Overview
- CME Group began 24/7 trading for cryptocurrency futures and options on May 29 and reported more than 7,200 contracts traded over the inaugural weekend, about $50 million in notional value.
- CFTC staff issued guidance on 24/7 trading, clearing, and settlement and cleared Kalshi’s Bitcoin perpetual (BTCPERP), establishing a review route for similar perpetual-style contracts under U.S. oversight.
- Kalshi filed to expand perps to major altcoins while Coinbase routed institutional derivatives access through foreign affiliates and Kraken said it plans to offer CFTC-regulated Bitcoin perpetuals to eligible U.S. institutional clients within roughly 30 days.
- Market infrastructure must change because weekend trades currently carry the next business day’s trade date and clearing remains on business-day timelines, creating pressure on margin systems, surveillance, custody, and privacy controls for always-on operation.
- Investors reacted to the regulatory shift by selling some exchange stocks as analysts warned perpetual-style products could change competitive dynamics, and the move follows a broader trend of derivatives becoming the main venue for institutional crypto activity.