$90 Trillion Perpetual Futures Market Debuts on Wall Street

Kalshi and Coinbase Lead Regulated Perpetual Futures Launch

Regulated perpetual futures officially arrived on U.S. markets in 2026, after the Commodity Futures Trading Commission cleared Kalshi to offer the contracts on May 29, followed by approval for Coinbase to list its own regulated perpetuals. Bank of America has estimated annual global perpetual futures volume at about $90 trillion, underscoring the scale of a product that has long dominated offshore crypto trading on platforms like Binance and Bybit but only now moves fully onshore in the United States. Kalshi's perpetual futures topped $1 billion in trading volume within a week of launch in June, marking the exchange's biggest product debut since prediction markets.

Big Banks Take Cautious Approach to Perpetual Futures Adoption

While crypto-native exchanges and nimble trading firms race to capture retail demand, traditional banks remain worried about liquidity fragmentation, legal clarity, and the cost of building new trading infrastructure. Proprietary trading firms, market makers, and newer clearing firms are expected to be the next entrants, well ahead of large deposit-taking institutions.

CFTC Framework Opens Door for US Perpetual Swaps Growth

CFTC Chair Michael Selig has said the absence of a clear domestic framework had long pushed perpetual trading offshore, estimating offshore volume near $60 trillion annually. Kalshi has since sought approval to extend perpetual contracts to gold and silver, signaling ambitions beyond crypto assets alone.

Early trading volumes suggest strong retail appetite for regulated perpetuals, which could pressure traditional futures exchanges like CME Group as competition intensifies.

As margining rules and infrastructure mature, larger banks are likely to enter cautiously, following the path cleared by crypto-native platforms and trading firms. Kalshi CEO Tarek Mansour said the company plans to expand its perpetual futures offerings well beyond bitcoin, citing years of clear but unmet U.S. investor demand.