RBC says regulatory momentum may speed U.S. launch of perpetual futures
U.S. President Donald Trump said on Wednesday that regulators were actively working to bring Hyperliquid, a blockchain-based offshore crypto exchange, to the U.S. under a compliant and legal framework.
Hyperliquid has emerged as a major venue for novel products such as perpetual crypto futures.
RBC analyst Ashish Sabadra says the regulatory momentum could meaningfully accelerate the timeline for perpetual futures to broadly launch in the U.S.
"While some concerns persist around perpetual futures cannibalizing SPX 0DTE options and other futures products, we remain of the view that this risk is manageable, given the meaningful differences in product structure and target use cases," Sabadra says.
0DTE is an options contract that expires at the end of the current trading day.
The Commodity Futures Trading Commission earlier this year paved the way for perpetual crypto futures, sparking concerns that U.S. exchanges could be hurt if such vehicles get extended across asset classes.
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