CFTC Approves Bitcoin Perpetual Futures on Prediction Market Kalshi

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In brief - The CFTC has approved Kalshi to offer Bitcoin perpetual futures, marking a major milestone for the overwhelmingly offshore asset class. - The regulator had already flashed a similar green light for Bitnomial under its previous chair in December. - This approval accelerates Kalshi's evolution into a derivatives exchange, intensifying its rivalry with Polymarket. The CFTC issued an order Friday allowing Kalshi to offer perpetual futures tied to Bitcoin’s price in the U.S., reflecting the regulator’s growing acceptance of the derivatives. Although the prediction market described the debut in a blog post as the “first-ever perpetual futures in America,” the CFTC flashed a green light for Bitnomial in December under former chair Caroline Pham to offer such products. A Kalshi spokesperson told Decrypt that the company is “aiming to launch within the next month.” Still, Kalshi described the development as its “most significant product expansion since the introduction of event contracts,” enabling new ways for customers to speculate on the platform that has emerged as a leader in the sector alongside Polymarket. The market for perpetual futures, which allow traders to speculate indefinitely on price movements, is currently dominated by Hyperliquid. The decentralized exchange has reportedly faced pressure from financial incumbents drawing attention to its presence overseas, vocalizing concerns about its platform’s capacity to erode market integrity. In the blog post, Kalshi claimed that the asset class, which supported $90 trillion in trading volume last year, “has been entirely closed off to American institutions until now.” “Onshore, safe, and regulated perps will improve capital allocation and risk management for countless American businesses,” CEO Tark Mansour said in a statement, describing the move as Kalshi’s evolution into a “next-gen derivatives exchange.” In an announcement, the CFTC said the order requires Kalshi to maintain compliance with rules enforced under the Commodity Exchange Act, which the regulator has cited in court as legislation placing event contracts under its remit and exempting them from state rules. The CFTC meanwhile recognized that “the perpetual contract design may not be suitable for all asset classes.” Since the war involving the U.S., Israel, and Iran broke out in February, perpetual futures tied to oil, which trade around the clock, have come into vogue. Polymarket said last month that it plans to offer customers perpetual futures, referencing companies like Nvidia and Coinbase and commodities including silver and gold in marketing materials. The announcement also references trades using 10x leverage. Last year, Coinbase and Kraken debuted futures that tried to mirror so-called perps, which unlike traditional futures, never expire and are anchored by periodic payments between traders. The contracts offered by the exchange are subject to five-year shelf lives.

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