CryptoSlate
The CFTC said on Nov. 3 that individual-equity perpetual futures could begin trading on eligible regulated exchanges, bringing the products into a joint securities and futures oversight framework. The contracts track share prices without a fixed expiration, but an underlying stock-market halt can stop trading and block an exit.
Why it matters
CFTC Chairman Michael Selig said the contracts had been deemed approved under Regulation 40.3. Eligible venues must be designated contract markets that are also notice-registered with the SEC as securities exchanges. Regulatory clearance establishes a route to market, but does not mean every exchange has launched a product or set final customer terms.
Kalshi says it offers single-stock perpetuals, but warns that they do not trade 24/7 and cannot be opened or closed during scheduled market closures. SIFMA has sought further review of proposals from Bitnomial, Coinbase, Kalshi and Nadex, citing concerns including manipulation, thin liquidity and product classification.
Market impact
Security-futures rules generally require a contract on a single security to halt when that security is under a regulatory halt, subject to applicable exemptions. Coinbase's filing describes controls for halts and disrupted funding, but those controls apply to its proposed design. Its product record showed “Approval Pending” on Nov. 4, and the public records cited do not establish a Coinbase customer launch.
A fallback price or a pause in funding does not close a position or guarantee a trade at a reference value. If prices move adversely during a halt, an account can fall below maintenance margin and face liquidation. A hedge in another instrument may be possible if that market remains open and accessible, but it may leave the original position exposed.
Frequently asked questions
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Which exchanges can offer US individual-equity perpetual futures?
Eligible venues must be designated contract markets and notice-registered with the SEC as securities exchanges.
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Can traders close a stock perpetual during a halt in the underlying share?
Security-futures rules generally require a contract on a single security to halt when that security is under a regulatory halt, subject to applicable exemptions.
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Does the CFTC announcement mean Coinbase has launched stock perpetuals?
No. Coinbase's individual CFTC product record showed “Approval Pending” on Nov. 4, and the cited public records do not establish a customer launch.
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Do fallback prices or funding pauses let a holder exit a position?
No. A fallback price or funding pause does not execute a closing trade or guarantee a trade at the reference value.
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How can a halt affect a stock-perpetual account?
An adverse move during a halt can push an account below maintenance margin and trigger liquidation. A hedge may be possible if another market remains open and accessible, but the original position stays open.
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