Perpetual futures for tokenized stocks and commodities on Hyperliquid and Binance nearly matched Bitcoin's trading volume, reaching $61.7 billion last week. This growth, particularly in equities and commodities, signals a shift in crypto markets and draws attention from traditional finance leaders.
Crypto exchanges are expanding into tokenized stocks, commodities, and precious metals, with market capitalization growing to $6.6 billion in June 2026 from $1.4 billion in January 2025, driven by competition from traditional brokerages and decentralized exchanges.
Bitcoin has rebounded to nearly $66,000 from its June 30 low, but options traders are still paying high premiums for downside protection, and leveraged long positions are rebuilding. This creates a 'pre-capitulation trap' as the market awaits the Federal Reserve's policy meeting.
Arcus, a decentralized exchange backed by Robinhood Crypto, has launched tokenized stocks and perpetual futures on Robinhood Chain, offering over 95 stock tokens and derivatives. The platform uses a self-custodial model, but its stock tokens are unavailable in the US, Canada, and the UK due to ongoing regulatory questions.
Pantera Capital highlights perpetual futures' structural advantages, citing Hyperliquid's expansion beyond crypto to equities and commodities. Traditional finance players like ICE are also exploring 24/7 onchain derivatives.
Kalshi has launched U.S.-regulated crypto perpetual futures, moving beyond Bitcoin to include Ethereum, Solana, XRP, and HYPE. The success of these products will now be tested by market behavior, focusing on execution quality, liquidity, and trader adoption.
CryptoQuant advised Strategy to halt Bitcoin buys, citing a drop in dividend coverage from seven years to 14 months due to increased obligations and shrinking cash. Meanwhile, CBOE considers perpetual crypto futures, Zcash miner Fortitude plans a Nasdaq listing via merger, and Chainlink collaborates with banks on stablecoin FX settlement.
CFTC Chair Michael Selig noted significant differences between traditional commodity markets and the cryptocurrency industry. He stated that 24-7 trading and perpetual contracts are not suitable for agricultural products, despite recent approvals for crypto-related products.
The Chicago Board Options Exchange (CBOE) is exploring converting its Bitcoin and Ether futures to perpetual futures, a move to compete in the rapidly growing crypto derivatives market following recent US regulatory approvals. Perpetual futures, popular for their lack of expiration dates, have seen significant trading volume.
The SEC and CFTC are seeking public comment on how to define crypto perpetual futures and other novel products, a move that could shape market structure, regulatory oversight, and the ability of crypto-native venues to list products in the US.
The Chicago Mercantile Exchange (CME) Group has filed a lawsuit against the US Commodity Futures Trading Commission (CFTC) and its chair, Michael Selig, over the agency's approvals of cryptocurrency perpetual futures. CME alleges the CFTC is misinterpreting Congressional directives and acting unilaterally.
CME Group, the world's largest futures exchange operator, plans to sue the CFTC over its approval of crypto perpetual futures. Outgoing CEO Terry Duffy argues these are swaps, not futures, under the Dodd-Frank Act, and the suit will be filed Thursday.
Bitwise's HYPE ETF (BHYP) now has options trading on the NYSE, creating a regulated link between US equity markets and the 24/7 Hyperliquid crypto exchange. This connects ETF shares, US options, HYPE spot/perpetual futures, and Hyperliquid's on-chain economy, allowing for new risk management and trading strategies.
CME Group CEO Terrence Duffy announced plans to sue the Commodity Futures Trading Commission (CFTC) over its approval of perpetual futures contracts, arguing they should be regulated as swaps under the Dodd-Frank Act. The CFTC recently approved Kalshi to offer bitcoin perpetual futures in the U.S.
La plateforme de prédiction Kalshi a généré plus de 5,5 milliards de dollars de volume de trading sur ses contrats à terme perpétuels en deux semaines. L'entreprise, qui propose actuellement 11 contrats liés aux cryptomonnaies, prévoit de diversifier son offre avec des contrats sur les actions, les matières premières, les événements sportifs et politiques, tout en naviguant les régulations de la CFTC.
Hyperliquid's perpetual futures open interest exceeds $10 billion, driven by crypto assets and expansion into equities, commodities, and synthetic pre-IPO trading via HIP-3, drawing attention from traditional financial firms.
The CFTC has approved KalshiEX to list a Bitcoin perpetual futures contract (BTCPERP), marking a significant step for crypto derivatives in regulated US markets. This move could change how retail and institutional traders access leveraged Bitcoin exposure, bringing a popular crypto financial tool into the US regulatory framework.
Kraken has launched perpetual futures trading for eligible US users through its acquisition of Bitnomial. The offering includes contracts for major cryptocurrencies like Bitcoin and Ether, expanding Kraken's domestic derivatives market presence.
CFTC Chair Michael Selig defended the agency's approval of perpetual futures, citing the need for robust regulation of internationally developed products. He dismissed concerns about leverage and complexity, emphasizing proper disclosure and broker suitability assessments. Selig also denied political pressure influenced the decision, despite Donald Trump Jr.'s advisory role at Kalshi.
Kraken has launched perpetual futures trading for eligible US users through its acquisition, Bitnomial. The offering includes contracts for major cryptocurrencies like Bitcoin and Ether, expanding Kraken's domestic derivatives market presence.
Over $1 billion traded in SpaceX-linked perpetual futures in 3 days as investors front-run the highly anticipated IPO, despite warnings from market history on potential first-year losses and regulatory scrutiny over governance and valuation risks.
Coinbase has launched pre-IPO markets, starting with SpaceX, offering perpetual futures contracts tied to private companies' estimated pre-listing prices to users outside the US. This move intensifies competition among crypto exchanges in tokenizing real-world assets.
New perpetual futures on SpaceX are emerging on crypto platforms, resembling betting markets. Meanwhile, a deal between Talgo and Renfe over a €116 million fine for delayed trains is reportedly close. In Cuba, US pressure is causing foreign hotel chains to exit, impacting Meliá.
Shares of major exchanges like CME Group, Cboe Global Markets, Intercontinental Exchange, and Nasdaq fell sharply after the CFTC approved bitcoin perpetual futures on Kalshi, sparking fears of increased competition from new trading products.
