美国政府首次解禁加密永续合约，对市场意味什么？CFTC发布7*24交易监管指引，Kalshi、Coinbase、CME吃满合规buff。

• 核心观点：美国商品期货交易委员会（CFTC）发布7*24交易监管指引，首次允许加密货币相关衍生品全天候交易，标志着美国市场正式向规模数十万亿美元的加密永续合约市场开放，引发行业积极响应与部分争议。
• 关键要素：
  1. CFTC于5月29日发布指引，认可加密资产衍生品因数字化和全球连续性特征，适合全天候交易与清算，突破此前监管限制。
  2. Kalshi获批上市首款比特币永续合约BTCPERP；Coinbase成为首家受CFTC监管的期货佣金商，为美国客户提供衍生品接入。
  3. CME旗下Globex平台的比特币期货和期权已转为7*24交易，结束周末休市，有助于机构客户对冲风险。
  4. CFTC声明强调，农产品等传统大宗商品因地域性特点不适合全天候交易，并要求相关机构逐案提交合规性审查。
  5. Strategy创始人Michael Saylor和Coinbase CEO等业内人士表示赞赏，认为此举能提升资本效率和市场参与度。
  6. 消费者保护组织Better Markets批评CFTC忽视散户风险，并质疑其与Coinbase、Kalshi可能存在利益关联。
  7. Kraken计划在30天内推出面向美国市场的CFTC监管永续期货产品，显示其他平台正快速跟进。

Original｜Odaily Planet Daily (@OdailyChina)

Author｜Wenser (@wenser 2010 )

On May 29, the U.S. Commodity Futures Trading Commission (CFTC) released 24/7 Trading Regulatory Guidance, emphasizing that due to their digital infrastructure and global continuous trading characteristics, crypto asset-related derivatives are more suitable for round-the-clock trading and clearing.

This means that the U.S., previously considered a "no-go zone for crypto perpetual contracts," has been opened up for the first time. It adds further fuel to America's bid to become the "Crypto Capital."

Numerous crypto trading platforms and traditional exchanges quickly followed suit, launching corresponding trading portals.

The CFTC's Greatest Gift to the Crypto Market: Opening the 24/7 Perpetual Market

According to incomplete statistics, in 2025, the trading volume of crypto derivative perpetual contracts ranged between $60 trillion and $85 trillion, with a single-day high of $750 billion; this accounts for approximately 75% to 80% of total crypto trading volume. (Odaily Planet Daily Note: Kalshi published an article stating that this market's total trading volume in 2025 exceeded $90 trillion)

However, for U.S.-based crypto platforms, regulators had never provided clear rules for this enormous market.

Now, the U.S. CFTC has officially opened this market, which previously held a near-zero share, to U.S. citizens and certain domestic crypto platforms and CEM exchanges. Simultaneously, U.S. institutions and individual users can now seamlessly trade crypto perpetual contracts 24/7, eliminating the previous "time zone" issues.

CFTC Chairman Michael S. Selig called this a historic step in "bringing the world's most active crypto derivatives into the U.S. regulatory framework." This regulatory move quickly triggered execution by leading crypto platforms.

Direct Beneficiaries of the New Policy: Kalshi, Coinbase, CME

On the same day, the CFTC issued an order approving the listing of a perpetual contract referencing the spot price of Bitcoin, BTCPERP, as a futures product on the designated contract market KalshiEX, LLC. The contract was submitted for approval on May 29, 2026, pursuant to CFTC Regulation 40.3. Furthermore, Kalshi plans to launch over a dozen additional crypto perpetual contracts in the future.

Additionally, Coinbase announced it has become the first and currently only Futures Commission Merchant (FCM) regulated by the U.S. CFTC, providing U.S. clients with access to the global crypto derivatives market, including crypto perpetual contracts and options (connecting to platforms like Deribit, whose Bitcoin options open interest exceeds $31 billion). Coinbase has also received approval to allow customers' crypto assets/stablecoins as margin (with rehypothecation rights conditions).

Finally, CME Group, as a traditional exchange platform, is also a direct beneficiary of this policy change. Its Bitcoin futures and options on the Globex platform will switch to 24/7 trading starting this Friday, ending the previous fixed market closure from Friday to Sunday. Institutional clients can seamlessly hedge spot volatility.

However, this does not mean trading volume will suddenly surge. Although the "CME gap" formed by weekend closures will disappear, market liquidity remains concentrated in ETF options and offshore perpetual contracts; IBIT options open interest significantly exceeds that of the CME crypto options market. Currently, short positions among large traders are declining, reducing short-term bearish pressure, but a clear bullish positioning trend has not yet formed.

Cautious Attitude Behind the CFTC Statement: Commodity Differences and Enhancing Regulatory Authority

Yesterday, besides issuing a No-Action Letter to Coinbase, the relevant CFTC department specifically emphasized two points:

1. Traditional commodity derivatives like agricultural products, due to their regional and structural trading characteristics, may not be suitable for full 24/7 operation;
2. Registered exchanges, swap execution facilities, derivative clearing organizations, and futures commission merchants expanding into 24/7 trading must comply with the Commodity Exchange Act (CEA) and related regulatory rules, and must proactively assess risk management and operational arrangements.

In other words, 24/7 perpetual trading for commodities like agricultural products is currently not permitted. Furthermore, any institution wishing to open 24/7 derivatives trading must communicate with CFTC staff in advance, submitting detailed plans and risk analyses. The CFTC will review compliance on a case-by-case basis.

Thus, this CFTC move appears to be a "special case" tailored for crypto assets, opening the door for more crypto platforms to offer derivative products and further solidifying its regulatory authority over crypto asset derivatives.

Industry Comments: Overwhelming Praise and Support

The CFTC's regulatory guidance signifies that the U.S. market's crypto derivatives have truly achieved localized 24/7 trading. Liquidity from many U.S. users previously excluded from the market is expected to flow back rapidly, further boosting domestic institutional participation and capital efficiency while reducing risk management costs (rollover costs, weekend time gaps).

Strategy Founder Michael Saylor stated that the CFTC guidance advances the Bitcoin capital market, including 24/7 trading, BTC collateral, perpetual futures, options, and regulated access. This will benefit BTC holders, support MSTR's development, and back STRC as Bitcoin-backed digital credit.

Coinbase CEO Brian Armstrong exclaimed: "U.S. users have been excluded from this global crypto market representing 80% of volume (including perpetuals and options). But not anymore!"

Kalshi CEO Tarek Mansour said, "This marks Kalshi's evolution from a prediction market leader to a next-generation derivatives exchange. U.S.-domiciled, safe, and regulated perpetuals will improve capital allocation and risk management for countless American businesses."

Such endorsements from beneficiaries are expected, though some outsiders interpret the move as "opening Pandora's Box of speculative behavior."

U.S. Public Interest Third-Party Organization: CFTC Disregards Public Interest and Investor Protection

Better Markets, a third-party consumer protection organization founded after the 2008 financial crisis, officially stated: "Retail investors are unlikely to fully understand the risks posed by perpetual futures. Last year, we urged the CFTC to require enhanced disclosures more easily understood by retail investors. Unfortunately, the CFTC not only failed to require such enhanced disclosures but also seems to have completely ignored the risks associated with the products it approved."

"This action lacks the decorum expected of a regulatory agency. However, given that Coinbase and Kalshi serve as advisors on two CFTC advisory committees, this is not surprising. It is clear that the CFTC's work is not for the public interest or investor protection, but for the very industries it is supposed to regulate."

These words directly suggest potential conflicts of interest or some degree of insider cooperation between the CFTC, Coinbase, and Kalshi.

The U.S. Market is Poised for a Derivatives Trading Boom

Beyond the direct beneficiaries mentioned above, U.S. crypto exchange Kraken also announced plans to launch its first CFTC-regulated perpetual futures product for the U.S. market within the next 30 days. Currently, perpetual futures on Kraken Pro are provided by NinjaTrader Clearing, LLC (operating as Kraken Derivatives US), a CFTC-registered FCM. Related spot margin and perpetual futures products will be offered on the Bitnomial Exchange (Odaily Planet Daily Note: Bitnomial is a CFTC-regulated exchange recently acquired by Kraken's parent company, Payward).

Setting aside the polarized commentary, the door to the multi-trillion-dollar perpetual derivatives market is slowly opening for U.S. users.