The U.S. Commodity Futures Trading Commission (CFTC) has approved the first equity perpetual futures contracts for trading on U.S.-registered exchanges, marking a notable development in the country's regulated derivatives market.

The newly approved contracts allow traders to take positions on individual stocks without facing a fixed expiration date, and the products will operate under the oversight of both the CFTC and the Securities and Exchange Commission (SEC). The announcement was reported by Coin Bureau, and it comes as interest in perpetual futures — a contract format long associated with cryptocurrency markets — extends beyond the crypto sector.

Unlike traditional futures contracts, which carry set expiration dates, perpetual futures allow positions to remain open without a predetermined expiry, subject to the applicable trading and risk-management requirements. In cryptocurrency markets, where the format has seen its widest use, perpetuals typically rely on a periodic funding payment exchanged between long and short position holders to keep the contract price aligned with the underlying asset. Because U.S. exchange-traded equity derivatives have historically been built around fixed expiries, the approval introduces a no-expiry structure into the regulated framework for stock-linked contracts.

Hyperliquid's HYPE Rises Following the Announcement

Hyperliquid's native token, HYPE, recorded a short-term price increase following the news. According to Coin Bureau, HYPE rose 3.23% in one hour to reach $87.62.

The reaction is notable in part because Hyperliquid is a trading platform centered on perpetual futures, making HYPE one of the assets most directly tied to the contract format at the center of the announcement. However, the source did not provide additional trading data, nor did it establish that the CFTC decision was the sole reason for the price increase.

Payward Plans U.S. Onchain Perpetual Futures Offering

The announcement also comes as Payward, the parent company of cryptocurrency exchange Kraken, has outlined plans to bring onchain perpetual futures to clients in the United States. The proposed offering would initially use Hyperliquid HIP-3 markets — a framework for deploying perpetual futures markets on the Hyperliquid network — and remains subject to regulatory approval.

Payward's plans and the CFTC announcement are separate developments. The CFTC announcement does not indicate that Payward has received approval for its planned U.S. offering, and the proposed launch therefore remains conditional on the necessary regulatory clearance.

The distinction is significant: the approval of equity perpetual futures for trading on U.S.-registered exchanges does not automatically authorize every platform or company to introduce its own perpetual futures products. Payward's proposed service is still pending regulatory approval, according to the information reported by Coin Bureau. For observers following the space, the near-term markers include whether Payward secures the required regulatory clearance for its U.S. offering and how joint CFTC–SEC oversight is applied to the newly approved equity contracts in practice.

Source: Hokanews