Key Highlights
- Kalshi launched Bitcoin perpetual futures in the US, calling it the first American perpetual futures product under CFTC regulation.
- Traders can now bet on Bitcoin price movements without expiry dates, and Kalshi is offering zero trading fees for a limited time.
- The approval by the CFTC allows a major global crypto trading product, previously dominated by offshore markets, to enter the regulated US financial system.
Kalshi, a regulated exchange, announced today that it has launched Bitcoin perpetual futures for trading, introducing what it calls the first American perpetual futures product.
This product is designed to allow users to trade Bitcoin price movements in a new way under the supervision of the Commodity Futures Trading Commission (CFTC). Kalshi said this new product is now live and available on its platform for traders across the country.
“Bitcoin Perpetuals are now live for trading. The First American Perpetual Future. Only on Kalshi.” Kalshi posted on X.
What the new product offers
The company also said that it is offering zero trading fees for a limited time on these Bitcoin perpetual futures. This means users can trade without paying fees at the start, which is likely aimed at attracting early users.
Kalshi, in an early report, said this launch is a big step forward in its growth from a prediction market platform into a wider financial exchange. The new product lets traders bet on whether the Bitcoin price will go up or down, and unlike normal futures, there is no expiry date. Traders can hold their position for as long as they want.
The company also said this is its most important product expansion since it introduced event contracts. It pointed out that offshore crypto markets have already seen massive growth in perpetual futures trading, growing from about $28 trillion in 2023 to over $90 trillion in 2025. This shows how big this type of trading has become globally, even though it was not available in the US until now.
What is Perpetual futures
Perpetual futures, often called “perps,” are a special type of trading product. They do not have an end date, so traders can keep positions open for as long as they want. In simple terms, people can bet on whether Bitcoin will go up or down without worrying about when the contract ends.
These tools are popular in crypto trading because they allow flexible trading, hedging, and the use of borrowed money to increase exposure. But they are also risky because losses can grow fast when prices move sharply.
CFTC approval sets the grounds for regulated crypto perps
Meanwhile, this launch was made possible after recent approval from the US Commodity Futures Trading Commission. The CFTC approved Kalshi’s Bitcoin perpetual contract, called BTCPERP, under its regulatory process on May 29.
The regulator confirmed that it meets all required rules under the Commodity Exchange Act, including standards for approved trading markets.
Kalshi said this move brings a major global trading product into a US regulated system. Before this, most perpetual futures trading happened on offshore platforms outside the United States. US traders had limited access because of strict rules.
Now, with this approval, Kalshi is offering a regulated way for US investors to join this global market from inside the country’s financial system.
Regulatory challenges from U.S states
However, the launch also comes as Kalshi continues to deal with legal disputes at the state level over its prediction market products. Regulators are still debating how CFTC-regulated contracts should be treated under state gambling laws.
Even with these ongoing issues, the company is continuing to expand its product range and move deeper into crypto related trading markets.
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