CFTC Approves Stock Perpetual Futures: What It Means for Hyperliquid and US Traders
The CFTC just cleared perpetual futures on single stocks for US exchanges. Here is how equity perps work and why Hyperliquid is at the center of it.
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A product that was born on offshore crypto exchanges and perfected by $Hyperliquid is now legal on Wall Street. On 3 November the Commodity Futures Trading Commission (CFTC) confirmed that perpetual futures on individual stocks can begin trading on registered US exchanges for the first time. HYPE jumped on the news. Here is what changed, what a stock perp actually is, and whether this helps or hurts Hyperliquid.
What did the CFTC approve exactly?
CFTC Chairman Michael Selig said that perpetual futures on single equities passed the agency's 45-day review under Regulation 40.3 without objection. The contracts are classified as "security futures", a category created by the Commodity Futures Modernization Act of 2000, which puts them under joint CFTC and SEC oversight and means no new law was needed.
Only exchanges registered with both regulators can list them. Kalshi has already announced plans for 58 perpetual contracts on 55 stocks, including Apple and Tesla. Coinbase, Bitnomial and OG.com are also lining up. Which crypto futures exchanges retail clients in the EU can already use is set out in our comparison of crypto futures exchanges.
What is a stock perpetual future?
A perpetual future, or "perp", is a futures contract that never expires. Instead of rolling positions every quarter, traders pay or receive a funding rate, usually every few hours, that keeps the contract price close to the spot price of the underlying stock. You get leveraged long or short exposure, 24/7 trading and no delivery date. How perpetual futures on crypto work and what the funding rate costs is explained in our guide to crypto futures trading.
Crypto traders have used perps for years. In the past month alone, perpetual futures recorded more than $630 billion in trading volume according to DeFiLlama. Until now, US residents could only trade stock perps on offshore or unregulated venues.
Why is Hyperliquid at the center of this?
Because Hyperliquid is where most onchain stock perps already trade. Through its HIP-3 framework, outside builders can launch their own markets on the chain, and the biggest of them, trade.xyz, runs the stock and index perps. Before the CFTC decision, Hyperliquid's stock and commodity markets held about $4.1 billion in open interest.
The Wall Street link is real: Intercontinental Exchange, the owner of the New York Stock Exchange, invested in trade.xyz this year and has said it wants to offer 24/7 US futures trading on Hyperliquid. President Trump said in August that the CFTC is working on bringing Hyperliquid under federal rules. The Hyperliquid Policy Center had lobbied for exactly the "security futures" classification the CFTC chose.
Does the CFTC decision hurt Hyperliquid?
It cuts both ways. On one side, regulated US exchanges can now offer the same product with investor protections, which reduces the appeal of an offshore DEX for American traders. Hyperliquid still geoblocks US residents. On the other side, the decision validates the entire perp model, and if ICE builds its US offering on Hyperliquid infrastructure, the chain earns fees from regulated volume it could never touch before.
HYPE traded around $81 to $82 after the announcement, up about 2 percent, with $78.4 as the first support to watch. You can follow the live price on our crypto prices page.
What could still go wrong?
Two lawsuits. CME Group sued the CFTC in June over the first Bitcoin perp approval, arguing that contracts with no expiry and recurring funding payments are swaps, not futures. And on 3 November the Capital Markets Alliance, backed by Cboe, Citadel Securities and the Healthy Markets Association, filed a suit in New York to overturn the stock perp approval. If a court sides with them, the whole framework could be sent back to square one.
Meanwhile the tokenized-stock front is heating up too: SpaceX and Tesla have joined Amazon in opposing OKXICE's plan to list tokenized versions of their shares. Wall Street is happy to adopt crypto's trading model. It is less happy to let crypto trade Wall Street.
Transparency note: This article was produced with the assistance of artificial intelligence and reviewed by our editorial team before publication. All figures and claims were checked against the primary sources linked in the text. The feature image was generated with AI.
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