Polymarket, Kalshi Set to Join Crypto World

Polymarket and Kalshi, industry heavyweights when it comes to prediction markets, are both poised to pursue a new avenue. With the prominence of crypto always increasing, the two prediction markets are in prime position to get a slice of the pie. This may come in the form of perpetual futures, better known as “perps.”

Perpetual futures are unique futures contracts that do not expire, providing the appeal of exponential growth to traders. The number of platforms that offer perps is limited, and with Polymarket and Kalshi now in the fold, any barriers that existed are now gone.

Why are “Perps” Important to Polymarket and Kalshi?

Perps represent a massive portion of the cryptocurrency ecosystem, which makes it a no-brainer for Polymarket and Kalshi to want to get involved. According to CoinGecko, perps represent a whopping 70% of all trading volume on centralized cryptocurrency exchanges.

Polymarket and Kalshi have already become dominant forces in the prediction market industry, but this expansion could take both platforms to an entirely new level. This move could not only enhance the world of prediction markets, but also crypto.

Will Polymarket and Kalshi Grab Heavy Crypto Market Share?

Once a taboo world to dive into, cryptocurrency has quickly become an economy of its own, and it makes perfect sense for Polymarket and Kalshi to want to get in on the action. However, both platforms may face an uphill battle to claim market share in the world of perpetual futures, given the number of powerful companies already in the mix.

Some of the heavyweights that most users utilize to trade perps include Robinhood, Coinbase, and Binance. According to Clear Street analyst Owen Lau, neither Kalshi nor Polymarket poses an immediate threat as most people trading on perps are already doing so at one of the three primary platforms.

Robinhood worked with Kalshi to launch a prediction market that reached more than 1 million customers in 2025, according to Robinhood. According to Mizuho’s expert, Dan Dolev, this is more of a defensive move as Robinhood is likely to desire doing this venture on its own. This could not only open the door to a split between Robinhood and Kalshi but also lead to more direct competition in the market.

Dolev also adds that the demographics of those trading crypto and those trading on prediction markets have a significant overlap.

How Will the Link Between Prediction Markets and Crypto Impact the U.S. Economy?

While perpetual futures are almost entirely limited to crypto, there is a chance that they someday venture into the common stock market. This primarily hinges on the success that they have in the near future, but Lau sees a push in this direction with prediction markets entering the fold. If this occurs, he adds, this will be where the true “phenomenon” lies.