Kalshi, a U.S.-based exchange, has filed to certify perpetual futures contracts for XRP, Solana, Dogecoin, and a group of unspecified altcoins. The move would bring a popular crypto derivative product under American regulatory oversight for the first time for these tokens.
Contracts for four popular tokens
The filing names XRP, Solana, and Dogecoin directly, plus additional altcoins that the exchange declined to specify. Perpetual futures differ from standard futures: they never expire. Instead, traders hold positions indefinitely, paying or receiving a funding rate tied to the gap between the contract price and the spot market.
These contracts have surged in popularity on offshore platforms like Binance and Bybit, where they account for the bulk of crypto trading volume. Bringing them to a regulated U.S. exchange could shift some of that activity onshore.
Kalshi's regulatory bid
The filing was submitted to U.S. financial regulators, requesting certification to offer the products. Kalshi already operates a regulated marketplace for event-based contracts — wagers on outcomes like election results or economic data. This filing extends its reach into crypto derivatives, a space where few U.S.-regulated platforms have ventured.
Approval would allow Kalshi to list perpetual futures directly for American retail and institutional clients, bypassing the need for offshore accounts or unregistered brokers.
Why these assets
XRP, Solana, and Dogecoin are among the most traded cryptocurrencies by volume. Each has a distinct following: XRP is tied to cross-border payments, Solana powers a fast-growing blockchain, and Dogecoin started as a joke but retains a loyal base. The filing suggests Kalshi sees demand for leveraged exposure to these names, even as U.S. regulators have been cautious about crypto derivatives.
Including unspecified altcoins leaves room to expand the list if the certification is granted. The exchange didn't say which tokens it might add later.
The filing now awaits regulatory review. There's no set timeline for a decision, but it signals a push to mainstream a product that has so far thrived mostly outside the U.S. system.
