美国商品期货交易委员会（CFTC）批准了加密货币的永续期货合约，引发了传统期货交易所（如芝商所和芝加哥选择权交易所）与新兴交易平台（如Kalshi和Coinbase）之间的激烈市场版图争夺战。

永续合约的核心风险在于高杠杆与自动平仓机制的结合。这种自动化清算在市场波动时会引发连锁抛售效应，一旦交易所的准备金耗尽，就会通过扣减获利交易者的利润来分摊损失，导致损失社会化。

作者建议对于永续合约应采取合理的监管调整而非直接禁止，具体措施包括根据标的资产的波动性限制杠杆倍数、公开保险基金与去杠杆规则，以及实施传统交易所标准的客户资金隔离。

The US Commodity Futures Trading Commission's approval of perpetual futures on cryptocurrencies has ignited a fierce turf war between traditional exchanges like CME and Cboe and new platforms such as Kalshi and Coinbase.

The primary risk of perpetual futures lies in the combination of high leverage and automatic liquidation, which can trigger a cascade of selling and force loss socialization through auto-deleveraging once insurance funds are depleted.

Rather than outright prohibition, the author suggests regulatory calibration, including capping leverage based on the underlying asset's volatility, publishing clear insurance-fund rules, and ensuring strict segregation of customer funds.