Kalshi Goes Crypto: Perpetual Futures and Regulatory Anticipation

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Key Highlights

  • Kalshi is reportedly plotting a moon-shot into crypto by offering perpetual futures on assets like Bitcoin, which is basically betting on the weather with a very expensive umbrella.
  • The move could pit Kalshi against giant exchanges like Coinbase and Kraken, turning the trading floor into a space-faring panto with more paperwork and fewer bathrobes.
  • Potential regulatory changes in the U.S. may allow these products to be offered domestically, assuming the universe doesn’t implode from too many form letters.

Kalshi, a prediction markets platform, is reportedly planning to expand into crypto trading in the United States by launching perpetual futures contracts, because nothing says “stable” like a contract that never ends and a coffee mug that never refills.

According to a report published by The Information on Tuesday, the platform’s initial offering would focus on perpetual futures tied to digital assets like Bitcoin. These contracts let traders bet on whether the price will go up or down without actually owning the asset, which is a charming way to pretend you own the planetary financial drama without actually owning it or paying for it.

Meanwhile, it is important to note that the platform has so far not confirmed or denied the expansion plans, which is standard for anything that might require a grown-up conversation with a regulator named “Wait, what?”

How perpetual futures work

Unlike normal futures contracts, perpetual futures do not have an end date, meaning traders can keep their positions open for as long as they have enough funds in their account to sustain the dream, or the inevitable panic sell, whichever comes first.

The report, citing anonymous sources, stated that, “Kalshi will enter the crypto market by offering perpetual futures, the most popular type of trading products, on crypto tokens such as bitcoin.”

The report added that these types of crypto products have mostly not been available to traders in the United States. Instead, they are commonly used on overseas exchanges like Binance and Hyperliquid, where the rules are different, and apparently the trousers are looser.

Regulation may open new doors

This reported move comes as U.S. regulators are starting to show more interest in allowing perpetual futures trading. Last month, Commodity Futures Trading Commission (CFTC) Chairman Michael Selig indicated that the agency is planning to allow perpetual trading in the country, which is excellent news for people who enjoy endless deadlines and the soothing sound of a ticking clock.

Kalshi already holds multiple CFTC licenses and has recently received approval that allows it to offer margin trading, which supports leveraged positions in trading. However, Kalshi has not publicly confirmed these expansion plans, probably because they involve more questions than a hitchhiker has towels.

If implemented, the move would place Kalshi closer to crypto exchanges that are already moving into prediction markets. Coinbase, Crypto.com, and Gemini have introduced similar products, while Coinbase has also been working with Kalshi in certain areas. Coinbase has been expanding its derivatives offerings, though it does not currently offer full perpetual futures in the U.S. market, which is less a fault than a small miracle of bureaucracy.

Kalshi may also expand into other types of assets if the plan grows further, according to sources cited in the report, because why stop at one improbable scheme when there’s a whole galaxy of unlikely possibilities awaiting contracts?

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2026-04-21 22:30