US Investors Get Crypto-Style Stock Perps at 6.7x Max

On November 3, CFTC Chairman Michael Selig said perpetual futures on individual U.S. stocks can begin trading on designated contract markets that are also notice-registered with the SEC as national securities exchanges for security futures. The contracts were deemed approved under CFTC Regulation 40.3, the route for exchange-requested product approval rather than self-certification; no launch venue or stock was named. Two September 18 proposals, including one from Coinbase Derivatives, describe cash-settled contracts without expiry that use funding payments between longs and shorts and close Friday afternoon, reopening Sunday evening. General security-futures margin of 15% caps leverage near 6.7 times, far below offshore crypto perps. Kalshi proposed a 15.5% minimum.