In brief

• Polymarket launched Polymarket Perps on September 3 with an initial slate of 10 markets that expanded to 67 within hours, spanning crypto, stocks, indices and commodities with leverage up to 20x and no contract expiration.
• Leverage caps vary by asset: crypto, the S&P 500, oil, gold and silver support up to 20x, while individual stocks and other real-world assets top out at 10x, per Polymarket’s own documentation.
• U.S. traders can’t place Perps orders and are routed instead to Polymarket US, the company’s separate CFTC-regulated exchange, a split that traces back to a 2022 CFTC settlement.