Key Highlights
- Kalshi has launched Ethereum perpetual futures, branded as “American Perpetuals,” for U.S. users.
- The rollout follows the recent launch of Bitcoin perpetual futures on the platform.
- The company is also pursuing approvals for perpetual futures tied to other cryptocurrencies, including Solana and XRP.
Prediction market platform Kalshi today announced that Ethereum perpetual futures contracts are now available for trading on its platform.
In an X post on Thursday, Kalshi, regulated by the Commodity Futures Trading Commission (CFTC), described the product as “American Perpetuals,” marking another step in its expansion beyond traditional event contracts into crypto derivatives.
Perpetual futures, commonly known as “perps,” allow traders to take long or short positions on an asset’s price without expiration dates, with funding rates helping to keep the contract price aligned with the underlying spot market.
This launch follows Kalshi’s recent introduction of Bitcoin perpetuals, positioning the platform as one of the first U.S.-regulated venues offering these popular non-expiring futures to American users.
Bringing perpetual futures to the US market
For years, perpetual futures have been a dominant trading instrument in offshore crypto markets, generating trillions in annual volume. U.S. retail and institutional traders previously had limited regulated access to them. Kalshi’s CFTC-approved rollout brings this product onshore under federal oversight, potentially appealing to users seeking compliance and consumer protections.
The Ethereum perpetuals join the recently launched Bitcoin contract (BTCPERP). According to company statements and regulatory filings, Kalshi has also applied for additional perpetual contracts covering multiple altcoins, including Solana, XRP, and others. Leverage levels vary by asset; early reports indicate Ethereum perpetuals offer up to around 4.6x leverage.
Community reaction remains mixed
The announcement comes amid growing interest in bringing crypto derivatives under U.S. regulatory frameworks.
Social media reactions to the launch were mixed. Some users welcomed regulated access to ETH leverage, while others compared it directly to offshore competitors like Hyperliquid, debating liquidity, fees, and user experience. Several traders expressed frustration over waitlist delays, while supporters highlighted the importance of compliant on-shore options.
Critics have raised familiar concerns about leveraged trading risks, particularly for retail participants. Perpetual futures can amplify both gains and losses, and past market events have shown how rapid liquidations can exacerbate volatility.
Maturing infrastructure in the US
Kalshi’s expansion into perpetuals signals maturing infrastructure for crypto derivatives in the United States. It challenges traditional centralized exchanges and offshore platforms by offering CFTC oversight within a single venue that also hosts prediction markets on politics, sports, and macro events.
Whether the new products achieve meaningful liquidity and sustained trading volume remains to be seen. Success will likely depend on execution, competitive pricing, and the platform’s ability to attract both retail and institutional participants. For now, the launch of Ethereum perpetuals on Kalshi adds another regulated tool for U.S. traders seeking exposure to crypto price movements.
Also Read: Jupiter Unveils Forecast to Power Solana Prediction Markets
