MEMBER HIGHLIGHT — SER member Gontran de Quillacq recently shared an article titled "Meet the Perps - The Futures Kind." The article explains what perpetual futures are and why they have come to dominate global derivatives trading, with $92 trillion in volume in 2025 - entirely offshore. Unlike traditional futures, perps carry no expiration date and no roll cost; a periodic funding rate replaces the settlement clock and keeps the contract price anchored to spot. On May 29, 2026, the CFTC approved the first U.S.-listed perpetual futures contract, issued a policy statement governing future listings, and extended no-action relief for foreign-listed perps accessed through a registered FCM. The article covers the funding rate mechanism, the structural cost that perps eliminate from conventional futures, the new regulatory framework, its implications for exchanges, FCMs, and clearinghouses, and the next wave of listings across commodities and equities. Gontran is the Managing Partner of Navesink International. You can read the full article on his website, along with other insights on his blog.
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