纽约，11月9日 —— 据对四位现有交易所高管及其他关键市场参与者的采访，特朗普政府推动将新型离岸永续期货引入美国，正引发警觉。他们警告称，这些产品将给数万亿美元的衍生品市场带来严重的新风险。
NEW YORK, November 9 - The Trump administration’s push to bring novel offshore perpetual futures to the US is raising alarms, according to interviews with four executives at incumbent exchanges and other key market participants who warned that the products will introduce serious new risks to the multitrillion-dollar derivatives market.
永续期货（简称“perp”）最早诞生于美国境外的加密货币市场，全天候交易且无到期日，意味着投资者可无限期持有头寸。它们通常带有杠杆，有时高达50倍，且主要由散户或个人投资者交易。
Pioneered in non-US crypto markets, perpetual futures, or "perps," trade around the clock and do not expire, meaning investors can hold positions indefinitely. They are usually leveraged, sometimes by as much as 50 times, and are predominantly traded by retail or individual investors.
据数据提供商CryptoQuant统计，2025年加密货币永续期货交易量达61.7万亿美元，较2024年增长29%，其中大部分发生在币安和Hyperliquid等大型平台上，且总部多设在亚洲。
Crypto perps trading volume reached $61.7 trillion in 2025, up 29% from 2024, according to data provider CryptoQuant, with much of that on big platforms such as Binance and Hyperliquid and based in Asia.
路透社对交易所、交易公司、资产管理公司及市场结构服务商高管的采访显示，业界更广泛地担忧，监管不善的永续期货及全天候交易可能扰乱市场结构，并削弱2007-09年金融危机后强化的风险管理防线。
The Reuters interviews with executives at exchanges, trading firms, asset managers and market-structure providers revealed broader concerns that improperly regulated perps and 24-hour trading could disrupt market structure and erode risk-management safeguards bolstered after the 2007-09 financial crisis.
美国商品期货交易委员会（CFTC）于5月正式批准美国上市加密货币永续期货，令传统华尔街交易所感到震惊，Kalshi、Coinbase、Robinhood及其他金融科技公司随即涌入这一新市场。
Traditional Wall Street exchanges were alarmed by the US Commodity Futures Trading Commission’s decision in May to formally approve US-listed crypto perps, with Kalshi, Coinbase, Robinhood and other financial technology firms jumping into the new market.
上周，该政府监管机构还批准了单只股票权益类永续期货。CFTC主席迈克尔·塞利格表示，保持美国对这一新兴市场的监管对于保护美国投资者至关重要。
Last week, the government regulator also approved single-stock equity perps. CFTC Chair Michael Selig has said it is important to maintain US oversight of the nascent market to protect American investors.
政府与华尔街的张力 CME Group作为大型期货市场运营商，正起诉CFTC以推翻其5月决定，理由是该委员会错误地将永续期货归类为期货，造成不公平竞争并淡化其风险。代表Cboe Global Markets和Citadel Securities的一个团体也于上周提起诉讼，基于相同理由寻求撤销CFTC近期对权益类永续期货的批准。
TENSION BETWEEN ADMINISTRATION, STREET CME Group, the big futures market operator, is suing the CFTC to overturn its May decision, arguing it has wrongly classified perps as futures, creating unfair competition and downplaying their risks. A group representing Cboe Global Markets and Citadel Securities also sued last week to reverse the CFTC’s recent equity perp approval on the same grounds.
“我认为他们在这里严重搅浑了水，”CME首席执行官、拥有40多年行业经验的Terry Duffy表示。“市场上一旦出现模糊地带……可能会损害业务。”CFTC拒绝就采访中提出的担忧置评。此前该机构曾表示，CME选择了“诉讼战”而非在新市场中竞争。
"I think they’ve muddied the waters here significantly," said Terry Duffy, CME’s chief executive and a 40-plus-year industry veteran. "Anytime you have ambiguity in markets ... that could hurt the business." The CFTC declined to comment on the concerns raised in the interviews. It has previously said the CME had chosen "lawfare" over competing in the new market.
这场冲突是最新迹象，表明政府对加密货币和预测市场的支持——一些领先公司同时也运营新交易所——正在加剧与传统华尔街机构的紧张关系。
The clash is the latest sign that the administration’s support for crypto and prediction markets, where some of the leading companies also run new exchanges, is fueling tensions with traditional Wall Street firms.
随着民主党在本周中期选举中夺得国会控制权，明年他们很可能将与唐纳德·特朗普总统对峙，并加强对这些新兴行业的监管，围绕市场风险的僵局可能会升级。
The standoff over market risks could grow next year when Democrats, propelled by midterm elections this week that handed them control of Congress, are likely to square off against President Donald Trump and step up oversight of the young industries.
“许多现有巨头很长时间都没有面临过这种类型的颠覆，”富兰克林邓普顿加密货币主管Chris Perkins表示。交易所称永续合约属于掉期而非期货CFTC 5月的决定因竞争担忧导致交易所股价暴跌。此后股价已回升，高管们表示不认为永续合约对其以机构业务为主的业务构成严重威胁。
"Many of these incumbents haven’t faced this type of disruption for a very long time," said Chris Perkins, head of crypto at Franklin Templeton. EXCHANGES SAY PERPS ARE SWAPS, NOT FUTURES The CFTC’s May decision sent exchange shares tumbling on competition fears. They have since recovered and executives have said they do not view perps as a serious threat to their predominantly institutional businesses.
他们主要担忧的是，将永续合约视为期货会让散户投资者在监管制度下接触这些新产品，而该制度据称对杠杆和对手方风险的保障措施不足。他们辩称，这些产品更类似于掉期，后者面临更严格的保证金、资本和报告要求，且通常不向散户投资者开放。
Their chief concern is that treating perps as futures gives retail investors access to the novel products under a regulatory regime they say provides insufficient safeguards against leverage and counterparty risk. They argue the products are more akin to swaps, which face tougher margin, capital and reporting requirements and are generally less accessible to retail investors.
传统期货允许对手方锁定未来日期的交易价格，而掉期涉及对手方根据基准定期交换现金流或负债。交易所称，因为永续合约不设到期日且涉及对手方之间持续的资金费率支付，符合2010年《多德-弗兰克法案》对掉期的定义。
Traditional futures let counterparties lock in a transaction price for a later date, while swaps involve counterparties periodically exchanging cash flows or liabilities based on a benchmark. Because perps do not expire and involve ongoing funding payments between counterparties, they meet the 2010 Dodd-Frank Act’s definition of a swap, exchanges say.
在公开法律备忘录中，衍生品律师表示，CME提出的问题合理。CFTC称，永续合约具有类似期货的特征，其资金费率机制替代了到期日。
In public legal notes, derivatives attorneys have said the CME has raised legitimate issues. The CFTC has said perps have futures-like features and their funding mechanism is a substitute for expiration.
“行业正处于一个拐点，产品分类有沦为竞争工具的风险，”Cboe全球衍生品主管Rob Hocking表示，并称这一发展对市场不利。
"The industry is at an inflection point where product classification risks becoming a competitive tool," said Rob Hocking, global head of derivatives at Cboe, adding that the development is bad for markets.
“需要在短期内达成解决方案。” 错误分类、全天候交易被视为风险 高管们表示，对于表现更像掉期的产品，期货式的保证金要求可能不足，在剧烈波动期间会增加对手方风险和流动性风险。
"There needs to be a resolution in short order." MISCLASSIFICATION, 24/7 TRADING SEEN AS RISKY Futures-style margin requirements may be inadequate for products that behave more like swaps, increasing counterparty and liquidity risks during intense volatility, the executives said.
一些人表示，当保证金低于要求水平时自动清算交易者永续合约仓位的机制可能会放大这种压力。去年，此类机制触发了有史以来最大规模的比特币仓位清算，放大了抛售潮。
Mechanisms that automatically liquidate traders’ perp positions when their margin falls below required levels could amplify such stress, some said. Last year, such mechanisms triggered the biggest ever liquidation of bitcoin positions, amplifying the selloff.
CFTC在给期货佣金商的咨询意见中，强调了在延长交易时段加强向客户披露自动清算功能的必要性。
The CFTC, in an advisory to futures commission merchants, has emphasized the need for enhanced customer disclosures about auto-liquidation features during extended trading hours.
与此同时，新兴平台正推动将这些产品扩展至其他资产。其部分高管表示，如果没有可行的美国监管框架，市场将继续在海外蓬勃发展，并带走美国投资者和资金。
The upstart platforms, meanwhile, are pushing to extend the products into other assets. Some of their executives say that without a workable US framework, the market will continue to flourish overseas and take US investors and funds with it.
“我认为，让这些产品在美国监管范围内透明交易，比让这种活动留在境外要好，”Kalshi机构业务主管Andy Ross表示。
"I think it’s better for those products to trade transparently inside the US regulatory perimeter than for that activity to remain offshore," said Andy Ross, Kalshi’s head of institutional business.
一些行业高管还表示，永续合约构成市场结构风险。因为它们持续交易，这些产品要求交易所、清算所、经纪商和交易员全天候管理仓位并应对追加保证金通知。
Some industry executives also say that perps pose market-structure risks. Because they trade continuously, the products require exchanges, clearing houses, brokers and traders to manage positions and meet margin calls around the clock.
高管们表示，这种模式或许适用于规模较小、已预先注资的加密货币市场，但在规模较大、参与者必须在标准银行营业时间之外转移大量现金和抵押品的市场中，情况会变得更加复杂。
That may work in smaller, pre-funded crypto markets, executives said, but it becomes more complex in larger markets where participants must move a lot of cash and collateral outside standard banking hours.
芝加哥商品交易所（CME）上个月表示，主要因为商业客户不愿安排人员在周末值守交易台，该交易所已搁置其拟推出的全天候原油期货合约。
The CME last month said that it had shelved its proposed 24/7 crude oil futures contract mainly because commercial clients were unwilling to staff weekend trading desks.
“美国传统金融市场基础设施尚未完全具备真正全天候市场的条件，”机构加密货币做市商B2C2首席执行官托马斯·雷斯托（Thomas Restout）表示。
"The traditional financial market infrastructure in the US is not yet fully equipped for true 24/7 markets," said Thomas Restout, chief executive of B2C2, an institutional crypto market maker.