Perpetual Futures: CFTC Approves Bitcoin Contracts

Perpetual futures are impacting trading hours on Wall Street and the profit structure of derivatives. The U.S. Commodity Futures Trading Commission (CFTC) has approved the Bitcoin perpetual contract from CalciEX, effective May 29, 2026. This contract references the spot price of BTC and features a 24-hour trading and settlement system. Unlike traditional futures, it has no expiration date and adjusts price differences through funding costs. The Chicago Board Options Exchange (Cboe) has announced continuous futures for BTC and Ethereum, while Robinhood has stated it will offer perpetual products linked to gold, silver, and crude oil in Europe. S&P Dow Jones Indices has granted a license for S&P 500 perpetual contracts to Trade.xyz. Following the CFTC's approval, shares of U.S. exchanges fell, and the CEO of CME Group warned that perpetual futures could pose systemic risks. The CFTC noted that perpetual contracts may not be suitable for all asset classes. Robinhood's Korea-linked ETF perpetual products could also affect domestic investors.

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