Perpetual Contracts Expand Across US Markets From Crypto to Oil

The Commodity Futures Trading Commission (CFTC) asked a federal court to dismiss CME Group’s challenge to Kalshi’s Bitcoin perpetual contract, a move that could set the legal framework for expiry‑free futures in the United States.

Legal dispute over contract classification

CME sued the CFTC on June 18, arguing that a contract without a fixed expiration should be treated as a swap, not a future, under the Commodity Exchange Act. The regulator responded that CME must first demonstrate a concrete injury that the court can remedy, noting that CME could list a comparable digital‑commodity perpetual itself.

Regulatory pathway for digital‑commodity perpetuals

On May 29 the CFTC issued a policy allowing designated contract markets to list perpetual contracts tied to Bitcoin and other digital commodities that have deep, active spot markets. Products outside that group require a case‑by‑case review under Regulation 40.3, creating a faster path for qualifying assets.

Expansion beyond Bitcoin

Several venues are preparing or already offering perpetual‑style products:

• Coinbase lists perpetual‑style futures for Bitcoin, Ethereum, XRP and Solana, describing them as contracts with five‑year expirations.
• Bitnomial, owned by Payward, is seeking approval for contracts linked to token prices on the on‑chain exchange Hyperliquid.
• Kalshi is reportedly preparing a filing for a perpetual contract tied to West Texas Intermediate (WTI) crude oil.

Market size and growth

CryptoQuant data shows global crypto perpetual‑futures volume reached roughly $61.7 trillion in 2025, a 29 % increase from the prior year, while spot trading totaled about $18.6 trillion.

Potential implications

A court ruling on standing could preserve the CFTC’s current framework without resolving the futures‑vs‑swaps question. A later decision on the substantive classification would clarify whether expiry‑free contracts can be listed as futures, influencing product development for both digital and physical commodities.