Kalshi Launches CFTC-Approved Bitcoin Perpetual Futures for U.S. Traders
Kalshi has made CFTC-approved bitcoin perpetual futures available to U.S. traders, the first regulated product of its kind onshore. The launch intensifies competition, with Kraken, Robinhood and Gemini reportedly preparing their own entries.
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What Launched
Kalshi announced on X that its BTCPERP bitcoin perpetual futures contract is now live on its platform. The Commodity Futures Trading Commission approved the contract on May 29, 2026, issuing an Order for Approval to KalshiEX, LLC under Commission Regulation 40.3. The contract references the spot price of bitcoin and has no expiration date, which distinguishes it from the futures products the U.S. had previously authorized.
Kalshi describes the launch as one of the first times American investors can trade regulated perpetual futures on domestic soil. The company says its platform shows funding rate history in transaction records, giving users visibility into the mechanism that keeps perpetual prices tied to spot.
How Perpetuals Work
A perpetual futures contract stays open indefinitely rather than settling on a fixed date. A funding rate, typically adjusted every eight hours, transfers payments between long and short holders so that the contract price stays close to the underlying spot market.
Market Size and Volume Figures
The scale of the offshore market explains the regulatory interest. Reuters data put 2025 perpetual futures volume at $61.7 trillion, up 29% from 2024. Kalshi's own cited figure is higher, placing offshore perpetual volume at $92.9 trillion for 2025. The two figures come from different methodologies and are not directly reconciled in the sources, so readers should treat the gap as an open discrepancy rather than a settled number. Under either measure, much of that activity ran on offshore venues such as Binance and Hyperliquid, outside the reach of U.S. regulators and largely inaccessible to domestic institutions.
Regulatory Backdrop
CFTC Chairman Michael Selig, appointed by President Trump, previewed the opening in March 2026, telling the Milken Institute that U.S.-listed perpetual futures were expected "in the next month or so." After the Kalshi approval, Selig called it "a major step forward" in the administration's goal of making the United States the crypto capital of the world. The CFTC said it will evaluate additional perpetual contracts case by case.
Kalshi's Plans and Competitive Field
Kalshi CEO Tarek Mansour told CNBC's Squawk on the Street that perpetuals are "the purest form of trading" and framed the launch as the company's move from prediction markets into a fuller derivatives exchange. Kalshi, valued at $22 billion after a May 2026 funding round, plans to expand to more than a dozen cryptocurrencies pending regulatory review, and has excluded agricultural commodities from its slate. Kraken said it plans to list CFTC-regulated perpetuals within 30 days of Kalshi's approval, covering BTC and other crypto assets. Robinhood and Gemini have also signaled interest in entering the segment.
Why It Matters
For Traders
U.S. traders gaining a regulated BTC perpetual venue may see liquidity and funding-rate dynamics shift as volume migrates from offshore platforms over the coming weeks.
For Investors
A domestic regulated perpetuals market signals a structural opening for U.S. institutional access to a product class previously concentrated offshore, with implications for exchange valuations.
For Builders
Teams building on perpetual pricing or funding-rate infrastructure should plan for new onshore venues with CFTC-defined contract terms and a growing set of regulated counterparties.
This article is for information only and is not financial advice. Read the full disclaimer.
