Source publication: November 5, 2026, at 15:40 UTC+8. This retrospective reflects the status reported at that time, not a current update.
Single-stock perpetual contracts reached U.S. regulated trading venues on November 3, 2026, according to Odaily’s report. The article cited CFTC Chairman Mike Selig’s announcement that the products would fall under joint CFTC and SEC oversight.
Odaily reported that Kalshi began offering perpetual contracts referencing Amgen (AMGN), McDonald’s (MCD), Qualcomm (QCOM) and Costco (COST) that day, with maximum leverage of approximately 4.9 times.
That reported launch was distinct from two developments still ahead on the article’s publication date: Nasdaq’s expected start of extended trading hours and a CFTC roundtable on round-the-clock derivatives markets.
What changes with a perpetual contract?
Unlike a conventional futures contract, a perpetual has no expiration date. Traders do not have to close or roll a position simply because the contract reaches maturity.
Instead, periodic funding payments between long and short positions help keep the contract price aligned with a reference price. When a contract trades above its reference, positive funding typically raises the cost of holding a long position; negative funding can raise the cost of holding a short position when the contract trades below its reference.
This mechanism does not guarantee accurate pricing, particularly when the underlying stock market is closed and reference data may lag.
The source distinguishes two approaches to stock-related perpetuals:
- Synthetic price exposure: Products such as Binance’s USDT-settled contracts and Coinbase’s USDC-settled contracts provide long or short exposure to stock-price movements without delivery of actual shares.
- Tokenized-stock-based systems: Platforms including MSX, Kraken through xStocks, and Ondo combine perpetuals with tokenized securities or explore their use as collateral.
These structures should not be treated as interchangeable, nor should trading a stock perpetual be confused with buying the underlying share.
Regulatory timeline: reported approvals and launches
The following milestones are described in the original article; their status is stated as of November 5, 2026.
| Date | Reported milestone | Status in the source |
|---|---|---|
| March 11, 2026 | SEC and CFTC signed a memorandum of understanding covering coordination on financial innovation, market oversight and investor protection. | Signed |
| April 10, 2026 | SEC approved Nasdaq’s rule change for trading 23 hours a day, five days a week. | Approved; launch expected December 6 |
| May 29, 2026 | CFTC approved KalshiEX’s Bitcoin perpetual contract, BTCPERP. | Approved |
| September 17, 2026 | SEC issued a temporary, conditional innovation exemption allowing eligible tokenized-securities venues to trade certain National Market System stocks through permissioned automated market makers and liquidity pools. | Issued, subject to conditions |
| November 3, 2026 | Selig announced the entry of single-stock perpetuals into U.S. regulated exchange trading; Kalshi began offering four contracts. | Announced and launched, according to the report |
According to the article’s account of Selig’s explanation, single-stock perpetuals were classified as security futures products under the Commodity Futures Modernization Act of 2000. They therefore had to comply with both the Commodity Exchange Act and federal securities laws.
Venues offering them would need CFTC registration as a designated contract market, alongside notification registration with the SEC as a national securities exchange authorized to trade security futures products.
How crypto platforms reached this point
The source traces the expansion beyond crypto assets through several product milestones:
- August 11, 2025: MSX began public testing of tokenized U.S. stock perpetuals.
- October 2025: Hyperliquid launched HIP-3, opening perpetual-market creation to third-party developers and enabling expansion into stocks, indices, commodities and foreign exchange.
- January 28, 2026: Binance launched TSLAUSDT perpetuals. On February 9, it added contracts referencing MSTR, AMZN, CRCL, COIN and PLTR, using USDT margin and settlement with 24/7 trading.
- February 3, 2026: Ondo Finance announced Ondo Perps, including plans to explore tokenized securities as collateral. The source says the platform launched in July.
- February 24, 2026: Kraken introduced xStocks-based perpetuals for eligible non-U.S. users in more than 110 countries and territories, with leverage of up to 20 times.
- March 20, 2026: Coinbase launched stock perpetuals for eligible non-U.S. users, settled in USDC.
Odaily also described Bitget’s stock and ETF perpetuals as USDT-settled products supporting near-round-the-clock trading, without providing a launch date.
Market growth amid falling overall volumes
Citing TokenInsight’s third-quarter 2026 exchange report, Odaily said tracked exchanges recorded approximately $12 trillion in total volume, down 27.5% quarter over quarter and marking a third consecutive quarterly decline.
Spot volume fell 55% to $2 trillion, while derivatives volume declined 17% to $10 trillion. Despite that decline, derivatives’ share increased by 10 percentage points to 83%.
Across nine exchanges covered by the report, stock and commodity perpetuals generated a combined $2.1 trillion in quarterly volume. Stock perpetuals accounted for approximately $1.61 trillion, or 77%, while commodity perpetuals contributed approximately $491 billion.
The article interpreted the expansion as evidence that crypto exchanges were seeking demand beyond crypto-native assets, while cautioning against attributing the shift solely to declining crypto trading volumes.
What remained planned—not completed
ICE and Trade[XYZ]: regulatory approval still required. On October 29, 2026, NYSE parent Intercontinental Exchange announced a partnership with Trade[XYZ] to bring Hyperliquid-based perpetual markets to the United States, according to the source. ICE was to operate a new regulated trading and clearing structure and make a strategic investment; Trade[XYZ] would provide market design and product technology. The proposed business still required regulatory approval.
Nasdaq: December 6 was an expected start date. The source reported that the approved 23-hours-a-day, five-days-a-week schedule was expected to begin on December 6, 2026. It was not yet operational at publication, and 23/5 is not 24/7 trading.
CFTC: December 15 was a discussion, not a launch. An October 28 announcement scheduled an industry roundtable for December 15, 2026, covering round-the-clock derivatives trading, market structure, tokenization, infrastructure, staffing and operational readiness. A scheduled roundtable did not itself authorize or implement continuous trading.
Weekend prices are not official stock prices
Stock perpetuals can continue trading while traditional stock exchanges are closed, allowing participants to express views on weekend news. But those quotes remain prices on particular derivatives venues—not official Nasdaq or NYSE stock prices.
The source described Coinbase’s use of external equity feeds during regular trading and an internal index incorporating mark-price moving averages and available tokenized-stock quotes during weekends and some closures.
Funding payments and cross-platform trading may help narrow price differences, but they do not eliminate risk. Traders still face funding costs, margin requirements, liquidity constraints and potential gaps when cash equity markets reopen. Weekend perpetual prices may inform expectations; they do not determine Monday’s opening price.
Calendar takeaway: As reported on November 5, the November 3 launch had occurred, while ICE’s proposed market remained approval-dependent, Nasdaq’s December 6 start was expected, and the December 15 CFTC event was a policy discussion.