PANews reported on June 3rd that, according to The Block, total futures trading volume on major cryptocurrency exchanges fell to approximately $2.9 trillion in May, a 12-month low and the lowest level since the end of 2023, far below the peak of $6 trillion to $7 trillion per month during last year's active trading period. Trading volume remains highly concentrated on a few exchanges, with Binance maintaining its dominant share, followed by OKX, Bybit, and Gate.

Analysts suggest that against this backdrop, the CFTC's formal opening of crypto perpetual futures contracts to the US market—a derivative previously largely outside US regulatory purview—has made significant strides. Perpetual futures, with no expiration date, use funding rates to anchor contract prices to spot prices, and have become the dominant trading tool in the global crypto derivatives market. The significance of this regulatory opening lies more in institutional participation, more compliant infrastructure, and onshore liquidity free from regulatory arbitrage. The current challenge is whether regulated US exchanges can compete with offshore exchanges on margin requirements and liquidity conditions.