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Kalshi announced Friday the launch of perpetual futures contracts, making it the first company in U.S. history to offer the products on a regulated domestic exchange.
The Commodity Futures Trading Commission issued an order approving KalshiEX's BTCPERP contract, a perpetual futures contract that references the spot price of bitcoin. The agency determined the contract complies with the Commodity Exchange Act and applicable CFTC regulations.
Unlike traditional futures contracts, perpetuals carry no expiration date, allowing holders to maintain positions indefinitely while gaining exposure to an asset's price movements. Offshore perpetuals grew from $28 trillion in annual volume in 2023 to over $90 trillion in 2025, according to Kalshi, but had not previously been available to U.S. investors through a regulated domestic exchange.
"This marks Kalshi's evolution from prediction market leader to next-gen derivatives exchange," Kalshi CEO Tarek Mansour said in a statement. "Onshore, safe, and regulated perps will improve capital allocation and risk management for countless American businesses."
