US Perpetual Futures Are Coming: What Crypto Prop Traders Need to Know

For years, trading perpetual futures on crypto meant going offshore. Bybit. Binance. Hyperliquid. You accepted the counterparty risk, the regulatory gray zone, and the occasional withdrawal freeze because the US simply hadn't built the framework to let you do it at home. That is changing, and the exchanges are already moving money to get ahead of it.

Major US exchanges are racing to enter the perpetual futures market ahead of an expected regulatory shift from the CFTC. Kraken's parent company announced it was acquiring crypto derivatives platform Bitnomial for up to $550 million. Coinbase has already launched long-dated futures contracts designed to mimic perpetuals, while Robinhood confirmed it is exploring similar products for American users.

CFTC chair Michael Selig has said publicly that regulatory clarity is coming in the "near future." His agency is actively working with the industry on how perpetual futures fit within the existing framework, covering margin requirements, leverage limits, and liquidation handling specifically. Currently, perps exist in a legal gray area in the US, and Bitnomial is the only platform officially offering them via self-certification.

If the CFTC formally approves perpetual futures under a defined framework, three things shift for the prop trading world:

• Leverage caps become the first issue. Coinbase's existing perpetual-style contracts cap leverage at 10x, far below the 50x or 100x many traders know from offshore venues. That changes liquidation distance, risk per trade, and position sizing.

• Funding costs may work differently. Offshore perps usually rely on regular funding cycles, while Coinbase's current structure accrues funding hourly and settles twice daily. That matters for swing trades, overnight positions, and margin planning.

• Prop firm execution venues may change. If US-regulated exchanges build deep perp liquidity, firms serving US traders may face pressure to route execution through compliant platforms instead of offshore venues.

This is where the story gets more complicated than the headline suggests.

CFTC chair Selig is currently the only confirmed commissioner out of five seats. Formal rulemaking requires a quorum, and major changes require votes. The agency is moving in the right direction, but a skeleton regulator does not produce overnight rule changes.

The Digital Asset Market Clarity Act, which is meant to clarify which agency oversees what in crypto, is still gridlocked in Congress. Without it, the CFTC is working around the edges of existing authority rather than under a clear mandate.

Full regulatory clarity with defined leverage limits and margin requirements is more likely a 2027 story than a 2026 one. The offshore status quo is probably intact for at least another 12 months. The shift is coming, but not overnight.

For funded traders, the key signals are simple:

• Proposed leverage caps: if the limit lands below 20x, high-leverage systems need to be stress tested.

• Funding-rate design: hourly accrual, twice-daily settlement, or another model could change holding costs.

• Prop firm reactions: watch whether firms start moving toward US-regulated venues, especially for American clients.

• Liquidity migration: if Coinbase, Kraken, Robinhood, or Gemini attract real volume, offshore perp markets may not remain the only serious venue.