Kalshi launches CFTC-approved Bitcoin perpetual contracts!

Prediction market platform Kalshi has launched Bitcoin perpetual contracts, following CFTC approval for its BTCPERP contract tied directly to Bitcoin's spot price. The regulator confirmed the product complies with the Commodity Exchange Act and the core principles governing designated contract markets.

Why it matters

This is a meaningful milestone for regulated crypto derivatives in the U.S. Kalshi operates under CFTC oversight as a designated contract market, meaning BTCPERP carries a layer of regulatory legitimacy that offshore perp venues cannot offer. For institutional and retail traders who have been locked out of perpetual contracts on compliance grounds, a CFTC-blessed product changes the calculus. The approval also signals the regulator's willingness to greenlight novel crypto-linked instruments when they meet existing statutory frameworks — a template other platforms will study.

Market impact

Kalshi is not alone: Polymarket has also launched invitation-only perpetual contracts and plans to open them to the public in the coming weeks. The near-simultaneous moves suggest a structural shift in how regulated U.S. venues approach BTC derivatives. Watch for volume data on BTCPERP as a gauge of pent-up demand from compliance-constrained traders, and for further CFTC filings from competing DCMs looking to match the product.