Kalshi is preparing a new step into perpetual futures, according to a report from The Information, as the prediction market platform explores crypto derivatives in the U.S.
Summary
Kalshi’s reported rollout
The initial launch is expected to focus on contracts tied to major digital assets such as Bitcoin. Moreover, these products would let traders bet on price moves without owning the underlying coin.
Perpetual contracts differ from standard futures because they do not expire. Instead, traders can keep positions open as long as they maintain collateral, which makes the structure attractive in fast-moving markets.
How the structure works
In practice, the funding rate mechanism keeps prices close to the spot market. Periodic transfers between long and short holders help maintain that balance.
That said, the model is not new to crypto. It has long been used on offshore trading platforms, where demand for leveraged exposure has remained strong.
Regulatory footing in the U.S.
Kalshi operates under the supervision of the CFTC and holds multiple CFTC licenses. It has also received authorization to offer margin trading services, giving it a regulatory base to provide derivatives legally in the U.S.
However, CFTC leadership has suggested that products of this kind may soon reach American traders as regulators try to pull volume away from unregulated venues.
The broader question is not just how do perpetual futures work, but how regulators will frame them inside a cftc regulated exchange environment.
Competition is widening
The move could sharpen competition with Coinbase, which has expanded its derivatives trading crypto business and already offers products similar to perpetuals through extended-expiration futures for international clients.
However, Coinbase has not yet launched true coinbase perpetual futures us contracts for American customers. Kraken has also rolled out perpetual-style products for international users, while Crypto.com and Gemini have launched prediction-market-related offerings.
Polymarket, another prediction market platform and direct rival to Kalshi, said on X that it plans to launch similar products, though it shared no further details.
Market demand remains active
Perpetual futures trading volumes across crypto markets are reportedly around half of historical peak levels. Even so, they have still reached nearly $20 billion on some recent days, according to DeFiLlama analytics.
Moreover, crypto trading activity has weakened amid broader market conditions, while prediction market participation has grown sharply and attracted fresh funding. That has pushed exchanges toward prediction market features and nudged prediction platforms toward digital asset trading.
Kalshi’s expansion could eventually move beyond cryptocurrencies. One source briefed on the plan said the company may adapt the framework to other assets, although Kalshi has not confirmed launch timing or which tokens beyond Bitcoin would come first.
For now, the push signals a deeper crossover between prediction markets and crypto derivatives, with Kalshi, Coinbase and Polymarket all converging on the same trader base.
