On October 29, 2026, a US exchange operator announced an agreement with a firm that deploys perpetual markets on an on-chain perpetual futures exchange, with the aim of bringing those markets onshore, subject to regulatory approvals. The release says the operator is the "exclusive operator" of the firm's regulated markets and "intends to establish a new, dedicated, regulated retail market and clearing structure for that purpose." The Block described the split this way: the on-chain exchange provides the underlying technology infrastructure through HIP-3, the firm designs and implements the markets, and the operator runs the regulated market and clearing structure. CoinDesk reported on the same day that the planned venue would list equities, indices, commodities, FX and crypto contracts through participating brokers and platforms.
Why It Matters
The approval path is the center of the story. The release says the two companies intend to seek regulatory approvals for a market and clearing structure that would operate regulated, KYC and AML-compliant perpetual futures markets, "including approvals needed to support leveraged trading." It adds that verified customers would reach the markets through futures commission merchants (FCMs) that become platform members, and that the retail business would run separately from the operator's institutional futures and clearing franchise. Identity checks, leverage and clearing are therefore described as approval-dependent items, not features of a market that is already open.
The structure separates three jobs: on-chain infrastructure, market design and a regulated operator that handles clearing and customer access. That reading is an interpretation of the described setup, not a claim made in the release. Splitting the jobs is one way a US retail offering could place KYC, AML and leverage approvals with a regulated entity while the markets themselves are still built with public-chain tooling. The release states that the plans depend on regulatory approvals, and it does not detail how the layers would interact day to day. It describes the target customers as retail traders who want short-duration, around-the-clock exposure to crypto, equities, commodities, foreign exchange and other real-world assets, many of whom use offshore venues today. Jeffrey Sprecher, the operator's chief executive, said "We see these perp markets as additive to our futures markets, not a replacement for them."
Much remains open. CoinDesk reported that the firm "said it will share details on products, eligibility and timing as approvals progress," so contract lists, eligible customers and launch dates have not been announced. On the financial side, the release says the operator's minority position in the firm is not expected to have a material impact on its 2026 adjusted financial results. Leverage limits, margin rules and clearing terms that would apply to retail customers are not set out in the pages reviewed here. Until those details appear, the plan is best read as a proposed structure that is pending approval, and readers comparing venues should check which entity holds each role: infrastructure, market design, clearing or customer access.
Go deeper
- What Are Perpetual Futures? — how perpetual contracts work, including funding and margin.
- Perp DEX vs CEX: Where to Trade Perpetuals — how venue structure, custody and clearing differ.
- Cross Margin vs Isolated Margin — how margin mode shapes risk on a leveraged position.
On LeverUp, perpetual futures trade through a protocol-managed virtual liquidity architecture.