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Key takeaways
- The CFTC chairman says equity perpetual contracts were deemed approved under Regulation 40.3 as security futures products.
- Eligible exchanges must have CFTC designation and SEC notice registration for security futures. The contracts remain subject to both regulatory frameworks.
- The official statement does not identify a participating exchange or broker rollout schedule. Leverage can create losses beyond the initial margin deposit.
Stock-linked perpetual futures have reached a new US regulatory milestone. On November 3, 2026, CFTC Chairman Michael S. Selig announced that perpetual futures on individual equity securities can begin trading on qualifying US exchanges for the first time.[1] (opens in a new tab)[2] (opens in a new tab)
The important detail is how narrowly that announcement is framed. Selig says the contracts were deemed approved as security futures products under Commission Regulation 40.3. This is not a blanket green light for every exchange offering stock-linked derivatives.[2] (opens in a new tab)
What the CFTC actually announced
The eligible venues are designated contract markets, meaning CFTC-regulated futures exchanges, that also have SEC notice registration as national securities exchanges for trading security futures products. The CFTC makes that dual-registration requirement explicit in both its release and the statement's footnote.[1] (opens in a new tab)[2] (opens in a new tab)
The contracts remain subject to the Commodity Exchange Act, federal securities laws and both regulators' frameworks. In other words, the announcement brings this instrument into a joint oversight structure; it does not remove securities-law requirements because the product resembles something familiar from crypto trading.[2] (opens in a new tab)
There is also a distinction between approval and availability. The release says trading can begin, but neither the release nor the full statement identifies a participating exchange, lists stock symbols or supplies a broker-by-broker rollout schedule. Readers should not treat those documents as proof that a particular trading app has already switched the products on.[1] (opens in a new tab)[2] (opens in a new tab)
What a perpetual future does
A perpetual future is a derivative without a fixed expiration date. In a September filing, Coinbase Derivatives describes cash-settled contracts linked to individual stocks or exchange-traded fund shares, with payments between traders intended to keep the contract's price near its underlying reference price.[4] (opens in a new tab)
Those payments are called funding. Under the mechanism described in that filing, payments flow between the two sides according to whether the derivative is priced higher or lower than its benchmark. That creates an incentive to narrow the gap; it is not a promise that the two prices will always match.[4] (opens in a new tab)
This is exposure through a contract, rather than a purchase of the referenced share. Coinbase's submission specifies cash settlement, making the distinction between the derivative and the underlying security especially important for beginners.[4] (opens in a new tab)
That September document is an application, not evidence that a named Coinbase product launched today. It requests Commission approval and says listing would follow approval and any additional necessary regulatory permissions.[4] (opens in a new tab)
Why this is different from earlier crypto perps news
The CFTC's earlier perpetual-contract policy statement was issued on May 29, 2026, alongside an order permitting a bitcoin-linked perpetual futures listing. At that time, the agency said perpetuals referencing other asset classes warranted case-by-case review.[3] (opens in a new tab)
Today's statement describes the next step as extending the instrument beyond digital commodities to traditional securities. The precise development is deemed approval of the equity contracts discussed by Selig, not universal permission for any stock derivative or any platform using the word “perpetual.”[2] (opens in a new tab)
What this means for you
Separate three questions when reading a launch headline: what was approved, whether the venue has the required registrations, and whether your broker actually offers the product. Today's statement answers the regulatory question at a high level, not every practical access question.[1] (opens in a new tab)[2] (opens in a new tab)
Regulation is not protection against trading losses. The CFTC's investor guidance warns that leverage can produce substantial losses, including losses exceeding the initial margin deposit, with additional money needed to cover them.[5] (opens in a new tab)
For beginners, the takeaway is a change in the regulated product landscape—not a reason to open a position. Read the actual contract terms and risk disclosures rather than treating approval as a recommendation. This article is educational, not investment advice.
Frequently asked questions
Did the CFTC approve every platform offering stock perps?
No. The statement concerns equity contracts deemed approved as security futures, on qualifying dual-registered exchanges. It does not confer permission on every platform.
Does this prove a particular trading app launched stock perps?
No. The release and statement do not name participating exchanges or provide a broker rollout schedule.
What makes these contracts perpetual?
A perpetual future has no fixed expiration date. In the Coinbase proposal discussed here, payments between traders help align the contract price with a reference price; that filing is not proof of a product launch.
Sources
- CFTC Chairman Selig Releases Statement on Equity Perpetual Futures (opens in a new tab) — CFTC
- Statement on Equity Perpetual Futures (opens in a new tab) — CFTC
- CFTC Issues Policy Statement Concerning the Listing of Perpetual Contracts (opens in a new tab) — CFTC
- Coinbase Derivatives Submission #2026-62 (September 18, 2026) (opens in a new tab) — Coinbase Derivatives (hosted by CFTC)
- Understand Your Contractual Obligations (opens in a new tab) — CFTC
Published November 3, 2026 by Dave McNaught. Educational content, not financial, legal or tax advice. Spot an error? Request a correction.
Dave McNaught
Dave McNaught has worked in IT since 1999 and founded All Business Technologies (ABT) in 2003, a Boston-area firm providing Managed IT, Cybersecurity, Managed AI, Web Design and App Development. He publishes The Crypto Guide.