Perpetual futures are expanding from offshore crypto markets into regulated U.S. markets and beyond digital assets. Centralized crypto exchanges processed $85.3 trillion in perpetual-futures volume in 2025, while decentralized venues handled another $6.7 trillion. Coinbase and the Hyperliquid Policy Center have urged the SEC and CFTC to clarify jurisdiction over equity perpetuals, classify them as security futures and allow entities already registered with either agency to list them without additional licenses. The requests follow CFTC approvals for crypto perpetual products involving Kalshi and Coinbase, the first U.S. bitcoin perpetual approval in May, and a case-by-case process for contracts linked to other asset classes. Real-world-asset and commodity perpetual open interest rose roughly fourfold from about $1 billion in the first quarter to more than $4 billion in the third quarter, led by public equities, metals, ETFs and oil. Kalshi has also filed to launch a perpetual tied to a U.S. stock index, while President Donald Trump said CFTC Chair Michael Selig was working to bring Hyperliquid into the United States in a fully compliant and legal fashion. Overseas, Coinbase International Exchange launched pre-IPO perpetuals beginning with SpaceX, and about $19 million of CXMT perpetuals traded in 24 hours before the Chinese chipmaker’s IPO.