No Expiry: Perpetual Futures Come Onshore: 2026 Market Structure

Perpetual futures dominate crypto with $86 trillion traded in 2025, all outside the US. But with CFTC’s approval, they are extending beyond crypto into commodities and equities pitching traditional Derivatives exchanges against newcomers. Who wins, and what’s at stake? Rick Heaslip, General Counsel and Chief Regulatory Officer, Kalshi Rob Hocking, Executive Vice President and Global Head of Derivatives, Cboe Global Markets Boris Ilyevsky, Head of US Futures Markets, Coinbase Dushyant Shahrawat, Crypto & Digital Assets Market Structure, Bloomberg Intelligence (Moderator)