CFTC approves first US-regulated Bitcoin perpetual futures: KalshiEX and Coinbase routing to Deribit open new leverage tools for US traders
Key Questions
What did the CFTC approve for KalshiEX regarding Bitcoin trading?
The CFTC approved KalshiEX to launch the first US-listed Bitcoin perpetual futures, making it the first U.S.-based firm to receive regulatory approval for such a product. This provides onshore access to perps with KYC and limits under the Selig framework.
How does Coinbase's involvement expand options for US traders?
Coinbase received a CFTC no-action letter to route US clients to Deribit perpetuals and options. This creates new regulated pathways for leverage trading while maintaining compliance requirements.
What are the key implications for short-term crypto trading?
The approvals represent a structural shift by expanding onshore access to perpetual futures tools and potentially altering liquidity and arbitrage flows. Funding rate mechanics and institutional participation are central factors, though risks like flash crashes remain relevant.
CFTC approves first US-listed Bitcoin perpetual futures via KalshiEX, and grants Coinbase a no-action letter to route US clients to Deribit perpetuals and options. This is a major structural shift for short-term crypto trading, providing onshore access to perps with KYC/limits. Funding rate mechanics and institutional implications are key. Hyperliquid flash crash serves as risk reminder. This expands short-term trading tools and may shift liquidity/arb opportunities. Selig framework limits leverage but opens new venues.