Kalshi announced on X today that bitcoin perpetual futures are now live for trading on its platform — one of the first times American investors can access regulated perps on domestic soil, the company claimed.
The Commodity Futures Trading Commission approved Kalshi’s BTCPERP contract on May 29, 2026, issuing an Order for Approval to KalshiEX, LLC under Commission Regulation 40.3. The contract references the spot price of bitcoin and carries no expiration date, making it a structural departure from every futures product the U.S. had previously authorized.
Kalshi CEO Tarek Mansour told CNBC’s Squawk on the Street that perpetuals are “the purest form of trading,” framing the launch as the company’s evolution from prediction market leader to a full-service derivatives exchange. “Onshore, safe, and regulated perps will improve capital allocation and risk management for countless American businesses,” Mansour said.
The scale of the market makes the opening significant. Offshore perpetual futures volume reached $92.9 trillion in 2025, outpacing spot crypto markets and representing a product class that had been entirely inaccessible to U.S. institutions.
That capital flowed to offshore venues like Binance and Hyperliquid, beyond the reach of American regulators. Reuters data puts 2025 perpetual futures volume at $61.7 trillion, up 29% from 2024.
Perpetual futures work through a funding rate mechanism. Rather than settling on a fixed date, a contract stays open indefinitely, and a funding rate — adjusted every eight hours — keeps the contract price tethered to the underlying spot market.
Kalshi makes its funding rate history visible in transaction history on its platform.
America as the crypto capital of the world
CFTC Chairman Michael Selig, appointed by President Trump, signaled the policy shift in March 2026, telling the Milken Institute that U.S.-listed perpetual futures were coming “in the next month or so.”
His statement alongside the Kalshi approval called it “a major step forward in delivering on President Trump’s goal of cementing America as the crypto capital of the world.”
Kalshi, valued at $22 billion following a May 2026 funding round, plans to expand perpetuals to more than a dozen cryptocurrencies pending further regulatory reviews. Agricultural commodities are excluded from the product slate.
The competition is moving fast. Kraken announced plans to list CFTC-regulated perps within 30 days of Kalshi’s approval, covering BTC and other crypto. Robinhood and Gemini have also signaled intent to enter the space. The CFTC said it will evaluate additional perpetual contracts case by case.
