Kalshi, the Commodity Futures Trading Commission (CFTC) regulated exchange best known for its prediction markets on election and economic outcomes, is reportedly preparing to launch crypto perpetual futures for the U.S. market. The move was first reported by The Information on April 21, 2026, citing sources familiar with the matter. This signals a significant pivot for the New York-based exchange as it expands from binary event contracts into high-leverage digital asset derivatives.
The Plan for Perpetual Futures
Unlike traditional futures, perpetual futures (or "perps") have no expiration date, allowing traders to maintain positions indefinitely through a funding rate mechanism. According to The Information, Kalshi’s entry into this space would place it in direct competition with established crypto-native giants like Coinbase and offshore platforms that currently dominate global perpetual volume. Kalshi already holds designated contract market (DCM) status, providing a regulated foundation that could help repatriate trading volume currently flowing to non-U.S. venues.
The timing follows supportive rhetoric from CFTC Chairman Michael Selig, who indicated in March 2026 that the agency intends to permit “true perpetual futures” for digital assets within the United States. While Kalshi has not officially confirmed a launch date, the exchange recently teased a “Timeless” product scheduled for an April 27 reveal in New York. Industry analysts suggest this product may involve perpetual versions of its existing event contracts, though crypto-specific perpetuals would represent a broader leap into traditional crypto derivatives.
Valuation Surge to $22 Billion
Kalshi’s valuation surged to approximately $22 billion following a recent funding round led by Coatue Management. The exchange has seen explosive growth over the last year, bolstered by the launch of legal election markets in 2024 and the integration of tokenized event contracts on the Solana blockchain. If the rollout proceeds, Kalshi would offer U.S. retail and institutional traders a compliant, onshore alternative for high-leverage crypto trading, further blurring the lines between prediction markets and traditional financial derivatives.
Meanwhile, Kalshi has faced legal friction: a federal judge’s emergency order blocked Arizona from proceeding with what would have been the first criminal arraignment of the exchange. The legal setback has not deterred the firm’s expansion ambitions as it positions itself as a major player in the evolving American digital asset landscape.