On June 3, prediction market platform Kalshi announced via its official X account that it has launched a Bitcoin perpetual contract. As a designated contract market (DCM) registered with the U.S. Commodity Futures Trading Commission (CFTC), Kalshi's new product, trading under ticker BTCPERP, becomes the first-ever Bitcoin perpetual contract to receive regulatory approval in the United States.
The perpetual contract references the real-time Bitcoin spot price and has no expiry date, eliminating the need for periodic rollovers. The CFTC, in its review, classified BTCPERP as a futures contract and confirmed that it fully complies with the Commodity Exchange Act. Moreover, the contract's design and operational framework adhere to the core principles applicable to DCMs, encompassing trade execution, customer protection, market surveillance, and record-keeping requirements.
The CFTC's previously published review opinion affirmed that BTCPERP meets all statutory standards, providing a potential benchmark for other crypto derivatives seeking regulatory clearance in the U.S. Kalshi's launch of this product underscores the gradual integration of digital asset instruments into established futures regulatory structures.