Coinbase Derivatives has listed the first-ever perpetual futures contracts on Bitcoin (BTC) and Ethereum (ETH) on a U.S. futures exchange.
- The move comes in the wake of an open request for comment on “perps” issued by the CFTC earlier this year—but no new rule or interpretive guidance has followed.
- Importantly, the SEC has not challenged the listing of ETH perpetual futures, reinforcing the perception that ETH continues to be treated as a commodity, not a security.
- The true test will come if and when exchanges seek to list perpetual futures on crypto assets other than BTC and ETH.
Perpetual futures contracts—or “perps”—are a form of derivative that, unlike traditional futures, do not have an expiration date. They have become the dominant form of crypto derivatives trading globally, but until now, have largely been unavailable on regulated U.S. exchanges. On April 21, 2025, the Commodity Futures Trading Commission (CFTC) issued a 30-day Request for Comment (RFC) seeking public input on the risks and characteristics of perpetual derivatives. The comment period closed on May 23, 2025. While the RFC generated a broad range of industry and academic responses, the CFTC has not yet issued any new rulemaking, interpretive guidance or staff advisory in response.
Coinbase Derivatives, formerly known as LMX Labs, LLC, has been a Designated Contract Market (DCM) registered with the CFTC since 2020. As a DCM, Coinbase is permitted to list new products by self-certifying compliance with the Commodity Exchange Act (CEA) and CFTC regulations. Under CFTC Regulation 40.2, the exchange must file the product's terms and certify its compliance at least one business day prior to launch. The CFTC then has a 10-business-day window to object or stay the listing.
On June 26, 2025, Coinbase filed self-certifications for two perpetual futures contracts:
- nano Bitcoin Perpetual Futures (BTC‑PERP)
- nano Ether Perpetual Futures (ETH‑PERP)
No objection was raised by the CFTC, and the contracts became effective for trading on July 21, 2025. While lack of objection does not constitute regulatory approval, it signals that the CFTC did not find these contracts to violate the CEA or its rules—a de facto green light for the first U.S.-based perpetual futures contracts.
Notably, the Securities and Exchange Commission (SEC) has not taken action to challenge the listing of the ETH‑PERP contract, which might have been expected if ETH were viewed as a security. If ETH were classified as such, any futures contract based on it would need to be a “security future” and could only be traded on a SEC‑regulated exchange or a jointly regulated SEC/CFTC platform. The SEC’s lack of objection aligns with its earlier approval of ETH futures ETFs and the ongoing listing of ETH futures on CME, further reinforcing market understanding that ETH is not currently being treated as a security.
The real regulatory inflection point may arise if Coinbase—or any other U.S. futures exchange—attempts to list perpetual futures on crypto assets other than BTC and ETH, such as Solana (SOL), Cardano (ADA) or XRP. These assets remain under scrutiny from the SEC and have not yet received the same commodity-like treatment. Such an extension of perpetual futures to crypto assets beyond BTC and ETH may hinge on the enactment of comprehensive market structure legislation—specifically, the Digital Asset Market Structure Clarity Act of 2025 (the “CLARITY Act”), which recently passed the House and now awaits Senate action.
Conclusion
The launch of BTC and ETH perpetual futures reflects a critical shift in the maturation of crypto markets under U.S. regulatory frameworks. For the first time, a U.S.-registered exchange is offering continuous, leveraged futures trading on crypto assets—long the domain of offshore venues.
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