Kalshi Introduces Regulated Bitcoin Perpetual
Prediction market platform Kalshi announced via X the official launch of a Bitcoin perpetual contract (ticker BTCPERP), becoming the first product of its kind to receive explicit regulatory approval in the United States. The contract tracks the spot price of Bitcoin and is classified as a futures contract by the Commodity Futures Trading Commission (CFTC). It is listed on a designated contract market (DCM) and operates like a standard futures contract, but without an expiration date. Instead, a funding rate mechanism keeps the contract price aligned with the underlying Bitcoin spot price, allowing traders to hold positions indefinitely without physical delivery.
The CFTC had previously concluded its review and found that the BTCPERP contract complies with the Commodity Exchange Act and applicable regulations, including the core principles for DCMs. This regulatory green light enables Kalshi to offer Bitcoin derivatives under a compliant framework, providing U.S. investors with a regulated onshore venue for perpetual contract trading — a market that until now has been dominated by offshore platforms. The decision adds a notable precedent for crypto derivative regulation at a time when clarity has been limited.