Trump backs crypto perpetuals, signaling US push for leveraged trading
Donald Trump used Truth Social to mention crypto perpetuals for the first time, framing them as part of a “FUTURE-PROOF Digital Asset Market Structure.” He positioned perpetual futures alongside Bitcoin as financial products the US should lead, not export.
Perpetuals are crypto derivatives with no expiry date. Prices are kept close to spot via a funding rate mechanism. The product originated in crypto: BitMEX launched the first BTC perpetual swap in 2016, and perpetuals became the dominant way to trade leverage globally, largely on offshore exchanges such as Binance and Bybit.
Regulation is already moving in the US. The CFTC issued a Request for Comment on perpetual derivatives on April 21, 2025. CFTC Chair Michael Selig indicated in March 2026 that a formal framework for crypto-linked perpetual futures could arrive “within weeks.” The GENIUS Act (July 2025) aimed to strengthen onshore digital-asset trading. Kraken and Coinbase have either started or announced plans to expand perpetuals access for US customers.
Trump also signaled support for CFTC oversight of prediction markets.
For traders, the key variable is leverage. Offshore platforms commonly offer 100x leverage or more. US regulators’ approach to leverage limits will likely determine whether US perpetuals attract meaningful volume or remain “watered-down” compared with offshore offerings.
Bullish
The headline signal is policy acceleration for crypto perpetuals in the US. When US political leadership publicly legitimizes perpetual futures—at the same time as the CFTC is already consulting and hinting at a near-term framework—it reduces regulatory uncertainty that previously kept US exchanges on the sidelines. That typically attracts incremental spot and derivatives flows, especially from traders seeking onshore compliance and better market infrastructure.
In the short term, headlines can boost sentiment around BTC-related derivatives and increase volatility as traders price in faster US market access. Similar dynamics have occurred before in crypto regulation cycles: when regulators clarify derivatives or licensing pathways, volumes tend to migrate toward the jurisdiction offering clearer rules.
In the long term, the market impact hinges on leverage limits. If US rules allow leverage levels closer to offshore venues (where 100x+ is common), US perpetuals could capture a meaningful share of global derivatives volume. If limits are much tighter, the US market may grow but at lower trading intensity, reducing competitiveness.
Overall, this is likely bullish for derivatives liquidity and participation, but with a key risk that leverage caps could cap upside rather than driving a full offshore-to-onshore migration.