Perpetual futures have become one of the most widely used instruments in modern crypto trading. More recently, perpetual futures have begun moving into the regulated financial system. U.S. regulators have shown some willingness to allow certain firms to offer perp-like products onshore, with platforms such as Kalshi and Coinbase Financial Markets exploring ways to bring derivatives trading under domestic oversight.
At the same time, major exchanges are expanding perpetual-style contracts beyond crypto. New listings like pre-IPO perpetual futures on private companies, offered through platforms including Coinbase and Kraken, show how the instrument is being used to trade companies before they’re even traded in public markets.
