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Coinbase Derivatives asked on October 1, and the Division of Market Oversight answered two days later by waiving the ten-business-day review for contracts that already run on funding rates. The same letter records that a KalshiEX broad-based index perpetual was deemed approved on October 2.
The contract has no expiry and uses funding payments between longs and shorts to track an index Kalshi calls the US 500. The exchange filed it with the CFTC in August, the reports disagree on what the agency then did, and its separate filings for perpetuals on single stocks are not trading.
The combined derivatives business is now called Coinbase Global Exchange, and the company says it links US and international markets in one liquidity pool for the first time. Perpetual futures moved onto Deribit on October 1 and the rebuilt Pro is due by the end of the year.
The CFTC docket records the submission as filing 2026-62, received Friday as a security futures listing under Rule 41.23(b), with the status shown as approval pending. The representative Apple contract is sized at a hundredth of the index, about $2.25 of exposure.
Hefu Chai and Huaisong Xiang each face one Commodity Exchange Act count and one wire fraud count over perpetual futures bought before Robinhood announced listings. Trading derivatives rather than spot tokens is what routes the case through commodities law.
The comment letter is the clearest signal yet that Hyperliquid intends to be regulated in the United States rather than merely referenced by policymakers. President Trump named the platform at an 18 August press conference.
The new UK licence adds equities and perpetual futures to Coinbase's product menu but retains the FCA's blanket ban on retail crypto derivatives. Tiger Brokers immediately lifted its price target on COIN to $200.
