Historical source published: November 5, 2026, at 19:00 UTC+8.
Source author: Frank, MSX.
A November 5 PANews article reports that single-stock perpetual contracts had begun trading on a U.S. regulated exchange, marking a step toward bringing a crypto-market trading structure into the American securities framework. Its timeline includes completed regulatory actions, products already launched, and December milestones that were still ahead at publication.
November 3: approval announcement and trading launch
According to the article, CFTC Chair Mike Selig announced on November 3, 2026, that single-stock perpetual contracts were permitted to trade on U.S. regulated exchanges under joint CFTC and SEC oversight.
The report says these contracts were classified as securities futures under the Commodity Futures Modernization Act of 2000, subject to both the Commodity Exchange Act and federal securities laws. Eligible venues would need CFTC registration as a designated contract market and notice registration with the SEC as a national securities exchange authorized to trade securities futures.
The article reports that Kalshi began offering four stock perpetuals that same day, referencing Amgen (AMGN), McDonald’s (MCD), Qualcomm (QCOM) and Costco (COST), with maximum leverage of approximately 4.9 times.
What changes with a perpetual contract?
Unlike conventional futures, perpetual contracts have no scheduled expiration. Traders therefore do not need to roll a position solely because a contract expires.
Periodic funding payments between long and short positions help encourage the contract price to track a reference price. That mechanism does not guarantee accurate pricing, particularly when the underlying stock market is closed and reference data may lag.
The source also distinguishes two product structures:
- Synthetic stock perpetuals: Contracts providing exposure to stock-price movements without delivery of actual shares, such as the USDT-settled Binance and USDC-settled Coinbase products described in the article.
- Tokenized-stock-based systems: Products linking perpetuals or collateral arrangements to tokenized securities, including the approaches described for MSX, Kraken’s xStocks-based offering and Ondo.
These structures should not be treated as interchangeable with owning the underlying shares.
Completed milestones as of November 5, 2026
| Date | Action reported by the source | Status at publication |
|---|---|---|
| August 11, 2025 | MSX opened public testing of tokenized U.S. stock perpetuals. | Public test launched |
| October 2025 | Hyperliquid introduced HIP-3, opening perpetual-market creation to third-party developers. | Mechanism launched |
| March 11, 2026 | The SEC and CFTC signed a memorandum of understanding covering coordination on financial innovation, market oversight and investor protection. | Agreement signed |
| April 10, 2026 | The SEC approved Nasdaq’s rule change for trading 23 hours a day, five days a week. | Rule approved; launch still expected |
| May 29, 2026 | The CFTC approved KalshiEX’s bitcoin perpetual contract, BTCPERP. | Approval reported |
| September 17, 2026 | The SEC issued temporary, conditional innovation exemptions allowing qualifying tokenized-securities venues to trade certain NMS stocks through permissioned automated market makers and liquidity pools. | Arrangement issued, subject to conditions |
| October 28, 2026 | The CFTC announced a roundtable on round-the-clock derivatives trading. | Meeting announced, not yet held |
| October 29, 2026 | ICE announced a partnership with Trade[XYZ] to pursue a U.S. perpetuals market using Hyperliquid-based infrastructure. | Plan announced; regulatory approval still required |
| November 3, 2026 | Selig announced the stock-perpetual regulatory framework; Kalshi began offering four contracts, according to the article. | Announcement and trading launch reported |
The ICE proposal was not an operating-market launch. Under the reported plan, ICE would operate the regulated market and clearing infrastructure and make a strategic investment in Trade[XYZ], which would provide market-design and product technology.
December milestones still ahead at publication
- December 6, 2026 — Expected Nasdaq launch: The article identified this as the anticipated start of Nasdaq’s 23-hour, five-day trading schedule. Approval of the rule change was already completed; execution of the schedule remained ahead.
- December 15, 2026 — Scheduled CFTC roundtable: The announced discussion would examine round-the-clock derivatives trading, including market structure, tokenization, infrastructure, staffing and operational readiness. A roundtable is not itself approval of continuous trading.
Weekend pricing remains a separate market signal
The source argues that stock perpetuals can provide a channel for price discovery while conventional U.S. stock markets are closed. But those prices remain venue-specific derivatives quotations—not official Nasdaq or NYSE stock prices—and need not match Monday’s opening prices.
Funding costs, margin requirements, limited liquidity and opening gaps remain relevant risks. Cross-platform trades are not automatically risk-free arbitrage, especially when the underlying shares cannot be traded continuously for hedging.