CFTC Clears Path for US Exchanges to Launch Perpetual Futures

The CFTC has granted conditional no-action relief allowing eligible U.S. exchanges to offer certain futures contracts without expiration dates. The agency issued the relief on Oct. 3 and announced it two days later, opening a path for perpetual-style products tied to security indexes.

The move could give U.S. exchanges more room to develop perpetual products, which are widely used in crypto and global derivatives markets.

CFTC Sets Conditions

The relief followed a request from Coinbase Derivatives on Oct. 1 to waive the standard 10-business-day waiting period. Other designated contract markets can also use the relief if they meet the CFTC’s conditions.

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Before removing an expiration date, exchanges must consult traders with open positions and provide at least five days’ notice. Traders must also be allowed to close their contracts under the existing terms.

Exchanges must disclose the risks of the change and cannot make other material changes to the contracts.

Broader Crypto Derivatives Push

The relief follows a CFTC order in May covering certain perpetual futures tied to bitcoin and other digital commodities. Other assets still require agency review.

The decision also comes days after KalshiEX received approval on Oct. 2 to offer perpetual futures based on broad security indexes.

The latest relief expires on Oct. 20, 2026, while the CFTC continues seeking public input on leveraged crypto trading by retail investors.

Related: CFTC Proposes Federal Framework for Leveraged Retail Crypto Trading