The U.S. crypto derivatives market has seen new developments. The U.S. Commodity Futures Trading Commission (CFTC) recently approved KalshiEX to launch bitcoin perpetual contracts, while also granting a no-action relief to a Coinbase-affiliated entity, paving the way for U.S. customers to access overseas options and perpetual products.
Kalshi has been approved to list Bitcoin perpetuals.
According to the disclosure, KalshiEX has been approved to launch a cash-settled Bitcoin perpetual contract, which is tradable 24/7 and operates via a funding rate mechanism tied to the spot price. This marks the first official launch of a Bitcoin perpetual product by a U.S.-regulated exchange.
CFTC Chair Michael Selig stated that this decision provides a compliant listing pathway for one of the most liquid trading categories in the crypto asset market. Under the current arrangement, regulatory oversight is divided into two tracks: one for perpetual products listed on U.S.-regulated exchanges, and another for offshore products handled under existing rules.
Coinbase has been approved to connect to overseas derivatives.
In sync with Kalshi’s approval, the CFTC has also granted regulatory relief to Coinbase Financial Markets, permitting it to provide eligible U.S. customers access to options and perpetual products on Deribit’s offshore trading platform.
Reports indicate that this exemption also allows eligible clients to use Bitcoin, Ethereum, and stablecoins as margin collateral. For Coinbase, this means a clearer compliance pathway for its derivatives offerings outside the U.S. market.
The market quickly reflects regulatory changes.
Following the announcement, related trading platforms and cryptocurrency prices surged sharply. Last Friday, Coinbase's stock rose 4%, while Robinhood increased by 11%. The HYPE token of the on-chain perpetual trading platform Hyperliquid rebounded over 30% from its Thursday low, reaching a new all-time high of approximately $73.50.
The article notes that there is still disagreement over whether this regulatory change is beneficial for Hyperliquid. Supporters argue that the expansion of the U.S. compliant perpetual market could increase overall sector attention, while opponents believe that regulatory approval may intensify competition among compliant platforms. However, based on short-term market performance, capital appears to interpret this as a bullish signal.
Bitcoin ETFs continue to experience outflows
Beyond the positive sentiment in derivatives, major crypto assets remain under pressure. Data in the article shows that Bitcoin fell approximately 6% over the week, retreating to around $72,500; Ethereum and Solana also declined by approximately 6% and 5%, respectively, during the same period.
On the funding side, Bitcoin spot ETFs experienced a net outflow of approximately $125 million last Friday and a net outflow of about $1.4 billion for the full week; Ethereum spot ETFs saw a net outflow of around $18 million on the same day and a net outflow of approximately $257 million for the week. This indicates that, despite positive regulatory signals for perpetual products, risk appetite in the spot market has not yet shown significant recovery.