Can You Trade Perpetual Futures in the US? (2026 Update)
Updated · 2 min read
Yes. Since July 21, 2025, US traders can trade CFTC-regulated perpetual-style futures on Coinbase Derivatives. Coinbase self-certified nano Bitcoin and nano Ether perpetual contracts on June 26, 2025 and the CFTC didn't object. They trade 24/7 with hourly funding and up to 10x leverage, but technically carry a five-year expiry. Most offshore perp exchanges still block US users, and many crypto prop firms restrict US residents.
- First US-regulated perps: nano BTC-PERP (0.01 BTC) and nano ETH-PERP, live July 21, 2025.
- They use hourly funding like offshore perps; funding settles twice a day.
- Up to 10x leverage, far below offshore venues.
- Sept 18, 2026: Coinbase filed for single-stock perpetual futures on ~50–60 US equities (pending).
- Prop firm access for US residents varies: some allow them, some don't (see our firm filter).
Timeline
| Date | Event |
|---|---|
| Apr 21, 2025 | CFTC opens a Request for Comment on perpetual derivatives |
| Jun 26, 2025 | Coinbase Derivatives self-certifies nano BTC and ETH perpetual-style futures |
| Jul 21, 2025 | Trading goes live, the first US-regulated perps |
| Sep 18, 2026 | Coinbase files for 24/5 single-stock perpetual futures (approval pending) |
US perpetual-style futures vs offshore perps
| Coinbase US perpetual-style | Typical offshore perp | |
|---|---|---|
| Regulator | CFTC (designated contract market) | Usually none in the US |
| Expiry | Five years | None |
| Funding | Accrues hourly, settles twice daily | Hourly or every 8 hours |
| Max leverage | Up to 10x | 20x–100x+ |
| Contract size | Nano: 0.01 BTC | Often 0.001 BTC or less |
| Hours | 24/7 | 24/7 |
US traders and perps prop firms
Prop evaluations are simulated, so firms treat them differently from exchange access. Some firms accept US residents. Others (DojiFunded, for example) list the US as restricted, and Bybit-based firms push country compliance onto the trader's own Bybit account. Filter by US access in the firm directory and read each firm's terms. Using a VPN from a restricted country is an automatic termination at firms like Propr.
Frequently asked questions
Are perpetual futures legal in the US?
Perpetual-style futures listed on CFTC-regulated exchanges are legal for US traders. Offshore exchanges that aren't registered with the CFTC generally can't serve US persons.
Why do Coinbase's US perps have an expiry?
They're structured as long-dated (five-year) futures to fit existing US futures rules, with hourly funding added so they trade like perps.
Can Americans use Hyperliquid?
Check Hyperliquid's terms and current US rules. Many interfaces block US users. We don't give legal advice.
Sources
- Pillsbury — CFTC permits listing of perpetual futures on BTC and ETH
- Coinbase — Perpetual futures have arrived in the U.S.
- Coinbase — US Perpetual-Style Futures 101
Educational content, not financial advice. Perps and prop evaluations are high-risk; firm rules change, so check each firm's current terms.