Crypto’s most-traded product has just entered Wall Street.
On November 3, the U.S. derivatives regulator (the CFTC) announced that single-stock “perps” can be traded on regulated U.S. exchanges. Apple, Nvidia, Tesla perpetual contracts. According to Bloomberg, Kalshi launched its first contracts that same day.
A perp is a contract that tracks the price of an asset without ever expiring. To keep it aligned with the real price, those betting with the crowd regularly pay the other side: this is called “funding.” The idea was popularized in 2016 by BitMEX for
$BTC , and it became the heart of crypto trading.
Offshore crypto version versus U.S. version, according to the filings:
• Trading hours: often 24/7 on one side, Sunday evening through Friday afternoon on the other
• Leverage: often much higher on one side, minimum margin of around 15% (≈ 6.5x) on the other
• Oversight: unclear regulator on one side, CFTC + SEC on the other
My take: this is less a victory “for crypto” than recognition that crypto invented a tool traditional finance wants to take back. And it changes nothing for anyone trading from Dakar or Abidjan: these contracts are aimed at U.S. customers.
Not everyone is applauding. The SIFMA lobby group called for a pause to allow public consultation, Better Markets calls it “disguised gambling,” and CME is already suing the CFTC over crypto perps.
The real trap is the same everywhere: leverage. At 10x, a drop of around 10% can wipe out your entire stake.
Do you see stock perps as progress or just another casino?
Sources: CFTC, Reuters, Bloomberg, Yahoo Finance. Not financial advice.
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