US Green-Lights Bitcoin Perps — But One Catch Could Decide…

The United States is moving to bring Bitcoin's largest trading market onshore, potentially redirecting roughly $85 billion in crypto liquidity away from offshore venues and back into a regulated domestic framework. True perpetual futures — the funding-rate-driven instruments that have long dominated crypto volume globally — may finally get a formal US home.

The implications run deep. Onshoring the perps market means the funding rate engine, which acts as a real-time sentiment gauge and a key lever in leveraged positioning, would operate under US regulatory oversight. That shifts where price discovery actually happens — and could meaningfully change the character of volatile moves, since domestic venues tend to carry different liquidation dynamics than their offshore counterparts.