Kalshi Launches Bitcoin Perpetual Futures After CFTC Approval, Bringing Regulated Crypto Perps to U.S. Traders

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• Kalshi has launched Bitcoin perpetual futures trading following CFTC approval granted on May 29, 2026.
• The BTCPERP contract has no expiration date, making it the first regulated perpetual futures product approved in the United States.
• Kalshi CEO Tarek Mansour described perpetuals as “the purest form of trading” as the company expands beyond prediction markets.
• Offshore perpetual futures volume reached tens of trillions of dollars in 2025, highlighting the scale of the market now opening to U.S. participants.
• Kraken, Robinhood, and Gemini are also pursuing regulated perpetual futures offerings as competition in the sector intensifies.

Kalshi Debuts First CFTC-Approved Bitcoin Perpetual Futures Contract

Kalshi has launched Bitcoin perpetual futures trading in the United States after receiving approval from the Commodity Futures Trading Commission (CFTC), marking a significant development in the regulated crypto derivatives market.

The company announced on X that “Bitcoin Perpetuals are now live for trading,” describing the product as the first American perpetual futures contract available through a regulated domestic venue.

The launch follows a May 29, 2026 Order for Approval issued by the CFTC to KalshiEX, LLC under Commission Regulation 40.3. The approved BTCPERP contract references the spot price of bitcoin and does not have an expiration date, distinguishing it from previously approved U.S. futures products that require contract settlement at a specified time.

Perpetual futures are widely used in global cryptocurrency markets because they allow traders to maintain positions indefinitely. Instead of expiring, the contracts rely on a funding rate mechanism that periodically adjusts to keep prices aligned with the underlying spot market. Kalshi said funding rate history is available through transaction records on its platform.

Launch Follows Regulatory Shift Toward U.S.-Based Crypto Derivatives

The approval comes months after CFTC Chairman Michael Selig signaled that U.S.-listed perpetual futures contracts were nearing regulatory approval. Speaking at the Milken Institute in March 2026, Selig stated that regulated perpetual futures could arrive within weeks.

Following the approval, Selig described the development as “a major step forward in delivering on President Trump’s goal of cementing America as the crypto capital of the world.”

“Onshore, safe, and regulated perps will improve capital allocation and risk management for countless American businesses,” Mansour said.

Kalshi Chief Executive Officer Tarek Mansour also emphasized the significance of the launch during an appearance on CNBC’s Squawk on the Street.

The launch represents an expansion of Kalshi’s business beyond prediction markets into broader derivatives trading. The company was valued at approximately $22 billion following a funding round completed in May 2026.

Competition Builds as U.S. Crypto Perpetual Futures Market Opens

The introduction of regulated bitcoin perpetual futures arrives as demand for the product continues to grow globally. Perpetual contracts have become one of the most actively traded instruments in digital asset markets, with industry data showing offshore trading volumes reaching tens of trillions of dollars during 2025.

Much of that activity has historically taken place on offshore platforms such as Binance and Hyperliquid, markets that were not accessible through a regulated U.S. perpetual futures framework.

Kalshi plans to expand perpetual futures offerings to more than a dozen cryptocurrencies, subject to additional regulatory approvals. The company stated that agricultural commodities will not be included in the planned product lineup.

Meanwhile, competition in the sector is increasing. Kraken has announced plans to launch CFTC-regulated perpetual futures products within 30 days of Kalshi’s approval, while Robinhood and Gemini have also indicated interest in entering the regulated perpetuals market. The CFTC has said future perpetual futures applications will be evaluated on a case-by-case basis.

Kalshi Expanded Policy and Capital Efforts at the End of May

At the end of May 2026, Kalshi strengthened its position ahead of its Bitcoin perpetual futures launch through both funding and policy initiatives. The company secured an additional $200 million investment from Baillie Gifford and Layer Global, extending a funding round that valued Kalshi at approximately $22 billion. During the same period, it supported the launch of Americans for Fair Markets, an advocacy organization focused on promoting prediction markets among policymakers. The group includes backing from former Trump aide Taylor Budowich and was formed amid growing debate over event-based contracts. These developments came just days before Kalshi introduced the first CFTC-approved Bitcoin perpetual futures contract in the United States.