Kalshi is gearing up to bring crypto perpetual futures to U.S. traders, stepping beyond its roots in prediction markets and intensifying competition with firms like Coinbase and Robinhood, The Information reports.
What’s coming
- Kalshi plans to launch perpetual futures tied to major tokens such as Bitcoin, according to people familiar with the matter. Perpetuals are derivative contracts that let traders speculate on an asset’s price without owning it and with no fixed expiry — they can be held indefinitely provided collateral requirements are met. Prices are kept close to the underlying asset through periodic funding payments between long and short positions, a mechanism that has made perpetuals a staple on offshore crypto venues.
Why it matters
- Bringing true perpetuals onshore would mark a notable shift in U.S. derivatives availability. Many retail and professional traders have routed demand to offshore exchanges because onshore alternatives haven’t offered identical products. Kalshi’s push targets that gap and could help capture volumes that have historically left U.S. platforms.
Regulatory and strategic positioning
- Kalshi already holds multiple Commodity Futures Trading Commission (CFTC) licenses and has recently secured approval to offer margin trading — moves that position it to operate in the derivatives space. The firm is expected to start with crypto-linked perpetuals but could expand the model into other asset classes over time.
Competitive landscape
- The expansion puts Kalshi in more direct competition with crypto venues like Coinbase, which has been rolling out derivatives and prediction-style products but does not yet offer true perpetual futures in the U.S. (Coinbase has launched “perpetual-style” contracts with long-dated expirations and signaled interest in advanced onshore derivatives.) Other major exchanges are also exploring similar offerings as the industry chases demand that migrated offshore.
Prediction markets meet crypto trading
- Kalshi’s move underscores a broader convergence between prediction-market platforms and crypto exchanges. Several major exchanges — including Coinbase, Crypto.com and Gemini — have introduced prediction-style products, and activity in prediction markets has surged even as spot crypto trading volumes have cooled after the recent market downturn. That overlap is pushing platforms to broaden product suites and fight for the same base of traders and liquidity.
UPDATE (April 21, 18:54 UTC): Polymarket, another prediction-market competitor, announced on X that it plans to offer perpetual futures as well, heightening competition in this emerging onshore derivatives push.
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