Source publication: November 5, 2026, at 15:40 UTC+8. The account below reflects developments and plans reported at that time.
Single-stock perpetual contracts had begun trading on a regulated US exchange under joint oversight by the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC), according to a November 5 report published by Odaily.
The report cited a November 3 announcement by CFTC Chairman Mike Selig describing the contracts as securities futures products. That classification brings a trading structure widely used by cryptocurrency exchanges into the US framework for securities derivatives—not a blanket authorization for offshore stock perpetuals or unrestricted round-the-clock stock trading.
What the US framework covers
According to the report’s account of Selig’s announcement, single-stock perpetuals fall within the securities futures framework established under the Commodity Futures Modernization Act of 2000. They must comply with both the Commodity Exchange Act and federal securities laws, with oversight from both agencies.
A venue offering the products needs two regulatory qualifications:
- Registration with the CFTC as a designated contract market, or DCM.
- National securities exchange status through notice registration with the SEC, permitting securities futures trading.
The report said Kalshi began offering perpetual contracts tied to Amgen (AMGN), McDonald’s (MCD), Qualcomm (QCOM) and Costco (COST) on November 3, with maximum leverage of approximately 4.9 times.
It placed that launch within a broader sequence of regulatory coordination: the SEC and CFTC signed a cooperation memorandum on March 11, 2026, and the CFTC approved KalshiEX’s Bitcoin perpetual contract, BTCPERP, on May 29.
How perpetual contracts differ from stock ownership
A perpetual contract provides long or short exposure without a scheduled expiration date. Unlike conventional futures, it does not require a trader to roll a position simply because the contract is expiring.
Periodic funding payments between long and short holders are designed to encourage the contract price to track its reference price. This removes the expiry-and-roll cycle, but not funding costs, margin requirements or liquidity risk.
Importantly, a stock perpetual is not necessarily a tokenized share or a claim to delivery of the underlying stock. The source distinguished two approaches developing across crypto platforms:
- Synthetic stock exposure: Contracts such as Binance’s USDT-settled products and Coinbase’s USDC-settled products provide exposure to share-price movements without delivery of actual shares.
- Tokenized-stock-linked structures: Platforms including MSX, Kraken through xStocks, and Ondo connect perpetual trading with tokenized securities or explore using those securities as collateral.
These structures should not be treated as interchangeable simply because they reference the same company.
Crypto platforms expanded before the US launch
The source traced the development of stock perpetuals across several platforms, with differing eligibility rules and settlement arrangements.
MSX began a public test of US stock-token perpetuals on August 11, 2025. Hyperliquid introduced HIP-3 in October 2025, opening perpetual-market creation to third-party developers and enabling expansion beyond crypto into equities, indices, commodities and foreign exchange.
During 2026, the reported rollout included:
- Binance: A TSLAUSDT perpetual on January 28, followed on February 9 by contracts including MSTR, AMZN, CRCL, COIN and PLTR, using USDT for margin and settlement and supporting 24/7 trading.
- Ondo Finance: Announcement of Ondo Perps on February 3, followed by its launch in July. The initiative covered traditional assets and explored tokenized securities as collateral.
- Kraken: Launch of xStocks-based perpetuals on February 24 for eligible non-US users in more than 110 countries and territories, with 24/7 trading and leverage of up to 20 times.
- Coinbase: Launch of USDC-settled stock perpetuals on March 20 for eligible non-US users.
The report also described Bitget’s USDT-settled stock and ETF perpetuals as supporting near-continuous trading. These offshore offerings did not establish equivalent access for US customers.
Citing TokenInsight’s third-quarter 2026 exchange report, the article said total trading volume across its tracked sample fell 27.5% from the previous quarter to approximately $12 trillion, the third consecutive quarterly decline. Spot volume fell 55% to $2 trillion, while derivatives volume declined 17% to $10 trillion.
Despite that contraction, derivatives’ share rose by 10 percentage points to 83%. Across nine exchanges, stock and commodity perpetual volume reached a combined $2.1 trillion: approximately $1.61 trillion, or 77%, came from stock perpetuals, and about $491 billion from commodities.
Those figures support the article’s interpretation that traditional-asset derivatives had become an important expansion area for crypto exchanges. They do not, by themselves, establish why individual platforms entered the market.
ICE’s proposed market remained subject to approval
Traditional exchange operators were also exploring the structure. According to the source, Intercontinental Exchange, the New York Stock Exchange’s parent, 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 venue and clearing infrastructure and make a strategic investment in Trade[XYZ]. Trade[XYZ] would contribute market design and product technology, with planned coverage spanning equities, indices, crypto, commodities and foreign exchange.
The distinction between a proposal and an operating market matters: the planned US trading and clearing arrangements still required regulatory approval.
Weekend prices are signals, not official stock quotations
Stock perpetuals can continue trading while the underlying equity market is closed, allowing participants to respond to weekend news. But their prices are venue-specific derivatives quotations—not official Nasdaq or NYSE stock prices, and not guarantees of Monday’s opening price.
The source described Coinbase’s approach as using external equity feeds, including Pyth and Blue Ocean ATS, during normal trading hours. On weekends and some other closed-market periods, an internal index incorporates an exponential moving average of perpetual mark prices and available tokenized-stock quotations, alongside price-deviation limits and transition mechanisms.
Funding payments and cross-platform arbitrage can help narrow discrepancies. Neither guarantees an accurate price when the underlying stock market is closed. Traders may still face stale reference data, limited liquidity, margin pressures, funding costs and a gap when cash equities reopen. Cross-platform derivatives trades are therefore not equivalent to continuously available, risk-free hedges in actual shares.
Extended hours and tokenization were separate regulatory tracks
The report identified three additional US developments, each with a different status as of publication:
- Approved, with a planned launch: An April 10, 2026 SEC rule approval allowing Nasdaq to trade 23 hours a day, five days a week, with a launch expected on December 6.
- Temporary and conditional: A September 17 SEC innovation exemption allowing qualifying tokenized-securities venues to trade certain National Market System stocks through permissioned automated market makers and liquidity pools under specified conditions.
- Scheduled discussion: An October 28 CFTC announcement of a December 15 industry roundtable on 24/7 derivatives trading, including infrastructure, staffing and operational readiness.
Together, these developments pointed toward closer links between crypto-native trading mechanisms and regulated US markets. They did not amount to a single approval for a fully integrated, continuously open securities market.