Perpetual futures reached US-regulated exchanges in 2026. This page compares the regulated US venues with the offshore and on-chain venues most traders read about — side by side, dated, and neutral.
| Venue | Lane | US persons | Assets | Leverage | Perps since |
|---|---|---|---|---|---|
| Kalshi | Regulated US (CFTC DCM) | Yes | BTC perps live; ETH, SOL, XRP, DOGE and S&P 500 perps filed/pending | Per CFTC-approved contract specs | Jun 3, 2026 |
| Coinbase Financial Markets | Regulated US (CFTC FCM/DCM) | Yes | Perpetual-style crypto futures | Per contract specs | Jul 21, 2026 |
| Coinbase International / Advanced | Offshore CEX | No | Crypto perps; stock perps on Mag-7, SPY, QQQ | Up to 10x stocks, 20x ETFs | Mar 20, 2026 (stocks) |
| Coinbase Base App (via Hyperliquid) | Hybrid: wallet UI, on-chain execution | No (also excl. UK, CA) | 290+ crypto, equity and commodity perps | Up to 50x | Aug 19, 2026 |
| Ondo Perps | On-chain, non-US | No | US stocks, ETFs, gold, silver | Up to 20x | Jun 9, 2026 |
| Hyperliquid + HIP-3 builders | On-chain L1 order book | No | Crypto plus builder-deployed equity, index and commodity markets | Up to 40-50x by market | 2023; HIP-3 2025 |
Sourced from public company announcements and press coverage. Eligibility, leverage and asset lists change frequently and vary by jurisdiction — confirm directly with each venue. Not a recommendation of any venue.
Yes, as of June 2026, through CFTC-regulated venues: Kalshi launched the first CFTC-approved perpetual futures on June 3, 2026, and Coinbase Financial Markets added perpetual-style futures on July 21, 2026. Offshore and on-chain venues such as Hyperliquid, Ondo Perps and Coinbase's Base App perps integration are not available to US persons.
A perpetual future has no expiry date. Instead of settling on a fixed day, a periodic funding payment between longs and shorts keeps the contract price tethered to the underlying index.
Coinbase (non-US, since March 20, 2026), Ondo Perps (non-US, since June 9, 2026), and Hyperliquid HIP-3 builder markets. Kalshi filed for S&P 500 perpetual futures on August 18, 2026, which would be the first US-regulated equity-index perp.
Live market, funding and HIP-3 data come from the Hyperliquid public API, with Binance and Bybit predicted funding for comparison. Venue launch details come from public announcements and press coverage and are dated on the page.
The regulatory tracker logs every filing and launch. The daily briefing carries the live numbers.
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