Kalshi, the Commodity Futures Trading Commission (CFTC) regulated exchange known for its prediction markets, is reportedly preparing to launch crypto perpetual futures for the U.S. market. The expansion into leveraged, continuous derivatives was first reported by The Information on Tuesday, citing sources familiar with the matter. This move signals a significant pivot for the New York-based exchange, which has built its reputation on binary event contracts, such as wagering on election results and economic indicators.
Perpetual Futures: A Leveraged Tool Without Expiry
Perpetual futures, or “perps,” differ from traditional futures by lacking an expiration date, allowing traders to maintain positions indefinitely through a funding rate mechanism. According to The Information’s report, Kalshi’s entry into this space would place it in direct competition with established crypto-native giants like Coinbase and various offshore platforms that currently dominate global perpetual volume. Kalshi already holds a designated contract market (DCM) status, providing a regulated foundation that The Information notes could help repatriate trading volume currently flowing to non-U.S. venues.
Regulatory Tailwinds and Valuation Surge
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. Kalshi’s valuation surged to approximately $22 billion after 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 its recent integration of tokenized event contracts on the Solana blockchain.
“Timeless” Product Teaser and Market Implications
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. If the rollout proceeds, Kalshi would offer U.S. retail and institutional traders a compliant, onshore alternative for high-leverage crypto trading. This shift would further blur the lines between prediction markets and traditional financial derivatives, cementing Kalshi’s role as a major player in the evolving American digital asset landscape.