Kalshi eyes XRP, Solana and Dogecoin perps after Bitcoin approval

The filing has not yet received the same public approval as Kalshi’s Bitcoin perpetual contract. For that reason, the XRP product should be treated as a reported filing, not a confirmed launch.

CFTC path follows Bitcoin approval

Kalshi’s Bitcoin perpetual futures contract recently received approval from the Commodity Futures Trading Commission. The regulator said Kalshi submitted the BTCPERP contract for review under Commission Regulation 40.3.

The CFTC also said perpetual contract design may not suit every asset class. It encouraged firms to submit products based on other assets for review and approval before listing them.

That point matters for XRP and other altcoins. Even if Kalshi has filed the products, each contract may still need a separate review path before it can trade.

CF Benchmarks may support pricing

Reports said Kalshi plans to use CF Benchmarks pricing data for its proposed crypto perpetual products. CF Benchmarks already provides regulated crypto reference rates used across several institutional products.

The pricing framework may help Kalshi set reference prices and funding rates for perpetual contracts. Such contracts do not expire and usually use funding payments to keep futures prices close to spot prices.

XRP already has a wider institutional market structure than in past cycles. CME has used CF Benchmarks data for XRP futures, while crypto.news has also tracked rising XRP Ledger activity and ETF demand.

Regulated crypto derivatives race expands

As previously reported by crypto.news, Kalshi received CFTC approval for BTCPERP while Coinbase opened a regulated route for U.S. institutions through Deribit-linked products.

Separate crypto.news coverage reported that Kraken plans to launch regulated Bitcoin perpetual futures through Bitnomial within 30 days. That places Kalshi, Coinbase and Kraken in a fast-moving U.S. derivatives race.

Kalshi has also grown beyond its original prediction market base. Crypto.news reported that the company reached a $22 billion valuation after a $1 billion Series F round, with institutional trading volume rising sharply.

The reported XRP filing adds another layer to that expansion. If approved, it could give U.S. traders a regulated way to trade XRP price exposure through perpetual futures without holding the token directly.

For now, the key point is regulatory status. Bitcoin perps have a confirmed CFTC approval at Kalshi. XRP, Solana and Dogecoin perps remain reported filings until the regulator confirms approval or Kalshi announces a formal launch.