A perpetual futures contract tracks an underlying market without expiring on a fixed quarterly or monthly date. Traders keep a position open by meeting margin requirements, while the venue uses settlement and funding mechanics to keep the contract near its reference market.
Approval, listing, access and liquidity
| Stage | Question |
|---|---|
| Regulatory approval | May the exchange list the contract? |
| Exchange launch | Is the contract operational and accepting orders? |
| Customer access | Can a particular account trade it through an intermediary? |
| Liquidity | Are quotes, spreads and depth sufficient for the intended trade? |
Scope of CFTC approval
The CFTC approved KalshiEX's BTCPERP on May 29 after reviewing it under the rules for designated contract markets. That decision allowed the exchange to list the product as a futures contract referencing spot bitcoin.
The order does not establish how many firms will make markets, how tight spreads will be or which customers can access the contract. Those are operating and distribution questions that emerge only after launch.
Sources
U.S. Commodity Futures Trading CommissionPrimary evidence · Published May 29, 2026Open original ↗
U.S. Commodity Futures Trading CommissionPrimary evidence · Published Jun 12, 2026Open original ↗