Kalshi Breaks Ground with First U.S. Perpetual Futures, Targeting $90T Market
Event summary
- Kalshi launched perpetual futures contracts, the first of their kind in the U.S., regulated by the CFTC.
- Offshore perpetual futures volume surged from $28T in 2023 to $90T in 2025, a market now accessible to American institutions.
- Kalshi will initially offer crypto perpetuals on over a dozen currencies, excluding agricultural commodities.
- Funding rates are charged every eight hours, with full fee schedules available on Kalshi's website.
The big picture
Kalshi's move positions it as a full-service derivatives exchange, expanding beyond prediction markets into a rapidly growing asset class. The launch could reshape U.S. capital allocation and risk management strategies, particularly in crypto, while testing regulatory frameworks for perpetual futures. The $90T offshore market suggests significant untapped demand for onshore alternatives.
What we're watching
- Market Adoption
- How quickly U.S. institutions will embrace onshore perpetual futures after years of offshore dominance.
- Regulatory Scrutiny
- Whether the CFTC's oversight will evolve as perpetual futures volume grows in the U.S.
- Competitive Response
- The pace at which traditional derivatives exchanges may introduce similar products to compete with Kalshi.
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