From Bitcoin to oil, perpetual contracts are breaking into American financial markets

The Commodity Futures Trading Commission (CFTC) asked a federal court on Sept. 2 to dismiss CME's challenge to Kalshi's Bitcoin perpetual contract.

The lawsuit turns on whether a contract without a fixed expiration belongs in the US futures regime. Before the court reaches that question, the regulator says CME must first show an injury the court can fix.

The Commodity Futures Trading Commission says CME is free to list a comparable digital commodity product, so the exchange cannot blame the regulator for competitive harm caused by its choice to stay out.

That threshold argument turns a dispute over one Bitcoin contract into a test of how perpetual-style futures can spread through regulated US markets.

Bloomberg reported discussions about Coinbase seeking a regulated route to selected contracts linked to prices on Hyperliquid. Kalshi is reportedly preparing to seek approval for a West Texas Intermediate crude-oil version.

Together, the examples trace a contract structure popularized in offshore crypto markets as it enters the American regulatory perimeter one venue and asset class at a time.

CryptoQuant data shows that global crypto perpetual-futures volume reached about $61.7 trillion in 2025, up 29% from the previous year, while spot trading totaled $18.6 trillion over the same period.