International entity EDXM and digital asset platform Coinbase introduce perpetual futures trading
Perpetual futures, a popular derivative product in the crypto market, have now gained regulatory approval for trading on CFTC-registered markets in the U.S. This development is part of the Commodity Futures Trading Commission’s (CFTC) "crypto sprint" initiative, which aims to clarify digital asset status under commodities law and enable 24/7 trading and perpetual derivatives on compliant platforms.
The CFTC's efforts, including collaborations with custody providers and derivatives platforms, aim to establish the U.S. as a global hub for regulated crypto derivatives. One of the first exchanges to launch a perpetual futures exchange in the U.S. was EDXM International, which went live for institutional traders on 23 July 2025.
The new perpetual futures venue is supported by a network of liquidity providers, prime brokerage, and OEMS partners. EDXM International's proprietary matching engine is designed to provide low-latency trading required by institutions. The exchange also plans to implement portfolio margining in its perpetual futures business.
In April 2025, Bitnomial Exchange, a CFTC-regulated designated contract market (DCM), self-certified the first perpetual futures contracts ever listed on a U.S. exchange, with trading beginning with BTC/USD perpetual futures available initially to institutional participants.
The perpetual futures contracts offered by EDXM International and Bitnomial Exchange have no expiry and are constantly adjusted by a funding rate to align with the spot price of the underlying. To ensure bankruptcy remoteness and avoid title transfer, EDXM International holds collateral.
The growth of perpetual futures trading in the U.S. has been rapid. Coinbase Financial Markets launched perpetual-style futures in the US for retail traders in July 2025, offering up to 10x intraday leverage and CFTC-regulated contracts with no monthly expiration dates and long-dated expiration dates of five years.
Experts and regulatory documents suggest that these institutional-grade perpetual contracts are currently available for trading since early 2025, with the infrastructure and market access expanding throughout the year. The momentum has already begun with clear regulatory backing and institutional market access.
Alesia Haas, chief financial officer of Coinbase, stated that bringing perpetual style futures to the U.S. is a "real innovation" and that volumes have doubled week over week. Brian Armstrong, co-founder and chief executive of Coinbase Global, reported that the perpetual style futures had hit an all-time high in trading volume on the crypto firm's second quarter earnings call on 31 July 2025.
In summary, perpetual futures are now allowed and tradeable for U.S. institutional investors on regulated platforms. The CFTC and SEC are coordinating to allow eligible contract participants to trade such derivatives through regulated intermediaries, marking a significant regulatory shift from prior frameworks and opening the door for institutional involvement in perpetual futures. With ongoing developments aiming for expanded adoption and infrastructure improvements by 2026, the U.S. is poised to become a major player in the global crypto derivatives market.
References:
- CFTC Greenlights Perpetual Futures for U.S. Institutions
- CFTC Aims to Establish U.S. as Global Hub for Regulated Crypto Derivatives
- Perpetual Futures: What They Are and Why They Matter
- The Commodity Futures Trading Commission (CFTC) aims to establish the U.S. as a global hub for regulated crypto derivatives, including perpetual futures, through collaborations with custody providers and derivatives platforms.
- The growth of perpetual futures trading in the U.S. is rapid, with exchanges like EDXM International and Bitnomial Exchange offering these contracts, which have no expiry date and are constantly adjusted by a funding rate to align with the spot price of the underlying.
- Technology plays a crucial role in the trading of perpetual futures, with exchanges like EDXM International using proprietary matching engines designed for low-latency trading required by institutions.
- Regulation is a crucial aspect of the trading of perpetual futures, with the CFTC and SEC coordinating to allow eligible contract participants to trade such derivatives through regulated intermediaries, marking a significant regulatory shift from prior frameworks and opening the door for institutional involvement.
