Kalshi, a regulated prediction market platform under the oversight of the Commodity Futures Trading Commission, has officially introduced Ethereum perpetual futures for trading in the United States. This move comes just days after the company launched similar Bitcoin contracts, marking a continued push into the crypto derivatives space with products that are compliant with local regulations.
The new offering, which the firm calls “American Perpetuals,” allows users to trade Ethereum without an expiration date, a structure that has primarily been available through offshore exchanges. To attract early adopters, Kalshi is temporarily waiving trading fees for those who join a waiting list, as confirmed in a recent announcement.
Unlike standard futures, perpetual contracts stay open indefinitely and use a funding mechanism to keep prices in line with the spot market. According to Kalshi, this provides U.S. traders with a regulated way to get leveraged exposure to Ethereum, a feature that was previously hard to access domestically.
Scott Melker, a well-known crypto commentator, noted on social media that this product fills a gap for American investors. He emphasized that it offers a legal avenue for leveraged trading without the typical expiration constraints found in traditional futures.
The launch comes at a time when global perpetual futures activity has surged, with estimates suggesting volumes hit over $61 trillion in 2025. Most of this trade has historically flowed through platforms like Binance, leaving U.S. participants with limited regulated options. Kalshi’s entry aims to change that by providing a CFTC-approved environment.
Market data from analyst Ted Pillows showed that Ethereum open interest dropped by more than 6% to around $26.5 billion shortly after the launch. He used Kalshi’s new product to test a small short position on ETH, highlighting the immediate engagement from traders.
At press time, Ethereum was trading near $1,769, reflecting a decline of over 3% in the previous 24 hours. Analyst Ali Martinez warned that breaking below the $1,825 support level could lead to further drops, potentially reaching $1,600 or even $1,400 if bearish momentum persists.
While Ethereum perpetuals are now live, several other altcoin contracts are still pending regulatory review. Kalshi has reportedly filed to certify perpetual futures for XRP, Solana, Dogecoin, Stellar, Shiba Inu, and Hedera. The company plans to use pricing data from CF Benchmarks, a provider already used in various institutional crypto products, including XRP futures on CME.
However, recent CFTC guidance indicates that approval for one perpetual contract does not automatically apply to others. The regulator has stated that such structures may not suit every asset class and recommends individual product reviews. This means XRP and other altcoin contracts could face a separate approval process, even after Ethereum’s successful launch.