traded during the year.
TokenInsight’s third-quarter 2026 exchange report showed a different but related measure: derivatives represented 83% of trading volume across its tracked platforms, up 10 percentage points from the preceding quarter. That broader derivatives category should not be treated as a perpetual-only figure.
Total quarterly volume in the sample fell 27.5% to roughly $12 trillion, marking a third consecutive quarterly decline. Spot volume dropped 55% to $2 trillion, while derivatives volume declined 17% to $10 trillion.
Across nine exchanges, stock and commodity perpetuals generated approximately $2.1 trillion in quarterly volume. Stock perpetuals contributed about $1.61 trillion, or 77%, while commodity perpetuals accounted for about $491 billion.
The source interprets this as evidence that traditional assets were becoming an important expansion area for crypto venues. It also cautions against explaining that expansion solely through falling crypto volumes: exchanges already had derivatives engines, stablecoin settlement systems, margin infrastructure and international customer bases that could support additional asset classes.
ICE’s proposal separates technology from regulated operations
On October 29, 2026, according to the report, NYSE parent Intercontinental Exchange announced a partnership with Trade[XYZ] to bring Hyperliquid-based perpetual markets to the United States.
Under the announced plan, ICE would operate a new regulated marketplace and clearing infrastructure and make a strategic investment in Trade[XYZ]. Trade[XYZ] would contribute market design and product technology. Planned asset coverage included equities, indices, cryptocurrencies, commodities and foreign exchange.
The source explicitly states that the business still required regulatory approval. It described a dedicated U.S. trading and clearing framework—not unrestricted access to an existing on-chain market.
Weekend prices remain derivative-market prices
Continuous trading can produce prices while Nasdaq and the NYSE are closed, but those prices are not official stock-market quotations.
The report uses Coinbase’s pricing arrangements as an example. During ordinary trading hours, its index draws on external sources including Pyth and Blue Ocean ATS. During weekends and certain closed-market periods, an internal index combines an exponential moving average of perpetual mark prices with available tokenized-stock quotations. Price-deviation limits and transition mechanisms are intended to reduce disruption when external feeds resume.
Funding payments and cross-venue trading can help narrow discrepancies. But buying a cheaper perpetual on one venue and selling a more expensive one elsewhere is not equivalent to a risk-free hedge using actual shares. Contract specifications, reference assets, settlement arrangements and liquidity must be sufficiently comparable. Funding, margin requirements, liquidity constraints and a gap at Monday’s stock-market opening remain risks.
Weekend perpetual prices may therefore offer a view of market expectations without reliably predicting the next official stock-market opening price.
Longer hours still require infrastructure changes
The source places these developments alongside several other U.S. initiatives. It reports that the SEC approved Nasdaq’s five-day, 23-hour trading rule change on April 10, 2026, with launch expected on December 6. It also describes a September 17 temporary, conditional SEC innovation exemption allowing qualifying tokenized-securities venues to trade certain National Market System stocks through permissioned automated market makers and liquidity pools.
Separately, the CFTC announced on October 28 that it would hold a December 15 roundtable on round-the-clock derivatives trading, covering market structure, tokenization, infrastructure, staffing and operational readiness.
These initiatives address different parts of the trading chain. Longer matching hours, tokenized instruments, perpetual contracts and clearing arrangements are related developments, but they are not the same change. The central question is how continuous trading connects to the institutions and systems responsible for collateral, settlement and market operation.