Can Perps Trading Rival Stock Exchanges? What the Data Shows

Key Insights: Perps trading is entering regulated US markets. Stock perp volume rose 56x between January and August. Jamie Selway, senior SEC official , said that he expects at least four exchanges to begin trading perpetual futures on securities before the end of the quarter. Five CFTC-regulated exchanges, Coinbase, Kalshi, Bitnomial, NADEX and ICE Futures, filed Form 1-N registration notices with the SEC in September. Perpetual futures are derivatives with no expiry date, and they were developed in crypto markets. Perps trading in stocks, metals, and indices already runs on-chain and on offshore exchanges.