$90 Trillion Annual Trading Volume of Perpetual Futures Enters Wall Street

After perpetual futures entered the regulated market in the United States, Wall Street institutions remain cautious. Bank of America estimates that the global annual trading volume of perpetual futures is about $90 trillion; Kalshi saw over $1 billion in trading volume within a week of launching perpetual futures in June. Perpetual futures are similar to standard futures but do not have an expiration date, allowing traders to avoid monthly or quarterly settlements and rollovers, while periodic funding rates keep contract prices close to the underlying asset. On May 29, the U.S. Commodity Futures Trading Commission approved Kalshi to offer such contracts, and Coinbase was also authorized to launch regulated perpetual futures in the U.S. Insiders indicate that large financial institutions are still researching related products, with proprietary trading firms, market makers, and emerging clearing companies likely to be the first to participate. Large banks face stricter capital rules, client obligations, and reputational risks, often waiting for years of data, clear regulatory handling, and stable infrastructure. Perpetual futures may also be used to manage weekend risks, but market depth remains an issue. Industry insiders say that regulatory discrepancies are forming regarding whether some contracts should be classified as futures or swaps, and CME has challenged the CFTC's handling of Kalshi's Bitcoin perpetual contracts.

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