CFTC批准美国首个比特币永续合约，Coinbase获准接入离岸流动性

On May 29th, 2026, the CFTC did something it had spent the better part of a decade refusing to do. It approved a Bitcoin perpetual futures contract on US soil for the very first time in history. Col got the green light, launched within days, and crossed 1 billion in trading volume in its first week. And just to put that into context, perpetual futures are the single biggest trading product in all of crypto. In recent quarters, derivatives volume has dwarfed the spot market by some estimates, running more than five to 10 times larger, depending on methodology and which exchanges you count.

Let the scale of that sink in for a [music] second. 5 to 10 times the entire spot market. The truly extraordinary part is who the regulators choose to bless [music] and who they are very deliberately left standing outside. So today, I'm going to break down exactly what the CFTC approved, walk through why this is generally bullish for crypto and for hype in the short term, and lay out why this same decision is actually a warning shot aimed straight at Hyperlquid.

My name is Louis and you're watching the Coin Bureau. Now, before we get into the warning shot, you need to understand the precise mechanics of what happened because the headlines are blurring two completely different events into one. There were actually two separate CFTC actions on the same day and they are not equal. The first is Colchi. Colshi received a full commission order under regulation 40.3 which is the highest weight regulatory stamp the CFTC can issue for a new contract.

The full commission signed off on this directly rather than just issuing a staff memo. Their product BTC Perp is a cash settled Bitcoin perpetual listed on a designated contract market cleared through Colchi's own clearing house with full KYC surveillance and position limits. In plain English, this is the gold standard onshore license and it's the first true per approved in the United States. The second action is Coinbase, and this is where the nuance matters.

Coinbase, however, only received a no action letter from the CFTC's market participants division, which functions as staff level relief. What that letter does is allow Coinbase, acting as a registered broker, to route US clients to perpetuals listed on Darabit, its offshore affiliate, treating those trades as foreign futures. So, Kalchi is a domestic product. Coinbase got a compliant bridge to offshore liquidity. Which brings us directly to the question of why any of this matters in the first place.

Firstly, we need to know what actually is a perpetual future. Put simply, a perpetual or per is a derivative that lets you bet long or short on an asset's price with leverage without ever owning it and with no expiry date. A traditional future forces you to roll your position into the next contract month and pay spreads every single cycle. A per never expires, so you hold one position indefinitely. The clever part is something called the funding rate.

Because there's no expiry to force the price back to spot, the contract uses periodic payments between longs and shorts, typically every 8 hours, to anchor the per price to the underlying. If the perp trades above spot, longs pay shorts, which cools the price down. If it trades below, then shorts pay longs. It's a continuous market driven gravity that keeps everything tethered. And this product is enormous. Global per volume in 2025 came in somewhere between 61.7 trillion and 92.9 trillion, depending on whose data you trust.

For context, that's up from roughly 28 trillion in 2023. Per now account for over 70% of all volume on centralized crypto exchanges. And here's the part that should make every US trader sit up. Before this approval, the vast majority of crypto derivatives volume by virtually every estimate well over 90% ran through offshore or unregulated venues. US traders were using VPNs to access Binance and Bybit because there simply was no domestic option.

The honest framing is that America had locked itself out of the single largest product in its own emerging asset class. Now, you might assume the US sat on the sidelines out of pure caution. However, that assumption ignores the turf war underneath of it. The core problem was definitional. Is crypto a commodity governed by the CFTC or a security governed by the SEC? That ambiguity created a regulatory no man's land where no exchange wanted to launch a product that could trigger an instant enforcement action.

Under the previous regime, this was regulation by enforcement and it froze the entire onshore market solid. The new CFTC chairman, Michael Celig, has explicitly framed this approval as moving the agency towards what he calls responsible innovation with the stated goal of making the US the crypto capital of the world. Which brings us to why this is so structurally bullish for the broader market. The single biggest unlock here is institutional capital.

US pension funds, hedge funds, and asset managers operate under compliance mandates that flatly prohibit trading on offshore unregulated exchanges. They literally cannot touch Binance without violating their own fiduciary duties. That meant they were locked out of the deepest hedging instruments in crypto. They couldn't run delta neutral strategies collecting funding rates. They couldn't hedge spot Bitcoin treasuries with perpetual shorts on shore.

With a regulated venue, all of that becomes accessible for the first time and the demand was clearly pent up. Colshi clearing $1 billion in volume in one week with the open interest hitting a record $810 million up 28% in a single week tells you that this capital was waiting at the door. This is the same dynamic we saw when the spot bitcoin ETFs opened a compliant front door for an entirely new tier of investor. The Per's approval is potentially doing exactly that for the derivatives market.

Now, look, I want to be fair and give the skeptics their voice because this isn't a one-sided story. CME Group's CEO, Terry Duffy, has publicly warned that the approval of crypto per poses systemic risks, comparing the environment to the leadup to the 2007 financial crisis. He points to the October 10th, 2025 event where $19 billion in leveraged positions were liquidated in a single day. And of course, we should absolutely trust that retail traders handed 250x leverage on offshore venues will manage their risk responsibly, right?

That's precisely why the CFTC is signaling a far more conservative onshore framework with leverage capped somewhere between 5 and 10x versus the 50x to 250x available offshore. And that brings us directly to the player everyone holding hype actually cares about, hyperlid. Because if regulators have just legitimized per as a product category, then the dominant per venue should in theory get a serious valuation tailwind.

And Hyperliquid is dominant. This is the leading per stacks on Earth, commanding over 50% of all onchain perpetual volume and more than 70% of decentralized open interest. It processed over $190 billion in volume in April 2026 alone, which illustrates the sheer scale of this platform. And that figure reflects just a single month of activity. And here's the genuinely clever part of the model. Hyperlid runs an assistance fund that recycles around 97% of all protocol trading fees directly into daily open market buybacks of Hype.

More volume means more fees, which means more buybacks, which means upward pressure on the token. To date, that mechanism has deployed over $2 billion into hype purchases. So, when the CFTC blesses the entire product category, the logic is simple. The category leader deserves a premium. And the market agreed, at least at first. Hype hit an all-time high above $73.50 50s in the week of the news and hype spot ETFs from Bitwise, 21 shares and Gayscale collectively pulled in over $150 million in commulative net inflows following their launch with notable momentum coinciding with the CFTC announcement.

Colshi has even filed for a h

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