Stock Perpetual Futures Approved in US: What Miners Get
Stock perpetual futures are now allowed on US exchanges. The CFTC said so on Tuesday, November 3, and both CoinDesk and The Block call it the first time. Perpetuals have no expiry date. Until now the US allowed them on bitcoin only.
What the CFTC approved for stock perpetual futures
Chairman Michael Selig announced it in a statement. CoinDesk reports the contracts were deemed approved under existing security futures rules. The CFTC and the SEC will oversee them together, using a framework from the Commodity Futures Modernization Act of 2000. Selig said the products give US traders a regulated alternative to “offshore, and often unregulated, venues,” per CoinDesk.
What we do not know matters just as much. Selig’s statement did not name the exchanges that will list stock perps. It did not name the stocks, or a launch date either. Both outlets say that, so treat any “launching Monday” claim as a guess.
Why stock perpetual futures matter beyond Wall Street
This follows a run of steps. CFTC staff cleared bitcoin perpetuals for KalshiEX and Coinbase earlier this year. In June the CFTC asked for comment on crude oil perps and 24/7 trading. In August President Trump said the CFTC was working to bring Hyperliquid into the US. CoinDesk adds that perps traded over $630 billion in the past month, per DeFiLlama data.
In short, the crypto trading model is moving to stocks. The leverage venue that used to sit offshore is being pulled onshore. That is a bet that traders want one account for both.
Miner math: what stock perps mean for your margin
Here is the live maths on November 3. Bitcoin is $77,662 and the network is 1023 EH/s, so hashprice is about $34.39 per petahash per day. That is what one PH/s of hashing earns before power.
| Machine | 5c/kWh | 8c/kWh | 12c/kWh | Break-even |
|---|---|---|---|---|
| Antminer S19 (95 TH/s, 3250 W) | -$0.63 | -$2.97 | -$6.09 | 4.2c |
| Antminer S19k Pro (115 TH/s, 2645 W) | $0.78 | -$1.12 | -$3.66 | 6.2c |
| Antminer S19 XP (141 TH/s, 3010 W) | $1.24 | -$0.93 | -$3.82 | 6.7c |
| Antminer S21 Pro (234 TH/s, 3510 W) | $3.84 | $1.31 | -$2.06 | 9.6c |
Numbers are profit per day after electricity, at the three power prices shown. Break-even is the most you can pay per kilowatt-hour before the machine loses money. Specs are the manufacturer ratings; network data comes from mempool.space. Try your own power price in our free bitcoin mining profit calculator. See what these machines really sold for in our used ASIC miner price index. Want to run the same numbers on a machine you can buy today? See our used ASIC miners, or buy several at once through bulk lots.
If leverage money rotates out of bitcoin and price slips 5%: the break-even power price on an S19k Pro falls from 6.2 to 5.9 cents per kilowatt-hour. At 8 cents, daily profit goes from -$1.12 to -$1.32.
The blunt answer for miners
Nothing changes for your hashrate or your block reward today. Network hashrate sits near 1023 EH/s per mempool.space. The only channel to your margin is price. More leveraged products can mean more places to trade, and more places to compete for the same speculative dollars. We cannot say which way that cuts, and nobody else can honestly say either.
So plan on the table above, not on the headline. If your machine is under water at your power price, see our we buy used miners page or the mining economics guides. Our Bitcoin price prediction page has the ranges we expect.
-Nick
ING Mining
This is general information, not financial advice. Crypto is volatile, and exchanges can fail. Please do your own research.
How this story was made: drafted with the help of AI tools from public sources, then edited by Nick Squires. See our editorial policy. Spot an error? Email ns@ingmining.com.