Prediction exchange Kalshi is reportedly preparing to expand into cryptocurrency trading by introducing perpetual futures, marking a major shift beyond its core event-based derivatives business.
In a report Tuesday, The Information quoted people familiar with the matter said Kalshi plans to offer perpetual futures contracts – commonly known as “perps” – on cryptocurrencies such as Bitcoin (BTC).
Perpetual futures are a type of derivative contract that allows traders to speculate on price movements without an expiration date.
Unlike traditional futures contracts, which must be rolled over periodically, perps allow continuous exposure and are typically associated with leverage. The structure was popularized in crypto markets by BitMEX, helping to fuel the rapid growth of derivatives trading.
Kalshi’s planned launch would mark a move away from binary event contracts toward continuous financial markets, potentially broadening its appeal to retail and institutional traders.
Kalshi is regulated in the United States by the Commodity Futures Trading Commission (CFTC), a distinction that could position it as a compliant alternative to offshore crypto derivatives platforms.
CFTC Chairman Michael Selig indicated that these products could be available in the United States in the near future, as regulators seek to attract more trading volume domestically.
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The move comes amid intensifying competition in prediction markets and the fast-growing perpetual futures segment, with US platforms increasingly seeking to offer this trading to non-US residents.
Crypto exchanges have been drawn in this direction, with Coinbase recently launching 24 hours a day. perpetual style futures stock-related for non-US traders, expanding beyond its traditional crypto derivatives offering.
Kraken also deployed perpetual futures contracts on tokenized stocks for users outside the US, targeting exposure to US stock indices, precious metals and individual stocks.
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