The Commodity Futures Trading Commission has greenlit Kalshi to introduce the nation’s first federally supervised Bitcoin perpetual futures contract, marking a milestone for onshore crypto derivatives trading. Announced on Friday, the CFTC confirmed that Kalshi can list and trade the BTCPERP product, which must adhere to the Commodity Exchange Act and related rules.
Unlike standard futures, perpetual contracts have no expiration date, enabling traders to hold positions indefinitely while betting on price movements. This approval grants US traders access to a derivative that was previously confined to overseas platforms.
Kalshi CEO Tarek Mansour stated that this move extends the firm’s reach beyond prediction markets into regulated derivatives, potentially enhancing risk management and capital efficiency for American enterprises. The CFTC also issued a no-action letter to Coinbase, allowing its subsidiary to offer certain perpetual futures using Bitcoin, Ether, and stablecoins as margin collateral for eligible customers.
President Donald Trump recently praised the shift, claiming his administration reversed the trend of pushing crypto innovation overseas. While perpetual futures can yield significant profits from small price shifts, industry experts warn that leverage can magnify losses during volatile periods.
As Kalshi expands its financial market role, it faces ongoing legal and political challenges. The company recently sued Minnesota to block a state law banning prediction market platforms, arguing that the CFTC has exclusive jurisdiction over such contracts. Additionally, Kalshi has backed a new advocacy group, Americans for Fair Markets, to promote policies like know-your-customer rules, insider trading bans, and full CFTC funding.