Perpetual Futures in the US and UK: What Traders Should Know
How US and UK rules on perpetual futures generally apply to retail traders and prop firm accounts. General guidance that can change; not legal advice.
Can US and UK traders use perpetual futures?
Perpetual futures access depends on where you live and on the product. In the UK, the FCA has banned selling crypto derivatives to retail consumers. In the US, regulated venues have begun listing perpetual-style contracts while offshore venues generally exclude US persons. Prop firms set their own country rules on top.
About this guide
About this guide
Updated by the Prop Firm Pal editorial team. General information as of the date above, not legal advice. Regulation here is moving quickly and can change; check the regulator’s current position and the firm’s terms for your country.
United Kingdom
United Kingdom
The FCA banned the sale, marketing and distribution of crypto derivatives to retail consumers, with the rules taking effect in January 2021. When it reopened retail access to certain crypto exchange traded notes in 2025, the derivatives restriction was reported to remain in place. Confirm the current position with the FCA.
Whether a simulated prop firm account falls within such a ban is a separate legal question that depends on how a programme is structured. Some firms exclude UK residents from some products and others do not. We do not offer a view on any particular firm’s position.
United States
United States
Derivatives offered to US persons fall under the Commodity Exchange Act and the CFTC. Many offshore perpetual venues exclude US persons in their terms. On regulated venues the picture has been changing: perpetual-style contracts began reaching US customers in 2025, and further CFTC actions were reported in 2026. The details and who can access them are moving, so check the exchange and the CFTC directly.
Why a prop firm’s country list matters
Why a prop firm’s country list matters
A prop firm decides which countries it accepts, and that list can differ between products and change without notice. A firm accepting your country for one product does not mean it accepts you for another. Check before you pay, and check whether the terms require you to confirm your own legal eligibility.
FAQs - Perpetual Futures in the US and UK: What Traders Should Know
General information. Check the firm’s own terms.
Rules depend on the product and venue. CFTC-regulated venues have introduced perpetual-style contracts, while many offshore venues exclude US persons. Check the current position with the venue and regulator.
The FCA has banned the sale of crypto derivatives to retail consumers. Professional clients are treated differently. Check the FCA’s current position and take advice if you are unsure.
Some do and some do not, and it can vary by product. We record country access per firm where it is published.
Sources
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FAQs - Prop Trading Questions Answered
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Perpetual futures, or perps, are derivative contracts that track an asset's price and have no expiry date. Because there is no settlement date, longs and shorts exchange a periodic funding payment that keeps the contract close to the underlying index price. Traders use them for leverage and for easy shorting, most often on crypto assets such as BTC and ETH.
Perps is short for perpetual futures, the crypto derivative contracts that have no expiry date and stay near spot through regular funding payments between longs and shorts. Traders hold perps instead of spot when they want leverage, to go short, or to avoid moving coins. Perps trade around the clock on both centralized and on-chain venues.
Perpetual futures work by letting you hold a leveraged long or short position with no expiry, backed by margin and marked against an index price. Every funding interval, traders on one side pay the other an amount based on the funding rate and position size. You stay in the trade until you close it or the position is liquidated.
Regular futures have a fixed expiry date and settle or roll, often on regulated exchanges such as CME, while perpetual futures never expire and use funding payments to stay aligned with spot. Perpetuals usually trade around the clock, including weekends, while dated futures keep exchange hours. Funding replaces the expiry convergence you would otherwise rely on.
Spot trading means buying the asset itself, while perpetual futures are a contract on its price that you can trade with leverage and short just as easily as you can buy. A spot position carries no funding payments or liquidation risk if unleveraged. A perpetual position can pay or earn funding and can be liquidated if margin runs out.
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