Kalshi Launches Crypto Perpetual Futures, Becomes First Federally Regulated US Perps Venue
Kalshi announced on May 29, 2026 that it will list perpetual futures contracts on its CFTC-regulated exchange, starting with crypto perps. The company claims it is the first US firm in history to offer perpetual futures under federal regulation, putting it in direct competition with offshore venues like Binance, Bybit, and OKX.
Kalshi announced on May 29, 2026 that it will list perpetual futures contracts on its CFTC-regulated Designated Contract Market, starting with crypto perpetuals. In its statement, the company described itself as the first firm in American history to offer perpetuals under federal regulation. Perpetual futures, the offshore-dominated derivative product that powers most retail crypto-trading volume on platforms like Binance, Bybit, and OKX, have until now been unavailable to US residents from a CFTC-licensed venue. The product launch reframes Kalshi from a prediction-market platform into a full-stack retail derivatives exchange.
The strategic logic is straightforward. Kalshi already has the regulatory hardest part: a federal DCM license, an active CFTC working relationship, and (since the May 5 Liburdi ruling in Arizona) a strong preemption shield against state-level enforcement. Crypto perpetuals globally trade roughly $200 billion in daily volume across offshore venues. Even modest capture of US-resident demand that currently routes through VPNs to Binance and Bybit would dwarf Kalshi's current prediction-market revenue. The CFTC for its part has wanted onshore perpetuals for years; chairman Michael Selig has publicly signaled support for regulated derivatives products that compete with offshore venues.
Mechanics matter. Perpetual futures differ from standard futures in that they have no expiration date; instead a funding rate (paid between longs and shorts every few hours) keeps the contract price anchored to spot. Kalshi has not yet disclosed the funding-rate schedule, leverage caps, or initial margin requirements, but CFTC-licensed perps will almost certainly carry lower maximum leverage than offshore venues (Binance offers up to 125x; CFTC retail products are typically capped under 20x). The lower leverage will be the friction that determines whether sophisticated traders actually migrate from offshore or simply add Kalshi to a multi-venue routing setup. Initial rollout is crypto pairs (BTC, ETH announced; others tbd), with FX, commodities, and equities perpetuals signaled as later phases.
For the broader prediction-markets industry the announcement is a tell. Kalshi is the operator that has won every legal fight it has entered since 2023: CFTC sports-contract challenge, multiple state preemption suits, the Arizona ruling. Pivoting hardware that won in event contracts toward a larger and more contested derivative category is the move you make when you believe your regulatory position is durable. Polymarket cannot easily follow because its USDC-on-Polygon settlement model is harder to reconcile with CFTC margin and clearing requirements. Robinhood, which already routes prediction-market orders through Kalshi and its own MIAXdx DCM, is the firm best positioned to compete on perps once Kalshi proves the product. The next 12 months are likely to look more like Kalshi vs Robinhood than Kalshi vs Polymarket.
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Recent updates
Kalshi Launches Gold and Silver Perpetual Futures After CFTC Approval — First Non-Crypto Perps Cleared in the US
Kalshi launched perpetual futures on gold and silver on September 10 after the CFTC approved the contracts — making them the first non-cryptocurrency perpetual futures to receive US regulatory clearance. The contracts are cash-settled, never expire, and trade 24/7 using Pyth Network price feeds. Kalshi simultaneously has pending applications for perpetual futures on US equities, copper, and currencies. Since receiving CFTC approval for crypto perpetual futures in late May, Kalshi has done $44 billion in notional volume on those contracts. The gold and silver launches represent Kalshi's most direct competitive move yet against the CME and COMEX as established US commodity exchanges.
Robinhood Agrees to Exit Michigan Sports Contracts by October 9 — Court-Approved Deal Described as Blueprint
Robinhood Derivatives has agreed to stop offering new sports event contracts to Michigan customers by September 9 and close all outstanding positions by October 9, under a court-approved stipulation signed by US District Judge Paul Maloney on September 4. Michigan agreed not to enforce state gambling laws against Robinhood while the company complies. The deal preserves Robinhood's CEA preemption argument and keeps multiple Sixth Circuit appeals — involving Robinhood, Polymarket, Coinbase, and Kalshi — on track. Legal Sports Report called the agreement a potential 'blueprint' for how platforms and states might reach interim accommodations during the ongoing litigation.
Kalshi Seeks Ninth Circuit En Banc Rehearing While Robinhood Files Separate SCOTUS Petition
Kalshi filed a petition for en banc rehearing at the Ninth Circuit on September 9, asking the full 11-judge court to overturn the August 28 3-0 panel ruling that Nevada can regulate its sports contracts as gambling. Simultaneously, Robinhood filed its own separate certiorari petition with the Supreme Court challenging the same Ninth Circuit ruling. The two platforms are pursuing parallel legal strategies from the same defeat: Kalshi seeking a better ruling at the Ninth Circuit first; Robinhood going directly to SCOTUS. New Jersey has already filed a SCOTUS petition from the Third Circuit's April ruling. There are now two separate cert petitions before the Supreme Court on the prediction market question.