NEW YORK, April 23, 2026, 04:43 EDT
U.S. crypto exchanges are edging closer to rolling out regulated ether-linked perpetual futures—products that, so far, have stayed largely overseas—after Kraken struck a deal to acquire Bitnomial and regulators in the U.S. gave clearer guidance. Ether was changing hands at $2,337.50 early Thursday in New York, down from an intraday high of $2,421.06, building on a 3.5% jump from the previous session.
Timing is key here. Perpetual futures let traders hold positions indefinitely, provided they stick to margin requirements. According to Coinbase, these contracts make up over 90% of global crypto derivatives volume, yet U.S. access is still limited even with solid demand. If the U.S. loosens up, ether trading could shift onshore and boost liquidity—but that would also mean more leverage in a market known for sharp moves.
Kraken’s parent company Payward on April 17 said it would pay as much as $550 million to acquire Bitnomial, picking up a CFTC-licensed derivatives exchange focused on digital assets. Announcing the move, Payward co-CEO Arjun Sethi described Bitnomial as a “regulated foundation” for U.S. offerings like spot margin, perpetuals, and options. Bitnomial’s own market listings include Ethereum futures and options among its crypto derivatives. Bitnomial
Coinbase pitches nano Ethereum perpetual-style futures in the U.S., touting around-the-clock trading, hourly funding, and margin cycles hitting twice a day, its materials show. Over in Europe, Robinhood’s help site details ETHUSD perpetuals with leverage as high as 10x and settlements every 15 minutes—another sign mainstream brokers are already bundling ether perps beyond U.S. borders.
Policy winds have changed. Back in January, CFTC Chair Michael Selig said the agency planned to use every tool it had to “onshore perpetual” and other new types of derivatives. Coinbase, for its part, notes that U.S. traders are still heading to offshore platforms for these contracts. That’s the gap exchanges want Washington to fix. CFTC
The momentum isn’t limited to exchanges. Robinhood’s crypto boss Johann Kerbrat told Reuters he’s looking for “a proper perpetual product” that could stand up against what’s already running offshore. Jito Labs’ Rebecca Rettig, chief legal and operating officer, noted the CFTC has been “extremely engaged” with the sector over how these products fit within U.S. regulations. Reuters
Trading was choppy. Bitcoin hovered at $77,797 in early Thursday moves. Ether, stuck near the bottom of its daily range, failed to build on Wednesday’s rally—broader risk assets had jumped then, fueled by optimism over a possible Iran ceasefire.
No sugarcoating it: the risk is clear. Robinhood cautions that using leverage can make losses mount faster—and investors could end up losing their starting capital. Coinbase echoes this, flagging that futures trading might involve significant loss. Should U.S. regulators ease restrictions, retail interest in ether could surge as fast as liquidity does.
Citi flagged ether’s particular vulnerability to user-activity metrics last month—those numbers remain soft for now. Still, the bank pointed to stablecoin and tokenization trends as potential tailwinds down the line. A more robust domestic derivatives market? That could sharpen price discovery or just hand traders fresh ammo for short-term plays.
Now it’s up to the CFTC. The agency faces decisions on margin, disclosure, and market structure. Clamp down with strict rules, and activity might just remain offshore. But if regulators land on a workable framework, ether—one of crypto’s most traded products—could be on track for a bigger U.S. presence.
