- Kalshi has launched perpetual futures trading on its CFTC-regulated platform, starting with Bitcoin and XRP perpetuals, with zero trading fees for a limited time.
- The move makes Kalshi the first US-based exchange to offer perpetual contracts under federal oversight, marking a significant expansion from event contracts.
- Regulatory approval and promotional fee structure aim to attract liquidity and position Kalshi as a key player in the growing US crypto derivatives market.
Kalshi, the US-regulated exchange known for event contracts, has launched perpetual futures trading, beginning with Bitcoin and XRP perpetuals. The contracts are now live, with zero trading fees offered for a limited period to entice users. "We're excited to bring perpetuals to a regulated US exchange," a company spokesperson said. "This opens up new opportunities for traders."
The perpetuals, which allow long or short bets with no expiration, are tied to spot prices of the underlying crypto assets. The launch follows prior CFTC approval, cementing Kalshi's transition from simply event-driven contracts into broader derivatives trading. "This is a natural evolution," an analyst familiar with the matter said. "Kalshi has the infrastructure and regulatory green light."
Attempts to reach the CFTC for comment were not immediately successful. Kalshi's zero-fee promotion is expected to continue for a limited time, after which a standard fee structure will be implemented. The platform plans to add more perpetual contracts in the coming months.
The move aligns with growing demand for regulated crypto perpetuals in the US. Globally, perpetuals have become a dominant form of crypto derivatives, but US exchanges have been slower to adopt due to regulatory hurdles. Kalshi's approval suggests a shifting landscape. "This could set a precedent," said a market observer. "Other platforms will watch closely."
Correction: A previous version of this article misstated the trading fees as offering zero fees indefinitely. The promotion is for a limited time only.