US derivatives regulator, the Commodity Futures Trading Commission, on Monday issued a request for comment on two linked questions: whether standard futures contracts should be allowed to trade 24/7, and whether perpetual contracts should be permitted for physically delivered or storable energy commodities, including crude oil. The agency framed the action as a regulatory review, not a product launch.
Perpetual contracts have no fixed expiry and use periodic funding payments to keep prices aligned with spot. The CFTC’s filing asks whether those mechanics can function in markets shaped by storage costs, convenience yield, seasonality, and physical delivery.
On the 24/7 side, the Commission wants input on how exchanges would handle margin calls and settlement when Fedwire and CHIPS are closed. The filing specifically asks about stablecoins, tokenized Treasury securities, and real-time payment infrastructure as potential solutions.
For perpetuals, the CFTC asks whether a reliable, non-manipulable crude oil cash price series exists that could serve as a reference at every funding interval, and how a non-expiring contract would fit into the federal speculative position-limits framework.
“As registered entities extend trading hours and introduce new contract designs, a clear, data-driven record will help the Commission better understand these developments’ implications and impact in the market,” said CFTC Chairman Michael S. Selig.
Comments must be submitted within 30 days of publication in the Federal Register. The request builds on the agency’s 2025 consultation covering 24/7 trading and perpetual derivatives, which centered on digital assets rather than energy commodities.
