CFTC staff clear a path to true perpetual futures on broad-based stock indices

The CFTC’s Division of Market Oversight announced on 5 October 2026 that it has issued no-action relief allowing designated contract markets (DCMs), the US-regulated futures exchanges, to convert their existing perpetual-style broad-based security index futures into true perpetual futures.

What the letter allows

Under the letter, an exchange may remove the expiry dates from its existing perpetual-style broad-based security index futures, turning them into contracts with no expiry. The change can take effect once the exchange meets a set of customer protection and procedural conditions. According to the CFTC, these include:

• asking for feedback from market participants who hold open positions;
• giving advance notice and an opportunity to close positions before the change;
• providing appropriate risk disclosures;
• making sure no other material terms of the contract change.

Exchanges must also file the contract amendments under CFTC Regulations 40.5 or 40.6 and certify that they have met every condition.

What it means for traders

Perpetual futures, which have no expiry date, are widely traded on crypto platforms. This letter applies to futures on broad-based stock indices listed on US-regulated exchanges. Traders holding perpetual-style index futures at an exchange that uses the relief should expect a notice, a chance to exit, and updated risk disclosures before their contract terms change. Our explainer on perpetual futures funding rates covers how these contracts work.

What happens next

The no-action positions in the letter expire on 20 October 2026, so exchanges that want to use them have a short window to meet the conditions and file their amendments.