The products have become a staple of crypto trading, particularly on offshore exchanges and decentralized platforms such as Hyperliquid, which has emerged as a major venue for leveraged trading on blockchain rails. Perps recorded over $630 billion in trading volume over the past month, according to DeFiLlama data.
Wall Street takes notice
The Trump administration has made bringing perps markets under U.S. oversight a priority.
Earlier this year, the CFTC approved the first bitcoin perpetual futures contract on a regulated U.S. exchange. President Donald Trump said in August at a White House meeting that the CFTC is working to bring Hyperliquid into the U.S. under federal rules.
The rise of onchain perps has also caught Wall Street’s attention. Intercontinental Exchange (ICE), the New York Stock Exchange’s parent company, recently invested in tradeXYZ, a builder of perpetual futures markets on Hyperliquid.
Equity perps have faced regulatory hurdles because stock-based derivatives fall under both securities and commodities laws.
The new contracts use a framework established by the Commodity Futures Modernization Act of 2000, which provides for joint SEC and CFTC oversight. The two agencies also agreed to coordinate more closely on products crossing their jurisdictions.
Selig’s statement did not identify which exchanges would offer equity perps or the stocks available at launch.
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