ESMA Places Perpetual Futures Inside the CFD Perimeter: 2:1 Leverage for Retail Clients in the EU

The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high degree of risk. Always conduct your own research.ESMA stated on February 24, 2026 that perpetual futures are likely to fall under the CFD measures, and with them under a leverage cap of 2:1 for retail clients. The Hyperliquid Policy Center wants that settled differently, and filed its case as the MiCA review closed on September 30.Whether you, as a retail client in Germany, may trade perpetual futures with two times leverage or with fifty times leverage hangs on a question of classification in European supervisory law. It runs as follows: are these contracts contracts for difference within the meaning of the existing EU measures? If they are, a leverage cap of 2:1 applies to retail clients. On February 24, 2026, the European Securities and Markets Authority, ESMA, stated in a public notice that derivatives marketed as “perpetual futures” or “perpetual contracts” are likely to fall within that scope. On September 30, 2026, the final day of the consultation period for the review of the MiCA regulation, the Hyperliquid Policy Cen...