90 trillion dollars in annual perpetual futures trading volume enters Wall Street, major banks remain cautious

Odaily Odaily reports: Following the entry of perpetual futures into the regulated U.S. market, Wall Street institutions are primarily taking a wait-and-see approach. Bank of America estimates that the global annual trading volume of perpetual futures is approximately $90 trillion; within a week of Kalshi launching perpetual futures in June, trading volume exceeded $1 billion.



Perpetual futures are similar to standard futures but have no expiration date, meaning traders do not need to close or roll over positions monthly or quarterly, and the contract price is kept close to the underlying asset through periodic funding rates. On May 29, the U.S. Commodity Futures Trading Commission (CFTC) approved Kalshi to offer such contracts, and Coinbase also received approval to list regulated perpetual futures in the U.S.



Insiders indicate that large financial institutions are still researching the related products, with proprietary trading firms, market makers, and emerging clearing companies likely to be the first to participate. Major banks face stricter capital rules, client obligations, and reputational risks, and typically wait for years of data, clear regulatory treatment, and stable infrastructure.



Perpetual futures could also be used to manage weekend risk, but market depth remains a concern. Industry sources note that a regulatory divergence is forming over whether some contracts should be classified as futures or swaps, and CME has already challenged the CFTC's handling of Kalshi's Bitcoin perpetual contract.