Bitcoin · Coinbase · U.S. · CryptoSlate
The CFTC release confirms Kalshi submitted the contract on May 29
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Coinbase's path is different.
Key facts
- Bitcoin is -0.17% over the past 24 hours and currently sits at rank # 1 by market cap
- The CFTC release says Kalshi submitted the contract on May 29, while the order identifies the submission date as May 28
- It also points to bitcoin's deep, active, continuous spot market and to 24/7 spot trading that lets arbitrageurs respond while the perpetual trades
- The Kalshi order describes BTCPERP as a cash-settled derivative referencing the US dollar spot price of one BTC as measured by the CF Benchmarks Bitcoin Real Time Index
Summary
01 The CFTC approved KalshiEX to list BTCPERP, a cash-settled, no-expiry bitcoin perpetual futures contract. 02 The same day, staff gave Coinbase a conditional route for US access to certain Deribit derivatives through its FCM structure. 03 The big question is whether these paths can match offshore liquidity while meeting CFTC limits on leverage, margin, and access. The CFTC has moved true Bitcoin perpetual futures from an offshore-liquidity debate into a US-regulated test case, with KalshiEX LLC now approved to list BTCPERP and Coinbase Financial Markets receiving separate staff-level relief for access to certain Deribit products. The Commission approved KalshiEX LLC's BTCPERP contract as a futures contract, allowing the CFTC-registered designated contract market to list a no-expiry bitcoin perpetual tied to the spot price of BTC.