The Commodity Futures Trading Commission issued an order this week letting Kalshi offer perpetual futures in the United States. Kalshi will start with contracts tied to Bitcoin's price — a first for a US-regulated exchange. Perpetual futures have long been a staple of offshore crypto trading, but until now no US venue could list them.
Perpetuals come to the US
Perpetual futures, or perps, are derivatives that track the spot price of an asset without an expiry date. They use a funding rate mechanism to stay pinned to the underlying market. Kalshi's new product will give US traders a regulated way to trade Bitcoin with leverage, something they've mostly had to do on overseas platforms like Binance or Bybit.
The CFTC's order specifically allows Kalshi to list perpetuals on Bitcoin. The exchange started life as a prediction market platform — it lets users bet on event outcomes like election results or Fed rate moves. This is a big expansion of its mandate.
Why the CFTC said yes
The commission didn't provide a detailed rationale in its order, but the move fits a pattern of incremental accommodation. Kalshi already operates under CFTC oversight for its event contracts. Extending that to perpetual futures doesn't require new legislation — just a regulatory sign-off.
The timing matters. US crypto policy has been in flux, with the SEC and CFTC jockeying for jurisdiction. The CFTC's decision to approve a Bitcoin perpetual under its existing authority suggests it sees derivatives as squarely in its lane.
What changes for traders
Until now, US retail investors who wanted to trade perpetuals had to use unregistered offshore exchanges or complex workarounds. That meant giving up protections like segregated accounts or CFTC audits. Kalshi's contracts will be subject to the same rules that govern other futures products — position limits, reporting, and margin requirements.
That doesn't mean it's risk-free. Perpetuals are leveraged instruments and can liquidate positions fast. But the regulatory wrapper gives traders a clear legal framework and a path to recourse if something goes wrong.
Next steps
The CFTC order takes effect immediately. Kalshi can now start onboarding customers for Bitcoin perpetuals. The exchange hasn't announced a specific launch date, but the regulatory green light is the last major hurdle.
Kalshi will need to set margin levels, funding rate parameters, and position limits before going live. Those details aren't public yet. For now, the door is open — and US crypto derivatives just got a lot more interesting.
