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Prediction markets and derivatives exchange Kalshi has launched what it says are the first perpetual futures contracts offered by a regulated US exchange, following approval by the Commodity Futures Trading Commission.
The New York-based firm, which built its initial business around event contracts, describes the move as its most significant product expansion to date. Kalshi says US investors will be able to access crypto perpetual futures through its platform, fully regulated under the CFTC's existing derivatives framework.
Perpetual futures differ from standard futures contracts in that they carry no expiry date, tracking the price of an underlying asset continuously rather than against a fixed settlement date. The offshore market for the product has expanded sharply in recent years, growing from an estimated $28 trillion in annual volume in 2023 to over $90 trillion in 2025.
Until now, US institutions and retail investors have been unable to access perpetual futures through a regulated domestic venue, with trading activity concentrated on offshore platforms operating outside American jurisdiction.
Kalshi CEO Tarek Mansour said the launch represented the company's evolution from prediction market operator to a broader derivatives exchange. "Onshore, safe, and regulated perps will improve capital allocation and risk management for countless American businesses," he said.
The firm says it plans to launch crypto perpetuals on more than a dozen currencies, pending further regulatory review. Perpetual futures on agricultural commodities will not be offered. Funding rates are reset every eight hours and are visible in users' transaction history.
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