Kalshi, the event-contracts exchange, has filed to list perpetual futures for XRP, Solana, Ethereum, and Dogecoin. The move brings the platform into crypto derivatives for the first time, pending regulatory approval.
The four tokens in the filing
Kalshi’s filing covers perpetual futures tied to XRP, SOL, ETH, and DOGE. These are four of the largest cryptocurrencies by market cap after Bitcoin. Each contract will track the spot price of the underlying token without an expiration date, a structure popular among retail and institutional traders.
The filing does not include Bitcoin, the largest crypto asset, or any other token beyond the four named. That narrow focus suggests Kalshi is starting with a small set to test demand and navigate regulatory scrutiny.
What perpetual futures are
Perpetual futures are derivatives that let traders speculate on the price of an asset without taking delivery. Unlike traditional futures, they have no settlement date. Instead, they use a funding rate to keep the contract price close to the spot price.
These instruments are widely used in crypto trading. Exchanges like Binance, Bybit, and dYdX already offer perpetuals for dozens of tokens. Kalshi’s entry would bring a regulated U.S. player into a market dominated by offshore platforms.
Kalshi’s regulatory path
Kalshi is registered with the Commodity Futures Trading Commission as a designated contract market. That means any new product, including these crypto perpetuals, must be cleared by the CFTC before going live.
The exchange has not disclosed a timeline for the review. If approved, it would mark the first time a CFTC-regulated venue offers perpetual futures on these tokens. The agency has historically taken a cautious approach to crypto derivatives, though it approved Bitcoin and Ether futures years ago.
The filing itself does not guarantee approval. Kalshi will need to satisfy the CFTC that the contracts meet standards for market integrity, customer protection, and manipulation safeguards.
What happens next is up to the regulator.
