US bourses must look venerable yet stay up‑to‑date. The fear that they missed out on the craze for perpetual futures, or *perps*, has wiped as much as 1/3 of their share prices.

The trouble began when Kalshi received the first CFTC approval to offer bitcoin‑based perps, reversing long‑held scepticism. Perps, which never expire, are now linked to assets such as oil. Investors worry the shift will flood the market and erode exchanges as go‑to venues for equity indices and commodities.

Shares of Cboe Global Markets fell a third in the four weeks after Kalshi’s win and remain down almost a fifth. CME Group slid a fifth, while Intercontinental Exchange fell a little less. Perps’ popularity surged during the US‑Iran war, and Binance launched oil‑based bets with up to 100× leverage.

Exchanges are not as exposed as they appear. Perp holders’ balances are credited or debited up to three times daily, offering instant losses but no margin call system. Still, Cboe launched a perp‑like crypto product, ICE partners Puzzle with OKX for Brent‑oil perps, and CME Group has sued the CFTC. Perps remain niche, but bourses may hop on the bandwagon when tradition meets innovation.