Bitcoin perps hit Kalshi as U.S. traders get long-awaited access

The CFTC order approved KalshiEX, LLC to list a contract tied to the spot price of bitcoin. Unlike traditional futures contracts, the contract has no expiration date, giving traders continuous exposure without a fixed settlement price.

Kalshi moves into regulated crypto perps

Kalshi CEO Tarek Mansour told CNBC’s Squawk on the Street that perpetual futures are “the purest form of trading.” He also framed the launch as part of Kalshi’s move beyond prediction markets and into a fuller derivatives exchange model.

Mansour said regulated onshore perps would help improve capital allocation and risk management for American businesses. His comments placed the product within a domestic market-structure debate that has grown as U.S. firms push to bring crypto products previously concentrated offshore to the U.S. market.

According to Kalshi, the platform shows funding rate history in transaction records, giving users access to one of the main pricing tools behind perpetual futures.

Offshore volumes put pressure on U.S. venues

Perpetual futures have become one of crypto’s largest trading markets. Reuters reported that perpetual futures volume reached $61.7 trillion in 2025, up 29% from 2024. Other market data cited by Kalshi placed offshore perpetual futures volume at $92.9 trillion in 2025.

Much of that activity has taken place on offshore platforms such as Binance and Hyperliquid. Those venues built large markets while U.S. institutions had limited access to regulated domestic products with similar structures.

A perpetual futures contract stays open without a set expiry date. The funding rate, usually adjusted every eight hours, helps keep the contract price close to the underlying spot market.

CFTC approval follows policy comments

CFTC Chairman Michael Selig, appointed by President Donald Trump, had previewed the regulatory opening in March 2026. Speaking at the Milken Institute, Selig said U.S.-listed perpetual futures were expected “in the next month or so.”

After the Kalshi approval, Selig called the move “a major step forward” in President Trump’s plan to make the United States the crypto capital of the world.

The CFTC said it will review additional perpetual futures contracts individually. Kalshi, valued at $22 billion after a May 2026 funding round, plans to add more than a dozen cryptocurrencies if regulators approve them. Agricultural commodities are not included in its planned product list.

Competition is already building around regulated crypto perps. Kraken said it plans to list CFTC-regulated perpetual futures within 30 days of Kalshi’s approval, including BTC and other crypto assets.

Robinhood and Gemini have also expressed interest in entering the market. Their plans suggest that regulated perpetual futures could become a major new battleground among U.S. crypto trading platforms.