For years, a trader in the US who wanted a perpetual-style bet on a single stock had one realistic path: an offshore venue, often unregulated, outside US rules. On Tuesday, Nov. 3, 2026, the CFTC said that path now has a regulated alternative at home.
In a statement released today, CFTC Chairman Michael S. Selig said perpetual futures contracts on individual equity securities, which he calls the "Equity Perps," can begin trading for the first time on CFTC-registered exchanges. Here is what that means, what the CFTC actually confirmed, and what it did not say.
What are equity perpetual futures?
Equity perpetual futures are perpetual futures contracts whose underlying is an individual equity security, meaning a single company's stock. Perpetual futures have grown popular mainly in crypto markets. Selig described them as having "emerged as widely sought tools for risk-management and price-discovery."
Legally, the CFTC treats these contracts as security futures products under the Commodity Futures Modernization Act of 2000 (CFMA). That classification is why both market regulators are involved.
What the CFTC confirmed on Nov. 3
- First time in the US. Equity Perps can begin trading for the first time on CFTC-registered exchanges, per CFTC Release 9319-26.
- Which exchanges. "CFTC-registered exchanges" here means designated contract markets that are dually registered with the SEC as notice-registered national securities exchanges to trade security futures products.
- How they got approved. The contracts were "deemed approved by the Commission, pursuant to Commission Regulation 40.3, as security futures products" under the CFMA.
- Who oversees them. They are subject to the Commodity Exchange Act, US federal securities laws, and "the regulatory frameworks of both the CFTC and the SEC."
- What came before. Selig said the CFTC approved the first true bitcoin perpetual futures contract on a CFTC-regulated exchange earlier this year. His footnote cites the Order Approving KalshiEX LLC BTCPERP Futures Contract, May 29, 2026.
Why the CFTC and SEC both have a hand in stock perps
Single-stock futures sit at the border between commodity law and securities law. Congress created a joint framework for security futures in the CFMA more than two decades ago. In March 2026, the CFTC and SEC signed a memorandum of understanding (Release 9192-26, Mar. 11, 2026) to guide coordination between the agencies. Selig said the Equity Perps "build on the foundation of the CFMA and the MOU."
For too long, regulatory uncertainty left innovative products, such as security futures and equity perpetual futures, stranded in what SEC Chairman Paul S. Atkins has aptly described as a regulatory 'no man's land' due to a lack of harmonization between the agencies.
CFTC Chairman Michael S. Selig, Nov. 3, 2026
Selig framed the move as onshoring. In his words, bringing the products into regulated markets lets American investors and traders use them "within the protections of the CFTC's proven regulatory framework, rather than being forced to turn to offshore, and often unregulated, venues."
What the CFTC statement does not say
The press release and Selig's statement are short. They do not name the exchange that listed the contracts, the specific stocks or ETFs covered, the settlement method, margin or leverage terms, funding mechanics, or a trading start date beyond saying the contracts "can begin trading." Anyone looking for those details should read the listing exchange's own contract specifications and its filing on the CFTC's industry filings page. We will add confirmed details here as they are published.
Perpetual futures are leveraged derivatives. Leverage can magnify losses as well as gains, and losses can exceed what a trader expects. A new regulatory status does not make any product safe or suitable for any investor.
FAQ
What are equity perpetual futures?
Perpetual futures contracts on individual equity securities. The CFTC calls them "Equity Perps" and treats them as security futures products under the Commodity Futures Modernization Act of 2000.
Did the CFTC approve stock perps?
Yes. Per Chairman Selig's Nov. 3, 2026 statement, the Equity Perps were deemed approved by the Commission under CFTC Regulation 40.3 and can begin trading for the first time on CFTC-registered exchanges.
Are stock perps regulated by the CFTC or the SEC?
Both. The contracts are subject to the Commodity Exchange Act, US federal securities laws, and the regulatory frameworks of both the CFTC and the SEC.
Where can equity perpetual futures trade?
On designated contract markets that are also notice-registered with the SEC as national securities exchanges for security futures products. The CFTC statement does not name a specific exchange.
Is Coinbase listing stock perpetuals?
The CFTC press release and Selig's statement do not name Coinbase or any other exchange. Check the exchange's own announcements and its CFTC filing before relying on reports.
Were these the first perpetual futures in the US?
No. Selig said the CFTC approved the first true bitcoin perpetual futures contract on a CFTC-regulated exchange earlier in 2026, citing a May 29, 2026 order for KalshiEX's BTCPERP contract. The Equity Perps are the first on individual equity securities.
Sources and disclaimer
Disclaimer: This article is for informational and educational purposes only and is not financial advice or a recommendation to buy or sell any security or derivative. Derivatives involve substantial risk. Nothing here guarantees any outcome. Do your own research or talk to a licensed professional before making investment decisions.
Sources: CFTC Release 9319-26 and Statement of Chairman Michael S. Selig on Equity Perpetual Futures, both Nov. 3, 2026. Read on the CFTC site at 6:45 AM PT.
Follow @CosAnalyst on X for updates as contract details are published.