Duffy called perpetual futures a “disaster waiting to happen” even as Kalshi launched regulated US trading in the no-expiry crypto derivatives, highlighting market-structure, leverage and retail-risk concerns.
CME CEO Terry Duffy said perpetual futures could be a “disaster waiting to happen,” arguing that rapid approval of the product risks destabilizing markets, exposing retail investors to greater harm and putting pressure on traditional exchanges. His warning came as Kalshi launched US trading of cryptocurrency perpetual futures, a regulated entry into a derivatives market built around contracts with no expiry date. The launch could shift US crypto trading dynamics and potentially attract institutional investors, while also keeping focus on leverage risks that can amplify gains, losses and market volatility.