Source published November 5, 2026, at 15:40 UTC+8. The developments and planned launches below reflect that report’s publication date.
Stock perpetual contracts extend a familiar crypto-market mechanism to equities: traders take long or short exposure without a scheduled contract expiry, while funding payments help keep the contract price aligned with a reference price. On several crypto platforms, stablecoins provide the margin or settlement asset.
A November 5 report from Odaily describes how this model is expanding across crypto exchanges and into US-regulated markets. For stablecoin users, the important distinction is between the asset used to fund or settle a trade and the asset whose price the contract tracks. A USDT- or USDC-settled stock perpetual is not, by itself, ownership of the underlying shares.
Where USDT and USDC enter the trading flow
The report identifies several platforms using stablecoins to support equity derivatives:
- Binance: Launched the TSLAUSDT stock perpetual on January 28, 2026, followed on February 9 by contracts referencing MSTR, AMZN, CRCL, COIN and PLTR. The report describes these products as using USDT for margin and settlement, with 24/7 trading.
- Coinbase: Introduced stock perpetuals on March 20, 2026, for eligible non-US users, with USDC settlement and access to equities and crypto assets within the same derivatives trading system.
- Bitget: Included stock perpetuals referencing equities such as Nvidia, Apple, Tesla and Microsoft, as well as ETFs. According to the report, these contracts use USDT settlement and support near-continuous trading.
Odaily distinguishes these synthetic contracts from products built around tokenized stocks. In the synthetic model, traders receive exposure to changes in a stock’s price without delivery of actual shares.
Other approaches connect derivatives to tokenized securities. The report says MSX began public testing of tokenized US stock perpetuals on August 11, 2025, extending its existing tokenized-stock spot offering. Kraken launched xStocks-based tokenized equity perpetuals on February 24, 2026, for eligible non-US users in more than 110 countries and regions, offering leverage of up to 20 times.
Ondo Finance announced its Ondo Perps plans on February 3, 2026, including exploration of tokenized securities as collateral. The report says the platform launched in July.
These structures should not be treated as interchangeable: stablecoin margin, stablecoin settlement and tokenized-security collateral describe different parts of a trading arrangement.
A reported opening in US regulation
According to Odaily, CFTC Chairman Mike Selig announced on November 3, 2026, that single-stock perpetual contracts could begin trading on US-regulated exchanges under joint CFTC and SEC oversight.
The report says these contracts were classified as securities futures products under the Commodity Futures Modernization Act of 2000, subject to both the Commodity Exchange Act and federal securities laws. Eligible venues would need CFTC registration as a designated contract market and notice registration with the SEC as a national securities exchange authorized to trade securities futures products.
Odaily reports that Kalshi began offering perpetuals referencing Amgen, McDonald’s, Qualcomm and Costco that day, with maximum leverage of approximately 4.9 times.
That regulatory development is separate from the stablecoin-settled offerings described above. The article does not establish that Kalshi’s contracts use USDT or USDC.
Why platforms are extending their settlement infrastructure
The source argues that crypto exchanges can apply existing derivatives engines, stablecoin settlement systems and margin-management infrastructure to additional asset classes rather than build entirely new trading systems.
It cites TokenInsight’s third-quarter 2026 report, which put total trading volume across its tracked exchange sample at approximately $12 trillion, down 27.5% quarter over quarter and marking a third consecutive quarterly decline. Spot volume fell 55% to $2 trillion, while derivatives volume fell 17% to $10 trillion.
Despite that decline, derivatives increased their share of total volume to 83%, up 10 percentage points from the previous quarter.
Across nine exchanges covered by the report, stock and commodity perpetuals generated a combined $2.1 trillion in third-quarter volume. Stock perpetuals accounted for approximately $1.61 trillion, or 77%, and commodity perpetuals for approximately $491 billion.
These are trading-volume figures—not measures of stablecoin issuance, reserves or net settlement flows.
Continuous trading does not guarantee continuous price alignment
Removing a contract’s expiry eliminates the need to roll a position solely because its maturity date has arrived. It does not eliminate funding costs or other trading risks.
The source describes funding payments as an incentive for perpetual prices to move toward a reference index. When a contract trades above that reference, positive funding typically makes longs pay shorts; negative funding generally reverses the payment direction. This mechanism does not guarantee an accurate reference price, particularly when the underlying stock market is closed.
Odaily’s account of Coinbase’s approach describes the use of external equity data, including Pyth and Blue Ocean ATS, during regular trading periods. During weekends and some other closures, it describes an internal index incorporating an exponential moving average of perpetual mark prices and available tokenized-stock quotes, alongside price-deviation limits and transition mechanisms.
Cross-platform trading may help narrow price differences, but weekend positions still carry funding, margin, liquidity and Monday opening-gap risks. Weekend perpetual quotes are venue-specific market prices—not official Nasdaq or New York Stock Exchange stock prices.
Traditional exchanges are exploring the same model
The report also describes an October 29, 2026, partnership announcement between NYSE parent Intercontinental Exchange and Trade[XYZ] to bring Hyperliquid-based perpetual markets to the United States.
Under the announced plan, ICE would operate a new regulated trading market and clearing framework and make a strategic investment in Trade[XYZ], which would contribute market design and product technology. The proposed business remained subject to regulatory approval.
The broader development is a convergence of trading infrastructure: crypto platforms are extending stablecoin-supported derivatives to traditional assets, while traditional institutions are exploring perpetual contracts and longer trading hours. Neither development makes a derivative equivalent to share ownership, nor does stablecoin settlement remove the product’s market and operational risks.