New developments have emerged in the US cryptocurrency derivatives market. The US Commodity Futures Trading Commission (CFTC) recently approved KalshiEX to launch Bitcoin perpetual contracts and granted a no-action waiver to Coinbase's related businesses, opening a channel for US customers to access offshore options and perpetual products.
Kalshi receives approval to list Bitcoin perpetual tokens.
According to the disclosure, KalshiEX has been approved to launch cash-settled Bitcoin perpetual contracts, which can be traded 24/7 and operate through a funding rate mechanism linked to the spot price. This is considered the first time a regulated exchange in the United States has officially launched a Bitcoin perpetual product.
CFTC Chairman Michael Selig stated that this decision provides a compliant listing path for one of the most liquid trading categories in the crypto asset market. Under the current arrangement, the regulatory approach is divided into two lines: one for perpetual products listed on regulated exchanges in the United States, and the other for overseas products handled according to existing rules.
Coinbase granted permission to connect to overseas derivatives markets
Alongside Kalshi's approval, the CFTC also granted regulatory facilitation to Coinbase Financial Markets, allowing it to provide eligible U.S. clients with access to options and perpetual products on Deribit's offshore trading platform.
The report indicates that the exemption also allows eligible customers to use Bitcoin, Ethereum, and stablecoins as collateral. For Coinbase, this means a clearer compliance pathway for its derivatives offerings outside the US market.
The market reacted quickly to the regulatory changes.
Following the announcement, related trading platforms and cryptocurrency prices surged. On Friday, Coinbase shares rose 4%, and Robinhood shares jumped 11%. Hyperliquid's token HYPE rebounded more than 30% from its lows last Thursday, reaching an all-time high of approximately $73.50.
The article notes that market opinions remain divided on whether this regulatory change is beneficial to Hyperliquid. Supporters believe that the expansion of the US compliant sustainability market will help increase attention to the entire sector; opponents argue that the regulatory easing may intensify competition among compliant platforms. However, in the short term, investors tend to interpret it as a positive signal.
Bitcoin ETFs continue to see outflows
Despite the positive impact of derivatives, mainstream crypto assets as a whole remained under pressure. Data in the article shows that Bitcoin fell by about 6% in a week, returning to around $72,500; Ethereum and Solana also fell by about 6% and 5% respectively during the same period.
In terms of funding, Bitcoin spot ETFs saw net outflows of approximately $125 million last Friday, with a total net outflow of approximately $1.4 billion for the week; Ethereum spot ETFs saw net outflows of approximately $18 million on the day, with a total net outflow of approximately $257 million for the week. This indicates that despite positive signals from regulators regarding perpetual products, risk appetite in the spot market has not yet significantly recovered.
