Crypto derivatives are moving into the regulated mainstream. Following the 2024 launch of spot Bitcoin ETFs, the CFTC approved Kalshi's Bitcoin perpetual futures contract on May 29, 2026 — the first time this once-exotic crypto product has landed on a regulated U.S. exchange. CFTC Chair Selig has signaled that approvals for other asset classes are likely to follow, and in a recent interview he compared perpetual futures to "zero day options." That comparison has prompted a wave of investor questions about how perpetual futures ("perpetuals") stack up against zero-day-to-expiration (0DTE) options. Cboe's latest Volatility Insights report argues the comparison, while understandable on the surface, breaks down once you look past leverage and into payoff structure, risk, and actual investor behavior. ▶️ Download the paper to read the research:

Bybit is Taking Crypto Derivatives Deeper Into The Forex Market Bybit (@Bybit_Official) has launched USDT settled perpetuals tracking EUR/USD, GBP/USD and USD/JPY. The new contracts give crypto traders exposure to major currency movements without owning the underlying currencies. They have no expiry and offer leverage of up to 100x, while remaining available around the clock. That means traders can access these FX markets even when traditional currency markets are closed. This new launch comes as part of Bybit’s growing TradFi service offering, which currently includes over 200 asset offerings.

NEW: @Coinbase launches regulated crypto derivatives for eligible Canadian investors, 23 futures contracts covering bitcoin:native, $ETH, $SOL and more, with leverage up to 10x.

TradFi vs Crypto: Why JPMorgan and Bitwise See Hyperliquid So Differently JPMorgan sees a threat Bitwise sees a $150 opportunity Both are looking at the same asset: $HYPE So who is right? JPMorgan recently warned that Hyperliquid faces growing competition from regulated U.S. perpetual platforms and prediction markets It also highlighted that HYPE ETF inflows stalled in July and early August after strong inflows in May and June From a TradFi perspective, the concern is straightforward: If regulated alternatives improve, liquidity can move But Bitwise CIO Matt Hougan is looking at a very different picture He sees Hyperliquid evolving from a crypto derivatives exchange into a broader trading superapp, with expanding products and a feetobuyback model that directly links platform activity to HYPE And I think this is where the debate gets interesting Hyperliquid isn't simply defending its existing market share It's expanding the market itself HIP3 is opening the door to RWA perpetuals Open interest continues to grow Trading volumes remain among the strongest in crypto And the platform keeps adding new assets and products That makes it harder to evaluate Hyperliquid purely as a derivatives exchange The bigger question is whether its product expansion + onchain infrastructure + token value accrual can grow faster than regulated competitors can replicate its advantages JPMorgan is focused on the risks Hyperliquid faces today Bitwise is focused on the platform Hyperliquid could become Both perspectives matter. But for me, the second is currently more interesting Because if Hyperliquid successfully becomes the onchain trading layer for crypto, RWAs, and eventually broader financial markets, today's valuation framework could look very different The real question: Will regulated platforms take volume from Hyperliquid, or will Hyperliquid keep expanding faster than the competition can catch up? Which side are you on?

CoinGlass 2026 H1 Crypto Market Report is live. Key insights from the market: Crypto derivatives reached US$35.08 trillion, averaging US$193.8 billion per day, down 15.7% from US$41.60 trillion in the same period of 2025. Binance remains the largest derivatives exchange by volume, open interest, liquidity, and user assets OKX, Bybit and Bitget continue to compete for market share Hyperliquid highlights the growing momentum of on-chain derivatives The crypto market is becoming more competitive and data-driven. Read the full report👇

THE BLOCK: Binance-owned CoinMarketCap has acquired crypto derivatives data platform Coinglass. The deal has closed, and financial terms were not disclosed. Coinglass said it will continue operating independently under its existing brand, with no changes to its website, app, API, or pricing.

INTEL: CFTC allows developers to build passive crypto derivatives software and self-custodial trading interfaces without registering as brokers The exemption applies when developers do not control funds, direct orders or provide trading recommendations