Perpetual futures, leveraged derivatives without expiration dates, 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 perpetual exchanges handled another $6.7 trillion. Kalshi filed with the CFTC (U.S. derivatives regulator) last week to launch perpetual futures tied to a U.S. stock index, allowing leveraged long or short positions without owning the underlying shares. President Donald Trump said CFTC Chair Michael Selig was working to bring Hyperliquid into the United States in a fully compliant and legal fashion. Separately, the CFTC approved the first U.S. bitcoin perpetual in May and created a case-by-case process for reviewing contracts linked to other asset classes. Outside the U.S., Coinbase International Exchange launched pre-IPO perpetual futures in June, beginning with SpaceX, while about $19 million of CXMT perpetuals traded in 24 hours ahead of the Chinese chipmaker's IPO. The model separates financial exposure from ownership, meaning traders can gain exposure to an asset or valuation if a reliable index price exists.