On Tuesday, November 3, the United States derivatives regulator opened a door that had stayed shut for American traders. Commodity Futures Trading Commission (CFTC) Chairman Michael Selig said perpetual futures on individual stocks, which he called equity perps, are approved to trade on registered US exchanges. It is the first time such contracts have been cleared under US regulation.
A perpetual future, or perp, is a derivative contract with no expiry date. Traders can hold a leveraged position as long as they meet margin, and regular funding payments between longs and shorts keep the contract price close to the underlying stock. The design grew big in crypto: CoinDesk cited DeFiLlama data putting perp volume above $630 billion over the past month, with Hyperliquid among the onchain venues that popularised it.
What was approved, and what is still missing
The CFTC said the contracts were deemed approved under Regulation 40.3 as security futures products under the Commodity Futures Modernization Act of 2000. That means joint oversight: the CFTC and the Securities and Exchange Commission (SEC) both watch them, under a framework the two agencies agreed in a memorandum of understanding in March. Selig named no exchange that will offer them, no stocks that will be available, and no date trading starts. So for a trader, there is no US stock perp to open today. What exists is permission for the route.
The exchanges already queuing up
Several exchanges are already in line. Kalshi filed in September for perps on individual stocks and ETFs, including Apple, Nvidia, Microsoft, and Amazon. Coinbase Derivatives filed for single-stock perps on big US names such as Apple, Tesla, and Nvidia. North American Derivatives Exchange, operating as OG.com Markets, proposed cash-settled equity perps trading almost around the clock on weekdays. Those filings explain why Tuesday's announcement matters even without a date: the queue formed before the door opened.
The move continues the Trump administration's push to bring perps under US oversight, after the CFTC earlier this year approved the first bitcoin perpetual on a regulated US exchange. President Donald Trump said in August that the CFTC is working to bring Hyperliquid into the US under federal rules, and ICE, the NYSE parent, recently invested in Trade[XYZ], a builder of perp markets on Hyperliquid. But the route is not free of dispute: CME sued over the Kalshi bitcoin perp approval in court, arguing such a contract is a swap, not a future. The planned Hyperliquid venue from ICE is in our Hyperliquid article. The US bitcoin ETF outflows weighing on the market this week are in our ETF article.
Sources: CoinDesk (Nov 3, 2026), Decrypt (Nov 3, 2026), FinanceFeeds (Nov 3, 2026). Figures and status are snapshots at writing time, early November 4, 2026 WIB, and can change.
Written by Mastechon
Writing about crypto and Super Intelligence: market news, new projects, Super Intelligence models, and early opportunities like airdrops and testnets. Every piece starts from the official announcement, with the costs worked out up front.
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