Kalshi Opens U. S. Door to Crypto Perpetual Futures

Kalshi, the platform behind prediction markets, is set to introduce perpetual futures contracts focused on cryptocurrencies—providing American traders with a regulated alternative to the offshore exchanges that currently dominate this space.

What Makes Perpetual Futures Different?

• No Expiration: Unlike regular futures, perps never expire. Positions can be held indefinitely.
• Funding Payments: Regular funding rates keep the perp price close to the underlying asset, eliminating costly roll‑overs.
• Cost‑Effective: The design removes the need for constant adjustments, saving traders time and money.

Practical Uses

• Hedging: A business expecting to receive Bitcoin next week can short a BTC perp, protecting itself against price drops before payment.
• Speculation: Traders can bet on crypto price movements without worrying about expiration dates.

Market Growth

• Offshore perp volumes surged from $28 trillion in 2023 to over $90 trillion by 2025.
• U.S. institutions have largely depended on indirect or foreign platforms due to limited domestic options.

Regulatory Oversight

• Kalshi’s perps will operate under the Commodity Futures Trading Commission (CFTC).
• Funding rates will be charged every eight hours and transparently recorded in transaction logs.
• Agricultural commodities will not be part of this product line.

Industry Context

Other firms, such as Polymarket, are also expanding into 24/7 long‑short trading with their own perp offerings. These moves signal a shift from niche event markets toward broader, continuous trading tools.