Perpetual Futures Volume Hits $90T as Banks Stay Sidelines

Global perpetual futures volume reaches $90T annually. Kalshi and Coinbase launch US products, but major banks delay entry due to regulatory and capital constraints.

Woofun AI data shows that global annual trading volume for perpetual futures stands at approximately $90 trillion, according to Bank of America estimates. Following CFTC approval on May 29, Kalshi and Coinbase were authorized to offer regulated perpetual futures in the United States. Kalshi’s product surpassed $1 billion in trading volume within one week of its June launch.

Large financial institutions remain hesitant to participate, citing stricter capital requirements, customer obligations, and reputational risks. These banks typically await years of historical data and clear regulatory frameworks before engaging.

Meanwhile, proprietary trading firms and market makers are expected to be early adopters. Regulatory disputes have also emerged, with CME challenging the CFTC’s classification of Kalshi’s Bitcoin perpetual contracts.