CFTC moves to onshore perpetual and novel derivatives in the U.S.

11 articles · Updated · CNBC · Apr 27

Perpetual futures trading volume in 2025 reached $61.7 trillion, up 29% from 2024, with platforms like Kalshi and Polymarket seeking entry.
The CFTC aims to regulate these high-leverage products, which now account for over 70% of centralized crypto exchange volume, amid concerns about volatility and market manipulation.
Prediction markets and crypto platforms, including Robinhood and Coinbase, are converging, raising questions about future expansion into other asset classes and the effectiveness of regulatory safeguards.

Are Robinhood and Coinbase leading retail investors into a new era of wealth or unprecedented financial risk?

As prediction markets expand, can regulators effectively police the blurry line between expert analysis and illegal insider trading?

Is the CFTC's push to 'onshore' risky derivatives about protecting investors or capturing trillions in offshore trading volume?

With the S&P 500 now trading 24/7 as a perpetual, is the era of traditional exchanges coming to an end?

As perpetuals move on-chain, can decentralized protocols offer a truly safer alternative to centralized exchange failures?

Can US regulators truly eliminate the 'auto-deleveraging' that punishes even profitable traders on offshore exchanges?