The US crypto derivatives market is accelerating. With the Commodity Futures Trading Commission (CFTC) recently providing a clearer review path for Bitcoin perpetual contracts, Kraken, Coinbase, and Kalshi have all taken action to compete for a first-mover advantage in compliant perpetual products in the US.
Kraken announced plans to offer CFTC-regulated Bitcoin perpetual contracts to eligible U.S. institutional clients within the next 30 days. The product will be available through Kraken Pro, alongside spot, margin trading, and CME-listed futures.
Launching via Bitnomial
Kraken's progress relies on its parent company Payward's acquisition of Bitnomial. According to reports, the deal was completed in May, with a total value of up to $550 million, paid in a combination of cash and stock.
This acquisition gives Kraken the key structures needed to operate a crypto derivatives business in the United States, including exchange, clearing, and brokerage services. The report mentions that the Bitnomial-related structure brings Payward the three CFTC licenses required to conduct derivatives business in the US.
According to Kraken, the perpetual contracts are expected to be listed on the Bitnomial Exchange, a CFTC-regulated exchange owned by Payward. Clearing will be handled by NinjaTrader Clearing, an entity operating under the name Kraken Derivatives US and registered as a futures commission broker.
Coinbase and Kalshi have already taken the lead.
Kraken is not the first platform to enter this arena. On May 29, Kalshi received CFTC approval to list BTCPERP, a perpetual contract pegged to the spot price of Bitcoin. Regulators also require that the contract continue to comply with the Commodity Exchange Act and relevant CFTC rules.
On the same day, Coinbase also advanced compliance access for US institutional clients through Coinbase Financial Markets. CFTC staff stated that, under certain conditions, some crypto asset perpetual contracts linked to Coinbase's Deribit could be treated as foreign futures products.
This means that Coinbase has opened a compliant path for US institutional clients to access the global crypto derivatives market, with an initial focus on Deribit options products.
The CFTC simultaneously released a 24-hour market guidance.
In addition to case-by-case approvals, the CFTC also issued a policy statement regarding perpetual contracts. The regulator stated that contract designs may differ across assets, therefore products not covered by existing approvals will continue to be reviewed on a case-by-case basis.
CFTC Chairman Michael Selig described this development as a step towards bringing crypto perpetual contracts into the U.S. regulatory system. He raised the key question of whether such products would operate under "U.S. regulation, U.S. standards, and the rule of law."
The CFTC also released guidance on 24-hour trading, clearing, and settlement. Staff believe that crypto asset derivatives are well-suited for a 24/7 market because these products rely on digital infrastructure and are accessible to global market participants.
Currently, the focus of competition has shifted from policy channels to practical implementation. Kalshi and Coinbase have already made progress, while Kraken has given a 30-day timeline for launch. Going forward, the US market is more concerned with whether these approved pathways can quickly translate into real trading volume and market activity.
