From Dated to Perpetual: CFTC Relief for Security Index Futures
October 19, 2026 · How we source this
On October 5, 2026 the CFTC's Division of Market Oversight announced no-action relief, requested by Coinbase Derivatives, letting exchanges remove expiration dates from perpetual-style security index futures. The conditions are procedural, and the relief expires October 20.
What the CFTC issued
On October 5, 2026, the CFTC's Division of Market Oversight announced no-action relief in Press Release 9308-26. It lets designated contract markets convert existing perpetual-style broad-based security index futures into true perpetual futures by removing their expiration dates.
The relief is set out in CFTC Staff Letter No. 26-29, which responds to a request from Coinbase Derivatives, LLC under Regulation 140.99. The press release is a summary, so the letter is the controlling text for exact scope.
Perpetual-style versus true perpetual
A perpetual-style contract carries a nominal expiration date. A true perpetual has none.
Removing the date changes a contract term. The letter's request refers to Regulations 40.6(a)(3) and 40.6(b)(1), which is why staff relief matters here.
The conditions
Per the release, a DCM relying on the relief must solicit feedback from market participants with open positions. It must also give advance notice and an opportunity to exit those positions, and provide appropriate risk disclosures.
The DCM may make no other material changes to contract terms. It must file the amendments under CFTC Regulations 40.5 or 40.6 and certify compliance with all conditions.
Why the filing route matters
Regulation 40.6 governs self-certification of rule amendments, and Regulation 40.5 is the route for voluntary submission of rules for Commission approval. Our earlier pieces on Kalshi Klear's margin filing and on self-certification under Rule 40.2 cover how these filing routes work in practice.
Keeping the conversion inside these filings means the Commission's existing review powers still apply. The no-action position does not replace the filing.
What the release does not say
The press release names no specific exchanges, carries no commissioner or staff quotes, and does not address event contracts. It should not be read as relief for prediction-market products.
Its relevance to this industry is indirect. It shows staff using no-action letters to move perpetual products along a defined path, the same product family that Kalshi's perpetuals have put under CFTC review.
The October 20 expiry
The no-action positions expire on October 20, 2026, two weeks after issuance. That is a short window for an exchange to collect position-holder feedback, give notice, and file.
Whether the staff extends, reissues or lets the relief lapse will indicate how it intends to handle perpetual conversions going forward. Until then, any DCM relying on it needs its filing and certification complete before the date.