The United States may soon allow crypto perpetual futures to trade on regulated domestic venues, a shift that could repatriate liquidity from offshore markets and reshape digital-asset derivatives. CFTC Chair Mike Selig said Tuesday the agency is moving to finalize a framework “within the next month or so,” signaling the most concrete step yet toward onshore crypto perps.
CFTC Signals Onshore Crypto Perpetuals Are Imminent
Speaking at the Milken Institute’s Future of Finance conference, Selig said the Commodity Futures Trading Commission is preparing rules for “true perpetual futures” on digital assets—contracts that offer continuous, leveraged exposure without expiration dates. While crypto perpetuals have been a core liquidity venue for the asset class for years, they have primarily operated on offshore exchanges in regions such as Asia, Europe, and the Bahamas.
Selig framed the initiative as part of a broader modernization push, describing “Project Crypto” as an interagency effort to update and future-proof financial regulation for emerging technologies. “We’re working towards getting perpetual futures, true perpetual futures, not long-dated contracts, here in the U.S. within the next month or so,” he said, adding that the goal is to “recapture” liquidity that migrated overseas under prior regulatory conditions.
The CFTC oversees futures and swaps on commodities, a remit that has increasingly intersected with digital assets as market infrastructure and trading strategies migrate from traditional finance to crypto. Selig also noted that regulators are examining how decentralized finance (DeFi) protocols and blockchain-based systems can fit within existing rules.
Industry Response: Hyperliquid Policy Center Welcomes Direction
The prospect of U.S.-based crypto perpetuals has drawn quick attention from Hyperliquid (HYPE), a fast-growing decentralized exchange focused on perpetual swaps. The Hyperliquid Policy Center (HPC), launched two weeks ago with a grant of 1 million HYPE tokens, said it supports the CFTC’s direction and is prepared to assist policymakers as rules take shape.
The HPC’s mandate includes working with lawmakers and regulators to develop clear standards for decentralized perpetual derivatives. Jake Chervinsky, who leads the initiative, has argued that perpetual contracts offer simpler mechanics than traditional futures and options while providing direct exposure to underlying crypto assets—features that could benefit market participants if paired with regulatory clarity in the U.S.
Why It Matters for Market Structure
Onshore approval could alter the venue landscape for crypto derivatives by shifting activity from offshore platforms to U.S.-regulated exchanges, potentially improving transparency, risk management, and investor protections. Market data indicates that activity on perpetuals platforms has accelerated since late 2025, with monthly volume reaching an estimated $829 billion. Some market observers expect volumes could rise further if U.S. venues launch compliant offerings under the CFTC’s framework.
Token Snapshot: HYPE Performance
At the time of writing, Hyperliquid’s native token, HYPE, traded at $31.77, down 2.4% over the past 24 hours but up 74% year to date, according to CoinGecko. Token performance may be sensitive to further regulatory developments and the pace at which U.S. venues introduce perpetuals products.