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Perpetual Futures

Every Crypto Coin Show story tagged Perpetual Futures, newest first, alongside the guides and interviews that give it context.

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From the interview archive
Hyperliquid perpetual futures open positions surge 115% to 435,564 amid volume collapse
DeFi

Hyperliquid perpetual futures open positions surge 115% to 435,564 amid volume collapse

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DeFiCrypto Coin Show News Team·October 6, 2026·3 min read

Hyperliquid’s perpetual futures open positions have grown 115% to 435,564 in nine months, driven entirely by new traders rather than existing ones adding more leverage. The concentration of capital at near-record open interest against sharply falling daily volume signals rising liquidation risk if volatility spikes, a critical metric for institutional traders managing counterparty exposure on the platform.

  • Open positions reached 435,564 as of October 6, up 115% from 202,943 at the start of the year
  • Active traders grew from 155,000 in early January to 320,600 today, nearly doubling over nine months
  • Daily volume collapsed to $2-6 billion recently from $12-16 billion in late August, widening leverage-to-turnover gap
  • 435,564 open positions on Hyperliquid as of October 6, 2026
  • 115% growth in open positions since start of the year
  • $17.29B total perpetual open interest, near record high set September 23

Hyperliquid has hit a new record for open perpetual futures positions, according to data reported by Cryptopolitan. The platform held 435,564 open positions as of Tuesday (October 6), up 115% from the 202,943 recorded at the start of the year. Active traders, defined as wallets with an open position or trading volume in the past 30 days, have grown in parallel, rising from approximately 155,000 in early January to 320,600 today. Total open interest in perpetuals reached $17.29 billion, trailing only the September 23 peak by $920 million.

New market entrants account for all nine months of growth, not leverage stacking by existing traders

The composition of this growth matters sharply for risk assessment. When dividing total open positions by active traders, the average wallet holds approximately 1.36 open positions today, barely changed from 1.3 in early January. Existing traders have not materially increased their per-wallet leverage.

Instead, the entire growth reflects new participants entering the platform and bringing fresh capital with them.

Daily volume plunged 65% from August peak as traders shift from flipping positions to sustained holdings

Volume dynamics reveal a fundamental shift in trader behavior. Hyperliquid processed roughly $4.54 billion in perpetual volume by mid-afternoon on October 6. Most sessions over the past month have ranged between $2 billion and $6 billion, a stark contrast to late August, when daily turnover repeatedly cleared $12 billion and peaked near $16 billion around August 22.

That divergence between record open interest and collapsing volume signals traders are opening positions and holding them rather than scalping intraday moves. With leverage parked at close to four times the daily volume, order books are absorbing far less traffic relative to the notional size of positions.

Thin liquidity against elevated leverage creates acute liquidation risk if volatility returns

The setup carries clear downside risk. A sharp directional move could trigger cascading liquidations faster than order books can absorb, amplifying price swings through forced selling. Nine months of steady growth in both new wallets and positions does reflect genuine adoption, and longer holding periods can reflect conviction as easily as they reflect passive stacking.

The critical risk metric is the distance between leverage sitting idle on Hyperliquid and the fraction of daily volume turning over to defend it, especially if volatility accelerates into the final quarter of 2026.

The CCS read. Hyperliquid’s volume collapse while open interest approaches record levels is a red flag for liquidation cascades, not a sign of healthy protocol growth. Institutions using the platform to hedge or take directional bets should stress-test their positions against the liquidity available at 10x and 20x moves, not simply the platform’s current order book depth.

Watch whether daily volume rebounds above $8 billion in the next four weeks, a threshold that would ease liquidation risk; if it stays below $6 billion into November, the leverage-to-turnover gap will become the platform’s dominant trading risk heading into the year-end volatility season.

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Gate misroutes Franklin Resources dividend through wrong token, wipes $1.46 million account
Exchange News

Gate misroutes Franklin Resources dividend through wrong token, wipes $1.46 million account

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Exchange NewsCrypto Coin Show News Team·September 30, 2026·3 min read

Gate, a centralized crypto exchange, misapplied a Franklin Resources dividend to a mismatched contract, liquidating leveraged short positions even though the underlying price barely moved. The episode shows how a simple ticker collision, not market volatility, can trigger outsized losses on exchanges now blending tokenized equities with crypto derivatives.

  • Gate routed a $0.33 per-share Franklin Resources dividend through BENUSDT, a contract trading near $0.000585, a roughly 564-fold mismatch.
  • About 200 accounts were affected, including one that swung to a negative $1.46 million balance, according to a screenshot shared on X.
  • Gate says it fixed the error within minutes and will restore all balances, absorbing the loss itself rather than passing it to traders.
  • $1.46M negative balance on one account after the mismatch
  • 200 accounts affected by Gate’s dividend routing error
  • 564x size of the dividend charge versus the contract’s price

Gate, a centralized crypto exchange expanding into tokenized stock trading, mistakenly routed a Franklin Resources dividend through BENUSDT, a perpetual futures contract that lets traders bet on an asset’s price with no expiration date, on Wednesday (September 9), according to a report from BeInCrypto. The mix-up erased leveraged short positions even though the contract’s price barely moved, because two unrelated assets shared the same BEN ticker. Gate said roughly 200 accounts were affected and pledged to cover the losses itself.

Gate Charges a $0.33 Dividend to a $0.000585 Token

On Monday (September 7), Gate posted an announcement saying Franklin Resources, the asset manager behind Franklin Templeton, would pay a $0.33 per-share dividend through BENUSDT at 08:00 UTC two days later. Under Gate’s rules, traders betting the price would rise, called longs, receive the payment, while traders betting on a decline, called shorts, pay it. Screenshots shared by traders showed BENUSDT was actually trading near $0.000585, the price of an unrelated low-value crypto token carrying the same $BEN ticker.

A $0.33 charge against a $0.000585 contract equals roughly 564 times the position’s value. For shorts, it functioned less like a dividend payment and more like an instant liquidation trigger.

$1.46 Million Account Shows a Liquidation With No Price Move

Leveraged traders post a cash deposit called margin to cover potential losses; when that deposit runs out, the exchange force-closes the position, a process known as liquidation. The dividend charge alone drained many shorts’ margin balances, and because some accounts pooled margin across several open bets, unrelated positions closed too.

One screenshot posted on X by the user @SmallPig0526 showed an account swinging to a negative $1.46 million balance.

Longs saw the reverse effect, with outsized credits appearing in their balances. Gate has not said whether any of those funds were withdrawn before the reversal.

Godot, who leads Gate’s creator community program, said the platform identified and fixed the error within minutes and would restore all affected balances.

Today at 16:00 UTC+8, while processing the BEN contract funding rate in accordance with the announcement made two days ago, we encountered an error due to duplicate names, affecting a total of 200 accounts…The resulting user balance display issues are being resolved progressively. All users have incurred no losses whatsoever, with Gate bearing the full responsibility.

Godot, head of Gate’s creator community program

Gate’s Push Into Stock Products Continues Without a Formal Postmortem

Gate has not published a detailed incident report explaining how the ticker collision passed internal checks before the funding payment executed.

The error lands as Gate expands into tokenized equities, having added Japanese stock trading in August, and as rivals chase the same market. The New York Stock Exchange has separately signed a deal to bring tokenized US stocks to crypto users, adding pressure on exchanges to get ticker and settlement logic right.

The CCS read. We see this less as a dividend mix-up and more as a namespace problem: exchanges listing tokenized securities alongside unrelated tokens sharing tickers are stacking settlement risk on top of market risk. Institutions vetting these venues should treat ticker collisions as a due diligence line item, not a footnote, before trusting a community manager’s post over an audited incident report.

Gate has not said whether it will claw back the outsized credits paid to longs during the error window, leaving open how the exchange balances its books once a formal postmortem, if one comes, is published.</p

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Kalshi ends volume-incentive program early amid trading pattern scrutiny
Exchange News

Kalshi ends volume-incentive program early amid trading pattern scrutiny

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Exchange NewsCrypto Coin Show News Team·September 30, 2026·4 min read

Kalshi is terminating its volume-incentive program nearly a year early and replacing it with a more flexible rewards framework, even as the prediction-market operator defends itself against scrutiny over trading patterns and approaches a $40 billion valuation. The shift raises hard questions about whether the exchange’s record-breaking activity reflects genuine demand or dependence on rewards engineering.

  • Kalshi filed to end its Volume Incentive Program on October 13, 2026, nearly a year ahead of its original October 1, 2027 deadline.
  • The exchange handled $3.24 billion in contracts on September 27 alone, with weekly volume reaching $15.66 billion, capturing 80% of all tracked prediction-market volume.
  • Kalshi is replacing fixed-pool volume rewards with targeted promotions allowing up to $2,500 per participant and $5,000 lifetime, with heightened surveillance for abusive trading.
  • $40B Kalshi’s target valuation in ongoing funding talks, up from $22 billion in May 2026
  • 80% Kalshi’s share of tracked prediction-market volume as of late September 2026
  • $15.66B Weekly contract volume in the seven days through September 27

Kalshi told the Commodity Futures Trading Commission in a September 28 filing that its Volume Incentive Program will terminate no earlier than October 13 (Tuesday, October 13, 2026), accelerating by 363 days its previously scheduled wind-down. The decision comes as researchers have identified repetitive trading patterns in Kalshi’s perpetual futures markets, including clusters of roughly $5,500 trades in Ethereum contracts. Kalshi has rejected allegations of wash trading, saying such activity reflects market makers placing fixed-size quotes that other traders repeatedly hit. The company says it is not under investigation. The filing provides no explanation for the early termination and does not link it to the trading scrutiny.

Kalshi replaces volume pools with targeted trader promotions and surveillance

Days before filing to end the original program, Kalshi submitted a new Deposit and Trading Reward Incentive Program to the CFTC, with the modified version received September 25 and effective as of September 28. The two programs can overlap during the transition, but the new framework grants the exchange far greater discretion in how it spends money to attract traders.

Under the old structure, Kalshi distributed fixed reward pools proportionally to each trader’s share of eligible market volume. The new program lets Kalshi run time-limited promotions lasting three to 90 days, each tied to deposits, trading activity or both.

Individual promotions can pay up to $2,500 per participant; total rewards are capped at $5,000 per person over a planned two-year program life. Kalshi can offer percentage matches or fixed-value incentives across any category it designates, crypto, sports, economics, financials, politics, weather and entertainment.

The new framework explicitly addresses suspected abusive trading. Transactions under review for potential self-matching, wash trading, prearranged trading or other prohibited conduct will be excluded from promotional rewards. Kalshi’s surveillance staff will apply heightened monitoring to incentive recipients and can terminate eligibility or pursue disciplinary action.

Record volume masks unresolved questions about reward dependency

The incentive transition unfolds against a backdrop of record trading activity. According to DeFiRate data, Kalshi handled $3.24 billion in contracts on September 27 alone, with weekly volume reaching $15.66 billion in the seven days through that date. Its share of tracked prediction-market volume climbed to near 80%, up substantially from levels a year earlier.

That growth is driving investor appetite. Kalshi is in advanced discussions to raise approximately $1 billion at a valuation near $40 billion, Reuters reported. Sequoia Capital and Wellington Management are discussing leading the round, with Tiger Global and Dragoneer Investment Group also considering participation. A deal at that price would nearly double the $22 billion valuation Kalshi secured in a $1 billion raise in May. The company is also exploring expansion beyond prediction markets into additional asset classes and has held preliminary discussions about a potential initial public offering.

The critical question investors now face is whether Kalshi’s activity reflects durable customer demand or continued reliance on the economics the exchange engineers.

The structure of the new program suggests Kalshi believes targeted acquisition can work without fixed-volume pools. By tying rewards to account age, funding status, prior activity levels, geography and contract categories, Kalshi can segment its customer base and tailor incentives to retention rather than raw volume.

Yet the program’s inclusion of heightened surveillance language, explicitly excluding suspected wash trading and self-matching from rewards, implies Kalshi acknowledges that some activity flagged by researchers may not reflect genuine market demand.

One material question remains unresolved: whether Kalshi’s data on “abusive trading” will be disclosed to the CFTC or made public, and if so, in what form.

The filing states that Kalshi’s surveillance staff will apply heightened monitoring and can exclude transactions, but it does not specify whether results of that monitoring will be reported to regulators or become subject to the CFTC’s docket on prediction-market operator rules. That transparency question matters to institutional investors assessing the health of Kalshi’s orderbook and the reliability of volume figures used to support a $40 billion valuation.

The CCS read. Kalshi’s shift from pooled to targeted rewards may reduce headline volume in the short term but could improve quality by filtering out mechanical trading tied to fixed incentive structures. For ETF sponsors and institutions benchmarking prediction-market liquidity, the early program termination signals either confidence that underlying demand is durable or a defensive move to preempt further scrutiny. The heightened surveillance language suggests Kalshi is tightening definitions of acceptable activity, a prudent step if regulators are watching, but one that could reveal margin between reported and genuine volume.

Watch for the CFTC’s response to Kalshi’s new framework. The regulator must rule on whether the modified program meets the standards set in its prediction-market operator rules. Any conditions the CFTC imposes, particularly around surveillance disclosure or transaction exclusion thresholds, will signal how closely federal regulators are examining the relationship between incentives and trading volume across the crypto derivatives sector.

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CFTC registers Coinbase Clearing as derivatives clearinghouse while stock perpetuals await approval
Exchange News

CFTC registers Coinbase Clearing as derivatives clearinghouse while stock perpetuals await approval

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Editor's ChoiceCrypto Coin Show News Team·September 30, 2026·3 min read

Coinbase has closed the final structural gap in its US derivatives business after the CFTC registered Coinbase Clearing LLC as a derivatives clearing organization, giving the exchange control over trading, listing and clearing for the first time. Yet the product Coinbase has promoted hardest, single-stock perpetual futures, still depends on a rival clearer and remains stuck in regulatory review.

  • The CFTC registered Coinbase Clearing LLC on Sept. 28 (Monday), authorizing it to clear fully collateralized futures, options on futures and swaps.
  • Coinbase’s Single Stock Perpetual Futures Contract, filed Sept. 18 (Friday) with Apple as the representative contract, still showed “Approval Pending” as of Sept. 30.
  • The Apple perpetual names Nodal Clear LLC, not Coinbase’s own clearinghouse, as central counterparty, and trades only from 8 p.m. ET Sunday through 5 p.m. Friday.
  • Sept. 28 date CFTC registered Coinbase Clearing as a DCO
  • Sept. 18 date Coinbase filed its stock-perpetual futures proposal
  • 24/7 settlement Coinbase claims versus stock perp’s five-day window

Coinbase now sits atop all three layers of the regulated US derivatives market. Coinbase Financial Markets operates as a futures commission merchant, Coinbase Derivatives as a designated contract market, and the newly registered Coinbase Clearing as the clearinghouse that settles trades.

Coinbase Clearing Wins Authority Over Fully Collateralized Contracts

The registration, first detailed by CryptoSlate, lets Coinbase Clearing create and settle fully collateralized futures, options on futures and swaps without routing them through an outside clearing partner. That is a structural shift for an exchange that previously depended on third parties for the function that guarantees trades and manages counterparty risk. Coinbase said the new entity gives it end-to-end infrastructure to bring regulated products to market.

The pitch centers on USDC collateral and 24-hour settlement, features Coinbase is building around always-on crypto markets rather than the fixed hours of legacy futures venues. Owning the clearing layer can shorten product-development cycles for contracts that stay within its collateral model, since Coinbase no longer needs a third party’s sign-off to launch.

That advantage matters for institutional desks that already use Coinbase’s credit lines, as it signals deepening reliance on Coinbase-run financial infrastructure beyond spot trading.

Apple Perpetual Filing Still Routes Through Nodal Clear

The clearinghouse approval does not extend to Coinbase’s most closely watched planned product. The CFTC’s product record for Coinbase Derivatives continued to list the Single Stock Perpetual Futures Contract as “Approval Pending” as of Sept. 30, twelve days after Coinbase submitted the proposal.

The Sept. 18 filing proposes cash-settled perpetual futures on individual US equities and ETFs, using Apple stock as the representative contract with no fixed expiration and periodic funding payments to track the underlying share price. That structure mirrors the tokenized-equity products already moving through DeFi. Critically, the Apple contract names Nodal Clear LLC rather than Coinbase Clearing as central counterparty, and its trading window runs 8 p.m. Eastern Sunday through 5 p.m. Friday, a schedule at odds with the round-the-clock settlement Coinbase is marketing for its own clearinghouse.

CFTC Decision on Stock Perpetuals Remains the Open Milestone

Coinbase said it intends to list the stock perpetuals shortly after approval, subject to any additional regulatory requirements, but gave no firm date. Until the CFTC rules, the contracts will launch, if approved, on infrastructure Coinbase does not control, splitting its derivatives business between an owned clearing system and a partner arrangement for its highest-profile equity product.

The CCS read. Owning the clearing layer lets Coinbase keep more of the margin it currently pays to outside clearers on eligible contracts, a quiet revenue lever institutional holders should weigh alongside trading fees. Investors watching Coinbase’s diversification beyond spot volume should treat clearinghouse ownership as the more durable balance-sheet story, with stock perpetuals as a separate, still-unresolved regulatory bet.

The next milestone is procedural rather than technical: whether the CFTC clears the Apple-referenced stock perpetual filing, and whether any approval requires Coinbase to eventually shift clearing from Nodal Clear onto its own newly registered system.

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RWA perpetual futures surge to $18.8B weekly volume, displacing altcoin trading
Exchange News

RWA perpetual futures surge to $18.8B weekly volume, displacing altcoin trading

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BlockchainCrypto Coin Show News Team·September 23, 2026·4 min read

Perpetual futures tied to stocks, commodities and indices have jumped from under $1 billion in daily volume to $18.8 billion in a single week, pulling trading activity away from altcoins on the same exchanges that built their businesses on crypto leverage.

  • RWA perpetual futures volume rose from under $1 billion in January to $18.8 billion during September 3-9, per Talos data.
  • DefiLlama found RWA-first wallets generated 31.5% of new-user trading volume on Hyperliquid but only 8.3% of new-user fees.
  • CryptoRank counted 351 new exchange listings across 10 major venues in the second quarter, the fewest since the third quarter of 2023.
  • $18.8B weekly RWA perp volume versus under $1B in January
  • 8.3% share of new-user fees from wallets generating 31.5% of volume
  • 351 new CEX listings in Q2, fewest since Q3 2023

Daily volume in real-world-asset perpetual futures across the venues Talos tracked climbed from under $1 billion in January to $18.8 billion during the week of September 3-9, 2026, according to a report by CryptoSlate. That figure represented 18.5% of total futures volume across those exchanges, a category that barely existed eight months earlier. Crypto-perpetual volume declined over the same comparison period while total futures activity in the sample stayed roughly flat, meaning traditional-asset contracts filled the gap left by weaker crypto-only trading.

Talos Data Show Hyperliquid and Binance Each Route Roughly a Quarter of Futures Volume to RWAs

Traditional-asset perpetuals made up 28% of futures volume on Hyperliquid and 24.8% on Binance in the Talos sample, putting both exchanges well above the 18.5% market-wide average. Oil led the weekly gain as Brent crossed $100 a barrel, a move unrelated to crypto that traders could still access without leaving their existing exchange app or collateral pool.

The mechanism matters more than the headline number. Crypto exchanges perfected the perpetual contract for tokens; now the same wrapper delivers leverage on oil, gold, equities and pre-IPO companies.

CoinDesk Research separately reported that centralized-exchange volume rose 12.7% month over month to $4.29 trillion in August, with spot up 18.7% and derivatives up 11.3%. Traditional-asset perpetual volume within that total grew a smaller 2.37% to $602 billion, a slower pace than the overall derivatives growth for the month, showing the two categories can expand together rather than strictly at each other’s expense.

DefiLlama Finds Most New Traders Never Cross Between RWA and Crypto Markets

DefiLlama classified 169,514 new Hyperliquid wallets as RWA-first, meaning their debut trade landed in a stock, commodity or index market, covering January 1 through June 30, 2026. That group made up 31.7% of new wallets and generated $111.6 billion, or 31.5%, of new-user trading volume. Their economics told a different story: RWA-first wallets produced just 8.3% of the main trading fees paid by new users, a mismatch that suggests thinner margins or heavier fee subsidies in the products drawing them in.

RWA-first wallets kept 83.6% of their volume inside RWA markets. Other-first wallets, whose debut trade was crypto or another non-RWA product, sent only 22.8% of their volume into RWA markets yet still accounted for roughly 40% of all RWA-market volume, meaning existing crypto traders supply a larger share of that flow than newcomers do.

A DefiLlama follow-up sharpened the picture: 80.9% of RWA-first wallets never touched the other market category, and 82% of Other-first wallets never crossed into RWA products. Three groups emerge rather than one migrating mass, an RWA-only cohort, a crypto-only cohort, and a smaller high-frequency core that trades both. That segmentation complicates any simple claim that altcoin capital is exiting wholesale for tokenized stocks, a nuance CCS covered when examining how tokenized equities entered DeFi lending in its report on Chainlink’s bank payment and tokenized-stock integrations.

Hyperliquid’s Gross Fees Rise to $419.3 Million While Core Revenue Falls to $305.3 Million

CryptoRank counted 351 new listings across 10 major centralized exchanges in the second quarter of 2026, the fewest since the third quarter of 2023, with tokenized assets contributing 42 of those additions. Gate accounted for 573 removals, nearly 60% of first-half delistings, while MEXC rarely reported removals and was effectively excluded from the comparison, limiting how much the listing data can say about altcoins broadly.

Hyperliquid’s HIP-3 framework lets outside builders deploy their own perpetual markets, including stock and commodity contracts, and its fee documentation permits deployers to retain up to 50% of the trading fees their markets generate. Fees routed to Hyperliquid’s Assistance Fund convert automatically into HYPE and get burned, but only a slice of builder-market activity reaches that mechanism.

The split shows up in the numbers. 21Shares estimated Hyperliquid’s gross fees rose from $320 million in the first half of 2025 to $419.3 million in the first half of 2026, a 31% increase, while its core protocol revenue, the share flowing to the platform treasury, fell from $317.5 million to $305.3 million over the same period. Crypto perpetuals still drove the next leg of growth: Hyperliquid’s total open interest climbed from $6.6 billion to $8.8 billion in September 2026, even as HIP-3’s share of that activity slipped from 34% to 25%, a shift echoed in how onchain lending capital has scaled elsewhere, as CCS detailed in its coverage of Cap’s growth in underwriter capital.

The CCS read. The revenue gap matters more than the volume headline. Builder-deployed markets are pulling activity onto Hyperliquid without funneling proportional fees back to HYPE holders or the treasury, which means token-linked burn mechanisms may lag actual platform growth. Investors tracking Hyperliquid as a proxy for RWA-perp adoption should watch core revenue, not gross fees, as the cleaner signal of whether this shift benefits the protocol’s own token economics.

Whether traditional-asset perpetuals ultimately substitute for altcoin trading or simply add a new revenue line depends on data not yet available: full third-quarter figures on wallet crossover rates, HIP-3’s fee share, and whether CryptoRank’s listing count recovers from its lowest level since the third quarter of 2023.

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Moscow Exchange rolls out perpetual futures for Bitcoin, Ethereum, Solana, XRP and Tron
Bitcoin

Moscow Exchange rolls out perpetual futures for Bitcoin, Ethereum, Solana, XRP and Tron

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BlockchainCrypto Coin Show News Team·September 22, 2026·2 min read

Moscow Exchange launched perpetual futures on five major cryptocurrencies on Tuesday (September 22), letting qualified investors take continuous, cash-settled positions on Bitcoin, Ethereum, Solana, XRP and Tron without holding the underlying tokens. The contracts extend a derivatives business that has already logged more than 600 billion rubles in cumulative turnover from over 72,000 qualified investors.

  • MOEX listed BTCUSDF, ETHUSDF, SOLUSDF, XRPUSDF and TRXUSDF, each rolling over daily instead of expiring on a fixed date.
  • First-tier margin requirements range from 22% on Bitcoin to 43% on XRP, the highest of the five new contracts.
  • MOEX said on Sept. 16 that over 72,000 qualified investors have traded its crypto futures, with turnover exceeding 600 billion rubles.
  • 600B rubles in cumulative turnover on MOEX crypto futures to date
  • 72,000 qualified investors who have traded MOEX digital-asset futures
  • 43% initial margin required on XRPUSDF, the highest of five contracts

Moscow Exchange rolled out perpetual futures on five cryptocurrencies on Tuesday (September 22, 2026). The new contracts, BTCUSDF, ETHUSDF, SOLUSDF, XRPUSDF and TRXUSDF, track MOEX’s own dollar-denominated crypto indexes and settle profit and loss in rubles, first reported by CryptoSlate. Each position rolls over automatically at the end of every trading day, removing the need to manually renew the dated futures MOEX already offers.

MOEX Restricts the New Contracts to Qualified Investors Only

The contracts are cash-settled derivatives that never deliver Bitcoin, Ether or any other token to the holder. Investors gain price exposure purely through a regulated new contracts structure, with access limited to qualified investors, according to MOEX. Brokers then set the final trading terms available to individual clients, adding a second layer of eligibility on top of exchange-level rules.

Each contract lasts a single trading day before rolling automatically into the next, mimicking the open-ended exposure offered by perpetual swaps on global exchanges. MOEX set the funding parameters at K1 of 0% and K2 of 0.35%.

XRP’s 43% Margin Is Nearly Double Bitcoin’s 22%

MOEX set first-tier minimum margin at 22% for Bitcoin, 35% for Ether, 38% for Solana, 43% for XRP and 30% for Tron, the collateral traders must post relative to a position’s value. XRP’s requirement sits roughly double Bitcoin’s, a gap that signals how MOEX ranks relative volatility across the five underlying assets.

The exchange also capped position sizes through LK1 and LK2 concentration limits that vary sharply by contract, from 961 and 4,807 contracts on XRPUSDF to 124,490 and 622,450 on ETHUSDF, per the contract specifications on the MOEX page. Those figures are not directly comparable as measures of market exposure, since each contract carries a different notional value and specification.

Dated Futures Already Drew 72,000 Accounts Before the Perpetual Launch

MOEX said on Sept. 16 that more than 72,000 qualified investors had traded its existing dated crypto-index futures, with cumulative turnover surpassing 600 billion rubles. That base of active traders predates Tuesday’s perpetual launch, giving MOEX a ready pool of accounts to migrate toward the new products rather than building demand from zero.

MOEX has not disclosed how much of that turnover concentrated in Bitcoin versus the other four assets, or how quickly volume is expected to shift into the perpetual structure. The exchange’s push mirrors a broader pattern of institutions building onchain and derivatives infrastructure to formalize demand that already exists.

The CCS read. We read this less as Moscow chasing retail speculation and more as an exchange formalizing demand that already existed among sanctioned institutions locked out of CME and offshore dollar venues. The margin schedule, roughly doubling for XRP versus Bitcoin, signals M

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KalshiEX seeks SEC approval for perpetual futures on 58 US stocks and ETFs
Equities

KalshiEX seeks SEC approval for perpetual futures on 58 US stocks and ETFs

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EquitiesCrypto Coin Show News Team·September 22, 2026·3 min read

KalshiEX has asked the Securities and Exchange Commission to approve listing standards for perpetual futures on 58 US stocks and exchange-traded funds, a structure borrowed directly from crypto trading venues. The filing, published September 18, under File No. SR-KALSHIEX-2026-02, does not put any contracts live and still requires separate sign-off from the Commodity Futures Trading Commission.

  • KalshiEX filed proposed listing standards for perpetual security futures tied to 58 stocks and ETFs.
  • The filing was published September 18, 2026 under SEC File No. SR-KALSHIEX-2026-02.
  • The CFTC has not approved the rule change, and no contracts are trading yet.
  • 58 stocks and ETFs named in the proposed rule filing
  • Sep 18 filing date
  • 2026-02 SEC file number assigned to the filing

KalshiEX filed the proposal. The document sets out listing standards for perpetual security futures on 58 named stocks and ETFs, contracts that would trade without a fixed expiration date, unlike the standard options and futures products currently available on US equities.

Kalshi Targets 58 Stocks and ETFs for Perpetual Contracts

Perpetual futures are already a core instrument in crypto markets, where positions stay open indefinitely and a funding-rate mechanism keeps contract prices tethered to the underlying spot asset. No US equity venue currently offers that structure on individual stocks, which makes KalshiEX’s proposal, detailed in the filing submitted to the SEC, a notable attempt to import crypto-market plumbing into regulated equity trading.

The 58 names covered by the proposal give the filing scale beyond a pilot program, though the document itself functions only as a regulatory framework. It does not activate trading, set a launch date, or guarantee that all 58 instruments will eventually list.

CFTC Sign-Off Still Missing, So Nothing Is Trading

The filing explicitly states that the CFTC has not yet approved the proposed rule change, which matters because perpetual futures on securities sit at the intersection of SEC and CFTC jurisdiction. That dual-regulator dependency is the clearest reason the September 18 filing should not be read as a product launch.

KalshiEX has cleared only the first procedural step. Trading cannot begin until the CFTC completes its own review, a timeline the filing does not specify.

Approval Would Blur Prediction Markets and Derivatives Trading

If the CFTC ultimately approves the structure, KalshiEX would be operating a hybrid that sits between a prediction-market platform, a traditional derivatives exchange and a crypto-style perpetual venue. That convergence echoes a broader push to bring tokenized and crypto-native trading mechanics onto regulated US market infrastructure, a trend also visible in efforts to bring tokenized stocks into DeFi.

The regulatory backdrop is also shifting. Congress has been working through market-structure legislation described in our coverage of the CLARITY Act’s window, and policy discussions from the White House crypto summit have touched on how derivatives products bridging crypto and traditional markets should be treated.

The CCS read. The interesting signal here is not the 58 tickers but the docket number itself: a second SEC filing in a single year suggests KalshiEX is treating perpetual-style products as a repeatable business line, not a one-off experiment. Institutional desks should watch whether the CFTC’s eventual review sets a template other exchanges can copy, since that precedent matters more than any single stock on the list.

The next concrete step belongs to the CFTC, which must act on the proposed rule change before any of the 58 contracts can list. Until that approval lands, KalshiEX’s perpetual security futures remain a filed proposal rather than a tradable product.

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Federal charges filed against two Robinhood engineers for trading on secret crypto listing data
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Federal charges filed against two Robinhood engineers for trading on secret crypto listing data

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BlockchainCrypto Coin Show News Team·September 20, 2026·3 min read

Two Robinhood engineers face federal charges for using non-public information about crypto listings to trade perpetual futures, a case that exposes how confidential data access inside fintech platforms creates insider-trading risks in decentralized derivatives markets. Institutional crypto venues and custodians now face pressure to tighten information barriers and trading compliance systems.

  • Hefu Chai and Huaisong Xiang allegedly traded on Hyperliquid using Robinhood listing information between 2025 and 2026, each profiting over $50,000.
  • Both men face commodities fraud and wire fraud charges, carrying maximum sentences of 10 and 20 years respectively.
  • The case mirrors a $192 million Jane Street allegation from 2022, signaling sustained regulatory focus on insider trading in crypto derivatives.
  • $50,000+ Alleged profit per defendant from perpetual futures trades on confidential information
  • 10 / 20 years Maximum prison sentence for commodities fraud and wire fraud charges, respectively
  • $192M UST sold by Jane Street before token collapse, cited as parallel case

Two Robinhood engineers have been charged by the U.S. Department of Justice after allegedly using non-public information about cryptocurrency listings to trade perpetual futures on Hyperliquid. Hefu Chai, 36, of Menlo Park, California, and Huaisong Xiang, 30, of Jersey City, New Jersey, are accused of accessing confidential data about tokens Robinhood planned to list on its platform, then purchasing perpetual futures linked to those same tokens before the listings went public. The scheme allegedly repeated from 2025 through 2026, with each defendant profiting over $50,000.

Engineers bought futures on tokens before Robinhood announced listings

According to complaints unsealed by the U.S. Attorney’s Office for the Southern District of New York, Chai and Xiang had privileged access to Robinhood’s upcoming cryptocurrency listings. Rather than trade on Robinhood’s platform directly, they executed their positions on Hyperliquid, a decentralized perpetual futures protocol, using listing information to front-run the public announcements.

The defendants allegedly exploited a timing advantage: knowing which tokens Robinhood would list allowed them to profit from price movements triggered by those announcements. Both men face charges of commodities fraud, carrying a maximum sentence of 10 years in prison, and wire fraud, which carries a maximum of 20 years.

Jane Street’s $192 million UST exit shows recurring pattern in institutional crypto trading

The case echoes a parallel 2022 allegation against Jane Street Group, one of Wall Street’s largest proprietary trading firms.

New York prosecutors accused Jane Street of accessing insider communications from Terraform Labs executives through a private Telegram channel and using that information to sell approximately $192 million worth of UST, the failed algorithmic stablecoin, before its May 2022 collapse.

Both cases target the same underlying vulnerability: fintech platforms and decentralized exchanges lack sufficient information barriers between employees with access to listing or protocol data and traders, whether those traders are the insiders themselves or external counterparties they may tip.

DOJ signals that derivatives cannot shield insider trading from federal prosecution

U.S. Attorney Jamie McDonald stated directly that “corporate insiders cannot evade the securities and commodities laws by trading based on misappropriated information in derivatives like perpetual futures, tokenized securities, or other similar financial instruments.”

Misappropriating confidential information to trade in the derivatives markets for personal benefit is illegal. That is exactly what we allege Hefu Chai and Huaisong Xiang have done.

Jamie McDonald, U.S. Attorney

The language signals a deliberate DOJ expansion of insider-trading enforcement into crypto derivatives and decentralized venues.

Robinhood and other institutional crypto platforms now face implicit compliance pressure: their ability to control who accesses listing data, and to monitor how engineers and insiders trade on decentralized protocols, will become a focal point in regulatory and reputational reviews.

The charges also underscore that access to confidential information combined with any profitable trade, whether on a centralized exchange or a decentralized protocol, can trigger federal prosecution under traditional securities and commodities law.

The CCS read. We read this as a compliance wake-up for institutional crypto platforms: the DOJ is not distinguishing between centralized and decentralized trading venues when prosecuting insiders. Robinhood’s ability to monitor and restrict employee trading on external derivatives protocols may now become a due-diligence expectation for any platform or custodian holding material listing or protocol data. Expect heightened scrutiny of information barriers, trading surveillance systems, and internal audit trails across the sector.

Chai is set to appear in federal court in Northern California, while Xiang is scheduled to appear before a federal magistrate judge in New York. The outcome will clarify whether prosecutors can sustain insider-trading convictions under commodities law for off-exchange perpetual futures trading, a question with direct implications for how institutional and retail platforms must structure employee trading compliance going forward.

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Coinbase seeks CFTC approval for single-stock perpetual futures on Apple, Tesla and Nvidia
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Coinbase seeks CFTC approval for single-stock perpetual futures on Apple, Tesla and Nvidia

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EquitiesCrypto Coin Show News Team·September 20, 2026·3 min read

Coinbase Financial Markets has filed with the Commodity Futures Trading Commission to list single-stock perpetual futures on Apple, Tesla and Nvidia, a first attempt to bring a product long confined to offshore crypto exchanges into regulated U.S. markets. The filing starts a CFTC review process, not a launch, but it signals Coinbase’s intent to compete with unregulated perpetual venues on their own turf.

  • Coinbase Financial Markets submitted the product filing through the CFTC’s Part 40 certification process.
  • Initial contracts target three names: Apple, Tesla and Nvidia, with no live trading yet.
  • Coinbase’s Designated Contract Market status gives it a regulatory venue offshore perpetual exchanges never had.
  • 3 initial stocks named in the filing
  • Part 40 the CFTC certification route Coinbase used, distinct from seeking case-by-case approval
  • 2026-09-18 filing date stamped on the CFTC submission, ahead of any launch decision

Coinbase is making another run at a product category long associated with offshore platforms that has never had a legal home in the United States. According to a report from newsbtc.com, the company filed with the CFTC to list single-stock perpetual futures tied initially to Apple, Tesla and Nvidia. The submission went through the CFTC’s product-certification process under Part 40, a filing that appears on cftc.gov dated September 18, 2026.

That procedural detail matters more than the ticker list. Coinbase has filed the products with regulators; it has not switched them on.

Perpetual Futures Structure Moves From Bitcoin to Apple Shares

Perpetual futures became one of crypto’s defining products because they deliver futures-style leverage without a fixed expiry date, a structure that took hold on offshore exchanges trading Bitcoin and altcoins. Applying that same mechanism to individual equities creates something closer to continuously traded synthetic stock exposure than a conventional futures contract.

For traders, the appeal is straightforward: leveraged long or short positions on Apple, Tesla or Nvidia without holding the underlying shares. For the CFTC, the filing raises the questions that come with any derivatives product layered on top of listed equities, namely settlement mechanics, margin requirements, market integrity and how derivatives pricing tracks the underlying stock market.

Coinbase’s Contract Market Status Gives It a Path Offshore Venues Lacked

The filing extends a strategy Coinbase has pursued for months rather than a one-off product launch. Instead of replicating offshore perpetual products outside U.S. jurisdiction, the exchange has built regulated derivatives infrastructure domestically.

Coinbase’s status as a Designated Contract Market gives it a venue through which new products enter the CFTC framework, something offshore perpetual exchanges historically never had. That status does not guarantee approval or a trading date, but it puts Coinbase on a regulatory track its overseas competitors cannot access.

Approval Would Open the Door to a Wider Equity List

If the three initial contracts clear the CFTC process, the more consequential story may be what follows rather than Apple, Tesla or Nvidia specifically. A regulated single-stock perpetual market could expand well beyond three names once the framework is established.

That expansion would land amid a broader regulatory reset for U.S. digital-asset markets. For now, the CFTC’s review of the Part 40 filing comes before any launch, and no trading date has been set.

The CCS read. Approval here would hand Coinbase a wedge product against offshore perpetual venues that currently dominate leveraged equity-style trading with no U.S. oversight. If the CFTC clears Apple, Tesla and Nvidia, expect Coinbase to push fast for additional names, since the regulatory infrastructure, not the ticker list, is the asset being built.

The next milestone is procedural: whether the CFTC certifies the Part 40 filing without objection or requests changes, a decision that will determine if Apple, Tesla and Nvidia perpetuals reach U.S. traders before any expansion to additional equities is considered.

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Binance launches 24/7 USD/BRL perpetuals contract with 100x leverage
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Binance launches 24/7 USD/BRL perpetuals contract with 100x leverage

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BlockchainCrypto Coin Show News Team·September 20, 2026·3 min read

Binance Futures will launch a USD/BRL perpetual contract on Monday, September 21 (today) at 14:00 UTC, opening round-the-clock trading in a foreign exchange pair for the first time on the exchange. The move extends the crypto perpetuals model, built for continuous trading, into a market that has historically closed for weekends and holidays.

  • The USDBRLUSDT contract goes live September 21 at 14:00 UTC with leverage of up to 100x.
  • Binance frames this as the start of a “24/7 FX perpetual” product line, though only one pair has been confirmed so far.
  • The launch pushes crypto exchange infrastructure further into territory once reserved for banks and traditional FX desks.
  • 100x Maximum leverage offered on the new USD/BRL contract
  • 14:00 UTC launch time on September 21, the contract’s first trading hour
  • 24/7 Trading window, versus conventional FX markets that close on weekends

Binance Futures has confirmed a new line of round-the-clock FX perpetual contracts, starting with a USD/BRL product against USDT, according to the exchange’s own announcement. The contract, listed as USDBRLUSDT, begins trading September 21 (today) at 14:00 UTC with leverage of up to 100x. The launch is narrower than some early coverage suggested: it is limited to the US dollar against the Brazilian real, not a simultaneous rollout of EUR/USD, GBP/USD or USD/JPY.

Binance Applies Crypto’s 24/7 Model to a Closed Market

Traditional currency trading runs on bank hours and closes for weekends, even though the underlying FX market is the largest in the world by daily turnover. Crypto derivatives, by contrast, trade continuously across bitcoin, stablecoins and existing perpetual futures with no scheduled downtime.

Binance is applying that same always-on structure to a sovereign currency pair for the first time. The exchange can keep a synthetic FX market running through weekends and holidays using derivatives pricing and external reference feeds, even when conventional interbank markets are shut.

That continuous quoting is the selling point for traders already operating inside 24/7 crypto markets, but it carries a structural risk.

A synthetic weekend price can drift from the level at which conventional FX markets reopen, especially around central-bank decisions or major political events in Brazil, and with leverage running up to 100x on USDBRLUSDT, even a modest gap between the two prices can produce outsized account-level losses.

The Line Between Crypto Exchanges and Global Trading Venues Keeps Narrowing

The USD/BRL launch fits a broader pattern already visible across the industry: crypto platforms increasingly list products with no direct link to digital assets themselves. Tokenized equities, gold, commodities and prediction markets have all migrated onto exchange infrastructure built originally for crypto trading.

For institutional desks, the distinction between a crypto exchange and a general-purpose global trading venue is becoming harder to draw with each new asset class Binance absorbs into its perpetuals stack.

The CCS read. We think the real signal here isn’t the FX pair itself but Binance’s willingness to test whether leveraged retail flow can sustain a synthetic price through hours when the real interbank market is dark. If USD/BRL holds tight to spot on Monday reopens, expect G7 pairs to follow quickly; if it gaps, regulators watching offshore leverage will have a fresh data point.

Binance has not said which pair, if any, follows USD/BRL onto its 24/7 FX perpetuals line, leaving the size of the eventual rollout an open question. The first test comes when conventional FX markets reopen after the weekend and traders can see how closely the USDBRLUSDT price tracked the real currency in the interim.

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