WASHINGTON, June 22, 2026 — The Commodity Futures Trading Commission has issued a request for public comment on the extension of standard futures contracts to 24/7 trading and on the potential listing of perpetual contracts referencing physically delivered or storable energy commodities, including crude oil.
According to the CFTC, the request seeks input on two related developments in energy derivatives markets. The first concerns extending standard futures contracts to continuous trading without changing their fixed expiration, delivery or settlement terms. The second concerns perpetual contracts tied to physically delivered or storable energy commodities.
“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,” CFTC Chairman Michael S. Selig said.
Earlier CFTC actions
The consultation builds on the Commission’s previous work concerning 24/7 trading and perpetual-style derivatives. The document notes that on May 29, 2026, the Commission issued an order permitting a designated contract market to list a perpetual contract referencing the spot price of bitcoin and subsequently issued a policy statement concerning perpetual contracts.
The order’s analysis was expressly limited to that contract and similarly structured perpetual contracts referencing digital commodities with deep, active and continuous spot-market trading.
The request states that perpetual contracts referencing asset classes not covered by the order, including agricultural and energy products, would be evaluated on their own terms, with each asset class raising distinct considerations.
Market structure considerations
The request asks whether perpetual contracts could serve hedging or risk-management needs not currently met by existing futures, options or swaps and whether commercial market participants such as producers, refiners, merchants, transporters and end users would use such instruments.
The Commission also seeks feedback on how continuous trading could affect liquidity, benchmark prices, margin requirements, market surveillance and settlement processes.
Among the questions posed, the agency asks about the possible use of real-time or tokenized payment infrastructure and the legal, operational and credit considerations associated with stablecoins or other tokenized settlement assets. It also asks whether tokenized Treasury securities or stablecoins could be used as collateral when traditional payment systems are unavailable.
Funding mechanisms and position limits
The request also addresses how funding-rate mechanisms, automatic liquidations and liquidation cascades could behave during periods of market stress.
The Commission asks how position limits could apply to perpetual contracts and whether such products could create additional manipulation concerns.
The request for comment states that the Commission intends to use the information received to better understand the implications of these developments. Written comments must be submitted within 30 days after publication in the Federal Register.
Why it matters
The consultation touches on several concepts familiar to digital asset markets, including perpetual contracts, 24/7 trading and tokenized settlement infrastructure.
Feedback received through the process could help shape the future design and oversight of U.S. derivatives markets.
