Prediction market platform Kalshi has submitted a self-certification application to the U.S. Commodity Futures Trading Commission (CFTC), seeking to launch perpetual futures contracts tied to 12 cryptocurrencies. Perpetual futures are derivative instruments with no expiration date that use a funding rate mechanism to stay close to the spot price, and they have become a staple of crypto trading. The proposed tokens include Ethereum, XRP, Solana, Dogecoin, Stellar, Chainlink, Bitcoin Cash, Litecoin, Sui, Shiba Inu, Polkadot, and Hedera — a list spanning major layer-1 networks, established mainstream coins, DeFi infrastructure, and meme-driven community tokens.
The move comes just after the CFTC approved Bitcoin perpetual futures on Friday. While giving the green light to Bitcoin, the regulator emphasized that perpetual futures for other digital assets will be evaluated on a case-by-case basis, noting that the design of such derivatives may not be suitable for all asset classes. This cautious stance has left Kalshi's batch of 12 products in limbo — as of this writing, they have not been approved.
The application highlights the expanding ambitions of prediction market operators into crypto derivatives, even as regulators proceed with a measured, token-by-token approach. The fate of Kalshi's new offerings will depend on the CFTC's case-by-case assessment.