# Пов'язані статті щодо Swap

Центр новин HTX надає останні статті та поглиблений аналіз на тему "Swap", що охоплює ринкові тренди, оновлення проєктів, технологічні розробки та регуляторну політику в криптоіндустрії.

Perpetual Futures 'Landing in the US' Hits Roadblock: Why is CME Suing the CFTC in Court?

Perpetual crypto futures, which dominate global crypto derivatives trading, are entering the U.S. market. The CFTC approved KalshiEX to launch a true Bitcoin perpetual contract (BTCPERP) and issued rules allowing licensed exchanges to convert expiring crypto futures into perpetual ones. This move was challenged when CME Group sued the CFTC, arguing that perpetuals should be regulated as "swaps" under stricter rules, not as futures. The lawsuit's outcome will significantly impact the legal foundation of the nascent U.S. perpetuals market. Currently, two legal structures exist in the U.S.: true perpetuals (like Kalshi's) and long-dated futures (like Coinbase's) that mimic perpetuals via frequent funding rate settlements. These funding rates, paid between longs and shorts, keep contract prices anchored to spot. The proliferation of U.S. perpetuals creates fragmented liquidity across platforms (Kalshi, Coinbase, CME), with different rules on leverage, margining, and clearing. This fragmentation reduces capital efficiency, as collateral cannot be shared across products. Key competitive battlegrounds will be cross-product margin efficiency and the response of these new markets to extreme volatility. A pending Coinbase proposal to allow USDC stablecoin as futures margin could improve capital efficiency. Ultimately, the market's evolution hinges on two factors: how U.S. perpetuals behave during sharp Bitcoin price moves, and the court's ruling on whether they are futures or swaps.

Foresight News2 дні тому 13:30

Perpetual Futures 'Landing in the US' Hits Roadblock: Why is CME Suing the CFTC in Court?

Foresight News2 дні тому 13:30

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