Source publication: November 5, 2026, at 19:00 UTC+8. This article summarizes the reporting and analysis of Frank of MSX, published by PANews.
Single-stock perpetual contracts have entered US regulated trading venues, according to the PANews report, bringing a derivatives structure widely used in cryptocurrency markets into the joint jurisdiction of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
The report says CFTC Chairman Mike Selig announced the development on November 3, 2026. Kalshi began offering perpetual contracts referencing Amgen (AMGN), McDonald’s (MCD), Qualcomm (QCOM) and Costco (COST) that day, with maximum leverage of approximately 4.9 times.
The regulatory significance is narrower than a general approval of crypto-style stock trading: these products fall within an existing securities-futures framework, with requirements applying to both the contracts and the venues offering them.
How the US framework applies
According to the report’s account of Selig’s explanation, single-stock perpetuals are classified as securities futures under the Commodity Futures Modernization Act of 2000. They must comply with both the Commodity Exchange Act and federal securities laws, under CFTC and SEC oversight.
A venue offering these products must hold CFTC registration as a designated contract market and complete SEC notice registration as a national securities exchange authorized to trade securities futures.
The article places the November announcement within a broader sequence of US regulatory actions:
- March 11, 2026: The SEC and CFTC signed a memorandum of understanding to strengthen coordination on financial innovation, market oversight and investor protection.
- May 29: The CFTC approved KalshiEX’s BTCPERP bitcoin perpetual contract, which the report describes as the first true bitcoin perpetual to enter a US regulated exchange.
- November 3: The reported introduction of single-stock perpetuals extended that development to contracts referencing individual equities.
These developments should not be confused with authorization for every offshore or blockchain-based stock perpetual product to serve US investors.
What makes a perpetual contract different?
Unlike a conventional futures contract, a perpetual has no scheduled expiry. Traders can maintain long or short exposure without rolling a position solely because its contract is expiring.
Periodic funding payments between long and short holders help align the contract price with a reference price. When a contract trades at a persistent premium, positive funding generally raises the cost of holding a long position; negative funding can instead raise the cost of holding a short position.
That structure avoids expiry-related rolling, but it does not eliminate funding costs, margin requirements or liquidity risk. Nor does a stock-linked perpetual necessarily involve ownership or delivery of the underlying shares.
The source distinguishes two broad product models: synthetic contracts offering exposure to stock-price movements, and systems built around tokenized shares or tokenized securities used as collateral. Their underlying structures are not interchangeable.
Crypto platforms expanded before the US launch
The report traces stock-perpetual development across several crypto trading platforms, including products restricted to eligible non-US customers.
MSX began public testing of tokenized US-stock perpetuals on August 11, 2025. Hyperliquid introduced its HIP-3 mechanism in October 2025, opening perpetual-market creation to third-party developers and expanding beyond cryptocurrencies into assets including equities, indices, commodities and foreign exchange.
Further launches followed in 2026:
- Binance introduced a Tesla-linked TSLAUSDT perpetual on January 28 and added contracts referencing MSTR, AMZN, CRCL, COIN and PLTR on February 9, using USDT for margin and settlement with round-the-clock trading.
- Ondo Finance announced Ondo Perps on February 3, with plans covering stocks, exchange-traded funds and commodities, alongside exploration of tokenized securities as collateral. The source says the platform launched in July.
- Kraken launched xStocks-based tokenized-stock perpetuals on February 24 for eligible non-US users in more than 110 countries and territories, with leverage of up to 20 times.
- Coinbase introduced stock perpetuals on March 20 for eligible non-US users, using USDC settlement.
The article also identifies Bitget as an operator of USDT-settled stock and ETF perpetuals supporting near-continuous trading.
Figures attributed to TokenInsight illustrate the commercial backdrop. Its tracked exchanges recorded approximately $12 trillion in third-quarter 2026 volume, down 27.5% from the previous quarter and marking a third consecutive quarterly decline. Spot volume fell 55% to $2 trillion, while derivatives volume declined 17% to $10 trillion.
Despite that decline, derivatives reached 83% of total volume, up 10 percentage points quarter on quarter. Across nine exchanges covered by the report, stock and commodity perpetuals generated $2.1 trillion: approximately $1.61 trillion, or 77%, from stocks, and $491 billion from commodities.
The source interprets this expansion as a search for additional trading demand, while cautioning against attributing it solely to weaker crypto volumes. Existing derivatives engines, stablecoin settlement and margin systems also make additional asset classes easier for platforms to support.
ICE’s proposed market remains subject to approval
Traditional exchange operators were also exploring the structure. According to the source, Intercontinental Exchange (ICE), the parent of the New York Stock Exchange, announced a partnership with Trade[XYZ] on October 29 to bring Hyperliquid-based perpetual markets to the United States.
Under the announced plan, ICE would operate a new regulated trading market and clearing infrastructure and make a strategic investment in Trade[XYZ]. Trade[XYZ] would contribute market design and product technology, with intended coverage spanning equities, indices, cryptocurrencies, commodities and foreign exchange.
The distinction is important: this was a proposed US-specific trading and clearing arrangement requiring regulatory approval, not an already operational market.
Weekend prices are signals, not official stock prices
One potential consequence of continuous stock-perpetual trading is price discovery while conventional equity markets are closed.
The source describes Coinbase’s approach as combining external equity data, internal indices, perpetual-market prices and available tokenized-stock quotations. During weekends and some market closures, internal reference mechanisms replace normal external pricing inputs, with controls intended to limit disruptions when those inputs resume.
Funding payments and cross-platform trading can help narrow price differences, but neither guarantees an accurate underlying share price. Weekend traders may lack access to continuous cash-equity hedging and remain exposed to funding, margin, liquidity and Monday-opening-gap risks.
The resulting prices are venue-specific derivatives quotations—not official Nasdaq or NYSE stock prices, and not a guarantee of where shares will reopen. The article’s argument is that they can nevertheless provide a supplementary indication of market expectations.
Longer hours and tokenization are separate regulatory tracks
The report also identifies several related, but distinct, US initiatives:
- An April 10, 2026 SEC approval of Nasdaq’s rule change for trading 23 hours a day, five days a week, with a launch expected on December 6.
- A September 17 SEC temporary, conditional innovation exemption allowing eligible tokenized-securities venues to trade certain National Market System stocks through permissioned automated market makers and liquidity pools within a specified regulatory framework.
- An October 28 CFTC announcement of a December 15 industry roundtable on round-the-clock derivatives trading, covering market structure, tokenization, infrastructure, staffing and operational readiness.
As of the source’s publication, the Nasdaq launch and CFTC roundtable were still scheduled events. A discussion of continuous trading was not itself an effective rule establishing it.
The broader convergence described by the author is therefore a combination of operating products, conditional permissions, proposed infrastructure and pending discussions—not a single transition to universally available 24/7 US stock trading.