Kalshi has introduced a CFTC-approved bitcoin perpetual futures contract, marking a significant milestone for American investors who previously had limited access to such products. The BTCPERP contract, which tracks bitcoin’s spot price without an expiration date, went live following regulatory approval on May 29, 2026. This move allows U.S. traders to engage in regulated crypto derivatives that were previously dominated by offshore exchanges like Binance and Hyperliquid.
According to Kalshi’s announcement, the launch represents one of the first opportunities for domestic investors to trade crypto perpetuals under U.S. oversight. The contract operates without a fixed settlement date, offering continuous exposure to bitcoin’s price movements. Kalshi CEO Tarek Mansour emphasized that perpetual futures are a fundamental trading tool, and bringing them onshore enhances risk management for American businesses. The platform displays funding rate history in transaction records, providing users with key pricing insights.
The perpetual futures market has grown substantially, with offshore volumes reaching $92.9 trillion in 2025, according to some estimates. Many of these trades occurred on unregulated platforms, highlighting the demand for compliant alternatives. Kalshi’s entry into this space could shift market dynamics, as regulated products offer greater transparency and investor protection.
CFTC Chairman Michael Selig, appointed by President Donald Trump, had signaled the regulatory shift earlier in 2026, predicting domestic perpetual futures would emerge within months. Following Kalshi’s approval, Selig described it as a major advancement in the administration’s goal to establish the U.S. as a global crypto hub. The CFTC will evaluate additional perpetual contracts on a case-by-case basis, opening the door for more cryptocurrencies.
Kalshi, valued at $22 billion after a recent funding round, plans to expand its offerings to include over a dozen digital assets if regulators approve. Competitors like Kraken have also announced intentions to launch CFTC-regulated perpetual futures, with Robinhood and Gemini expressing interest. This emerging competition suggests that regulated perpetual futures could become a key battleground in the U.S. crypto trading landscape.