U.S. — Kalshi announced plans to launch perpetual futures contracts, beginning with cryptocurrency-based products, under the supervision of the Commodity Futures Trading Commission (CFTC). The U.S. Commodity Futures Trading Commission has approved perpetual futures at a regulated firm, clearing the way for Kalshi’s proposed offering.
Perpetual futures, or "perps," are futures-style contracts with no fixed expiration date. Unlike traditional futures, traders using perpetuals do not have to keep rolling from one dated contract into the next. The contracts are designed to track the price of the underlying asset continuously, with periodic funding payments used to align the perpetual price with the prevailing market price.
Kalshi said funding rates for its perpetual contracts will be charged every eight hours and will appear in users’ transaction histories. The company also stated that agricultural commodity perpetuals will not be part of its initial or future product lineup, focusing instead on digital assets.
Kalshi said its perpetual futures products will operate under CFTC oversight. The company cited strong global demand for perpetual contracts, noting in a statement that offshore perpetuals grew from $28 trillion in annual volume in 2023 to more than $90 trillion in 2025. That figure comes solely from Kalshi and reflects activity in unregulated markets outside the United States.
Kalshi has operated as a CFTC-regulated prediction market since 2022. By introducing perpetual futures, the firm aims to bring a product widely used in offshore crypto markets into a regulated U.S. framework. While perpetual futures have been available internationally for years, their introduction under U.S. regulation represents a new development for domestic traders seeking continuous exposure to asset prices without contract rollovers.
No independent assessment was available for this report.