Single-stock perps cleared in the US as watchdog calls them “another gambling product”

The Commodity Futures Trading Commission announced on November 3, 2026, that single-stock perpetual futures can trade on US exchanges, with Chairman Michael Selig saying CFTC-registered venues may list the products. Equity Perps are perpetual futures linked to individual stocks, providing continuous leveraged exposure without an expiry and requiring periodic funding payments. Exchanges must also be registered with the Securities and Exchange Commission as notice-registered national securities exchanges cleared for security futures. Better Markets, a reform group, objected to the products; its Securities Policy Director, Benjamin Schiffrin, cited leverage risk and noted they do not confer stock-ownership rights. The CFTC had approved a bitcoin perpetual for KalshiEX on May 29; Kalshi said it cleared $1 billion in first-week volume.