Kalshi Secures First U.S. Regulated Perpetuals

In a landmark move for the American derivatives market, the Commodity Futures Trading Commission (CFTC) has officially approved Kalshi’s new BTCPERP contract. This decision marks the first time a regulated exchange in the United States has been authorized to offer perpetual futures — a product that has long dominated offshore trading volume, but remained out of reach for domestic retail and institutional investors.

Unlike traditional event contracts, which expire after a specific outcome, perpetual contracts allow traders to maintain their positions indefinitely, providing a more flexible tool for hedging and speculating on Bitcoin’s price without the constraints of a settlement date.

With a waitlist already live and major competitors like Polymarket simultaneously testing their own versions, the race to dominate the regulated derivatives space has officially begun.

What are Perpetual Futures (Perps)?

To understand why this is a massive shift, it helps to look at how traditional futures work. Normally, a futures contract has an expiration date; when that date hits, the contract is settled, and the position closes. A Perpetual Future (or “Perp”) removes that deadline. It is a derivative that tracks the price of an underlying asset — in this case, Bitcoin — so you can keep your trade open for as long as you want.

Instead of an expiration date, Perps use a “Funding Rate” mechanism. This is a small fee exchanged between buyers (longs) and sellers (shorts) every eight hours to ensure the contract price stays closely aligned with Bitcoin’s actual market price. For the average user, it means you can “set and forget” a position without worrying about rolling over contracts every month.

The “Next Chapter” of Prediction Markets

For years, American traders looking for “Perps” had to use unregulated offshore platforms. By bringing this product under the oversight of the CFTC, Kalshi is providing a safe, legal, and transparent gateway for U.S. investors.

Tarek Mansour, CEO of Kalshi, described the move as the “next chapter” for the platform. He noted that while prediction markets are a “photograph” of the world at one moment, perpetuals are like a “film” — a continuous, never-ending stream of market sentiment. This allows Kalshi to capture a much larger share of the financial market beyond just “Yes/No” event betting.

Bitcoin 1st, But Won’t Be The Last

While the current approval is specifically for Bitcoin (BTCPERP), the roadmap for the future is much broader. In its official release, the CFTC clarified that while this is a significant milestone, it is not a blanket approval for all assets. Instead, the Commission has established a case-by-case review process for any future perpetual markets to ensure they meet rigorous standards for stability and manipulation prevention.

Luana Lopes Lara, Kalshi’s co-founder, emphasized that the infrastructure is built to scale, and the exchange is already preparing the groundwork for a diverse suite of perpetual products that could eventually cover everything from economic indicators to commodity prices.

The First American Perpetual Future

Kalshi is positioning itself as the pioneer of the “Onshore Perp.” While various platforms have tried to offer similar products, Kalshi’s BTCPERP is the first to be fully regulated under American law. The platform has already integrated a “Perps” tab on its desktop and mobile apps, where users can join a waitlist to be among the first to trade.

The excitement is shared across the leadership team. “The first US-regulated perp. Ever,” tweeted Tarek Mansour. Meanwhile, Luana Lopes Lara noted that this launch represents a “new era” for Kalshi, transforming it into an “everything exchange” where traders can manage risk across any timeframe.

Polymarket and the Global Race

The news comes just as Polymarket — Kalshi’s primary rival — announced that its own “Perps” beta is now live for select users. While Polymarket has seen massive global volume during recent election cycles, its lack of full U.S. regulation remains a hurdle for domestic growth.