The CFTC is concluding its public comment period for 24/7 trading in derivatives markets on May 23. It opened a request for public comment on April 21 as an attempt to keep up with an emerging trend in the finance industry.
“As I have long said, the CFTC must take a forward-looking approach to shifts in market structure to ensure our markets remain vibrant and resilient while protecting all participants,” said Acting Chairman Caroline D. Pham. “One evolving trend is the move to 24/7, 24/6, or 24/5 trading hours. I look forward to the public comments on this market innovation.”
Many organizations submitted comments, including Bloomberg and the Crypto Council for Innovation (CCI). The filings from three organizations reveal the potential benefits for prediction markets like Kalshi, but they also reveal some of the risks that accompany constant trading hours.
Crypto Council for Innovation supports move to 24/7 trading
CCI’s public comment emphasized the benefits of 24/7 trading. Coinbase began offering perpetual Bitcoin and Ethereum futures on May 9, 2025. In those short weeks, CCI observed that 24/7 trading “can mitigate counterparty risk and enhance price discovery, especially in global, digital markets where information flows and participant activity occur across time zones.”
While other public comments have raised operational concerns, like the lack of downtime to conduct monitoring and updates, the CCI retorts that perpetual trading infrastructure is “more resilient”:
“For over a decade, leading digital asset trading venues have operated on a continuous basis while successfully implementing tools such as real-time margin monitoring, automated liquidation triggers, and 24/7 surveillance. These mechanisms, embedded in platform architecture rather than dependent on manual intervention, enable constant enforcement of risk protocols regardless of hour or market conditions.”
Much of CCI’s optimism is based on the technological advancements that allow for the upgrades in real time that used to only be possible on weekends. However, CCI also acknowledges that perpetual trading systems must be “properly designed” to be a “stabilizing force.” Bloomberg and Better Markets elaborate on what those guardrails could be.
Bloomberg raises cautions on extending to 24/7
Bloomberg’s filing made an important distinction between the 24-hour trading and seven-day trading. Instead of viewing 24/7 trading as one block of time, Bloomberg suggests ways to introduce short trading pauses by either subtracting an hour or a day from the trading schedule:
“For the liquid futures markets that already trade at night, the questions before the Commission are: (1) the ‘24’ issue: what are the benefits of the current 1-hour pause between trading sessions? and (2) the ‘7-day’ issue: what is the impact of (and associated issues that arise from) eliminating the current ‘down day.’”
Bloomberg notes that “it is standard practice” for markets “to move new hardware, upgrade software, and conduct testing and self-maintenance on production systems on Saturdays.” Trading hours also give the companies running markets time to evaluate trader positions and perform market integrity checks.
The switch to 24/7 trading would benefit companies like Kalshi, which would be able to accept event contract trades any time of day. However, it would also represent a large change to traditional market operations. The CFTC has much to consider regarding this issue.
