American Perpetuals Exchange Corporation has raised $30 million in fresh funding at a $300 million valuation, aiming to build a U.S.-regulated platform for perpetual futures tied to equities. The round was led by Lux Capital, according to a June 4 memo outlining the company’s plans.
The funding comes as the firm engages directly with regulators and prepares to seek approval for operating licenses, positioning itself at the center of a fast-developing and contested market.
Regulatory push and licensing plans
Theodore Gillibrand, son of Senator Kirsten Gillibrand, recently met with officials from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to discuss a regulatory framework for equity-linked perpetual futures.
The company plans to apply for a Designated Contract Market license and a Derivatives Clearing Organization license, which would allow it to both list and internally clear trades. This dual approach is designed to align with ongoing efforts by U.S. regulators to “harmonize” oversight across financial instruments that blur the line between securities and commodities.
Meeting participants included representatives from both agencies, legal advisors from Gibson, Dunn & Crutcher, BGR Group, and attorney Rebecca Rettig of Arktouros PLLC.
Demand grows despite lack of U.S. venue
The June memo highlights sustained demand for equity-based perpetual futures, even without a regulated domestic marketplace. As a result, trading volume has largely shifted to offshore platforms.
Globally, perpetual futures trading reached about $86 trillion in 2025 on centralized exchanges. Early signs of domestic demand have also emerged, with a regulated bitcoin perpetual contract on Kalshi generating more than $5.5 billion in trading volume within its first two weeks.
Legal challenge casts uncertainty
Momentum in the sector is now facing a significant legal test. CME Group filed a lawsuit on June 18 against the CFTC, arguing that the agency’s approval of perpetual futures products violates the Dodd-Frank Act.
The exchange contends that perpetual contracts, which have no expiration date, should be classified as swaps rather than futures. This distinction is critical, as swaps are subject to stricter requirements, including longer margin periods.
If courts agree with CME’s position, the implications could be far-reaching for U.S.-based platforms:
- A shift to swap classification could impose a five-day margin requirement instead of the one-day standard for futures
- Domestic products may become less capital-efficient compared to offshore alternatives
- Exchange structures and compliance models could require significant changes
Regulators continue coordination efforts
Despite the lawsuit, the SEC and CFTC are moving forward with broader coordination efforts. The agencies have opened a joint public comment period, running through August 17, to streamline swap data reporting requirements.
At the same time, lawmakers remain active in shaping the broader digital asset framework. Senator Kirsten Gillibrand and Senator Cynthia Lummis recently urged the Treasury Department to preserve pathways for state-level regulation of stablecoin issuers under the GENIUS Act.
Funding to support compliance and buildout
The newly raised capital will be used to meet regulatory financial requirements and build out the exchange’s compliance infrastructure. Plans include hiring compliance officers, expanding legal frameworks, and upgrading technical systems ahead of formal license submissions.
Gillibrand, a Stanford graduate, previously worked at venture firms Paradigm and Andreessen Horowitz. His company’s progress now hinges not only on regulatory approvals but also on how courts ultimately define the legal nature of perpetual futures in the United States.
Want deeper insight into equity-linked swaps and perpetuals? Explore our guide on what are perpetuals and how do they work.
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